“Global Thermoformed Plastics Market to reach a market value of USD 59.2 Billion by 2030 growing at a CAGR of 5.2%”
The Global Thermoformed Plastics Market size is expected to reach $59.2 billion by 2030, rising at a market growth of 5.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 26230.4, experiencing a growth of 4.0% (2019-2022).
Heightened awareness of environmental issues, such as plastic pollution and its impact on ecosystems, has increased consumer and regulatory pressure for sustainable alternatives. Consequently, the bio-degradable polymers segment would generate approximately 10.31% share of the market by 2030. Stringent regulations and policies promoting eco-friendly materials in various industries have stimulated the adoption of bio-degradable polymers in thermoformed plastics. Thus, these aspects will pose lucrative growth prospects for the segment.
Thermoforming allows for the creation of packaging solutions with versatile shapes and sizes. This flexibility is crucial, especially when packaging requirements vary across different products. Thermoformed plastics can be molded into various forms, accommodating diverse packaging needs. Thermoformed plastics are lightweight compared to traditional packaging materials like glass or metal. Hence, these factors will boost the demand for the market. Moreover, Thermoforming offers unparalleled design flexibility, allowing manufacturers to create packaging and product components with intricate shapes, contours, and features. This flexibility enables the design of unique and visually appealing packaging that can enhance the overall branding and marketing of products. Thermoformed plastics can be easily customized to incorporate brand-specific elements such as logos, colors, and textures.
However, Thermoformed plastics manufacturers face growing pressure to align with environmental regulations to reduce plastic waste and mitigate the ecological impact of plastic materials. Compliance with these regulations requires a proactive approach, entailing changes in manufacturing processes, material selection, and waste management practices. Adhering to sustainability standards demands substantial investments in research and development to explore and implement innovative, eco-friendly materials and production methods. Thus, these aspects can hamper the growth of the market.
On the basis of process, the market is divided into plug assist forming, thick gauge thermoforming, thin gauge thermoforming, and vacuum snapback. The thin gauge thermoforming segment recorded the maximum revenue share in the market in 2022. Thin gauge thermoforming excels in applications where lightweight materials are crucial. Industries such as automotive, aerospace, and electronics, where reducing overall weight is a key consideration for improved fuel efficiency, performance, and portability, have increasingly turned to thin gauge thermoformed plastics. As a result, there will be increased growth in the segment.
Based on application, the market is divided into healthcare & medical, food packaging, electrical & electronics, automotive packaging, construction, and consumer goods & appliances. The healthcare and medical segment procured a substantial revenue share in the market in 2022. Thermoformed plastics play a crucial role in packaging medical devices and pharmaceutical products. The healthcare industry relies on precise and sterile packaging for medical instruments, and thermoformed plastics provide a versatile solution that meets these requirements. Thus, owing to these factors, the segment will witness increased demand in the upcoming years.
Based on product, the market is segmented into polymethyl methacrylate (PMMA), bio-degradable polymers, polyethylene (PE), acrylonitrile butadiene styrene (ABS), poly vinyl chloride (PVC), high impact polystyrene (HIPS), polystyrene (PS), and polypropylene (PP). The polypropylene (PP) segment held the largest revenue share in the market in 2022. Polypropylene's versatile properties make it suitable for various thermoforming applications. Its ability to take on complex shapes and its adaptability to different molding processes contribute to its popularity in various industries. One of the key advantages of polypropylene is its cost-effectiveness. Compared to other thermoplastics, PP is often a more economical choice for thermoforming applications, making it attractive to manufacturers aiming for cost-efficient production. Hence, the segment will grow rapidly in the coming years.
Free Valuable Insights: Global Thermoformed Plastics Market size to reach USD 59.2 Billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured a considerable revenue share in the market in 2022. The Asia Pacific region, comprising countries such as China, India, Japan, and South Korea, has been a focal point for industrialization and economic growth. Rapid urbanization and industrial development in these nations have driven the demand for various plastic products, including those manufactured through thermoforming processes. Thus, these aspects will pose lucrative growth prospects for the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 39.7 Billion |
| Market size forecast in 2030 | USD 59.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.2% from 2023 to 2030 |
| Number of Pages | 423 |
| Number of Table | 770 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Process, Product, Application, Region |
| Country scope |
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| Companies Included | Pactiv Evergreen Inc. (Reynolds Group Ltd.), Genpak, LLC (Great Pacific Enterprises, Inc.), Sonoco Products Company, Brentwood Industries, Inc., Hoffmann Neopac AG, Placon Corporation, Anchor Packaging LLC Greiner Packaging GmbH (Greiner AG), Dongguan Ditai Plastic Products Co., Ltd., Palram Industries Ltd. |
By Process (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $59.2 billion by 2030.
Growing packaging industry in various nations are driving the Market in coming years, however, Increasing environmental awareness and stringent regulations restraints the growth of the Market.
Pactiv Evergreen Inc. (Reynolds Group Ltd.), Genpak, LLC (Great Pacific Enterprises, Inc.), Sonoco Products Company, Brentwood Industries, Inc., Hoffmann Neopac AG, Placon Corporation, Anchor Packaging LLC Greiner Packaging GmbH (Greiner AG), Dongguan Ditai Plastic Products Co., Ltd., Palram Industries Ltd.
In the year 2022, the market attained a volume of 26230.4, experiencing a growth of 4.0% (2019-2022).
The Food Packaging segment is leading the Market by Application in 2022 there by, achieving a market value of $22.6 billion by 2030.
The North America region dominated the Market by Region in 2022 there by, achieving a market value of $20.6 billion by 2030, growing at a CAGR of 4.7 % during the forecast period.
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