Thermoformed Plastics Market Size, Share & Trends Analysis Report By Product, By Process, By Application (Healthcare, Food Packaging, Electrical & Electronics, Automotive, Construction, Consumer Goods), And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the thermoformed plastic market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for thermoformed plastic market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of thermoformed plastic market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Thermoformed Plastic Market Categorization:

The thermoformed plastic market was categorized into four segments, namely product (Polymethyl Methacrylate, Bio-degradable Polymers, Polyethylene, Acrylonitrile Butadiene Styrene, Poly Vinyl Chloride, High Impact Polystyrene, Polystyrene, Polypropylene), process (Plug Assist Forming, Thick Gauge Thermoforming, Thin Gauge Thermoforming, Vacuum Snapback), application (Healthcare & Medical, Food Packaging, Electrical & Electronics, Automotive Packaging, Construction, Consumer Goods & Appliances), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The thermoformed plastic market was segmented into product, process, application, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The thermoformed plastic market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into ten countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; Italy; China; India; Japan.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Thermoformed plastic market companies & financials:

The thermoformed plastic market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Pactiv LLC - Pactiv LLC was founded 1965 and is headquartered in Lake Forest in the U.S. The company focuses on producing and distributing high-quality food service products. Their product offerings incorporate custom & plastic, stock foam, pressed-paperboard, aluminum, PE coated boards, and molded-fiber packing. The company largely supplies its products to food service retailers and wholesalers in North America. As of 2020, the company employed approximately 11,000 employed at its 50 producing plants, mixing and distribution centers.

• Sonoco Products Company - Sonoco Products Company was founded in 1899 and is headquartered in South Carolina, U.S. The company is engaged in the manufacturing of industrial and consumer products. The company serves various end use markets including coffee; fresh& natural food; instant & toddler needs; and lawn & garden has a presence in more than 85 countries and had 20,500 employees, as of March 2021, working in more than 320 operations in 34 countries across the world.

• CM Packaging - CM Packaging was founded in 1995, and is headquartered in Dronten, Netherland.The company manufactures products including enclosures for plastic & glass jars, plastic components for jars used for food & dry powder products. The plastic packaging segment includes products for industries such as health & beauty and snus. These products include jars & lids for creams, hair products, oils, dry tobacco powder, and others. The company manufactures packaging in feasible shapes including round and octagonal packaging for the preservation of the aforementioned products.

• Placon - Placon was founded in 1966, and is headquartered in Wisconsin, the U.S. The company manufactures stock & custom-designed thin gauge thermoformed plastic and injection molded packaging. The is engaged in providing plastic packaging to industries including food & beverage, retail, and medical & healthcare. These products are characterized by properties including microwave safe and resistance towards leakage, and are used in applications such as deep-freeze appliances, holding nails & fasteners, and turnkey packaging solutions for sterile & non-sterile applications. As of 2020, Placon has an employee base of over 500 across its four facilities.

• Genpak LLC - Genpak LLC was founded in 1969 and is headquartered in North Carolina in the U.S. Company’s product offerings incorporate plastic plates & dinnerware, safe microwave containers, go containers, supermarket containers with lids, and catering supplies. The company has 18 manufacturing facilities in the U.S. and Canada.

• Anchor Packaging LLC - Anchor Packaging LLC was established in 1963 and is headquartered in Missouri, the U.S. the company is engaged in technologies including, extrusion, thermoforming, blown film, printing, and trim-in-place. The company is a manufacturer of frozen food containers, and all-purpose foodservice cling. The company’s packaging material segment includes, Amorphous Polyethylene Terephthalate (APET/PETE/RPET), Polypropylene (PP), Oriented Polystyrene (OPS), High-Impact Polystyrene (HIPS), Foamed Polystyrene (EPS), Foamed Polypropylene (PP-Foam), Crystalline Polyethylene Terephthalate (CPET), Polyvinyl Chloride (PVC), and Polyethylene Terephthalate (PET).

• Brentwood Industries Inc. - The company manufactures thermoformed plastic products for industries including building & construction, medical, transportation, consumer goods, manufacturing, and environmental protection. Brentwood Industries Inc was founded in 1965 and is headquartered in Pennsylvania, the U.S. The company’s product portfolio for thermoplastics includes medical & component packaging, custom thermoforming & injection molding, thermoplastic modeling.

• Greiner Packaging GmbH - Greiner Packaging GmbH was established in 1960 and is headquartered in Sattledt, Austria. a. The company manufactures plastic packaging for application including food; non-food; and multi-use such as baby bottles, drinking bottles, 5 G water bottles, multi-use lids, greiner visor, and plastic pallets. As of 2020, the company has an employee base of 11,494 across its facilities present in 19 countries across the globe.

• Dongguan Ditai Plastic Products Co., Ltd - Dongguan Ditai Plastic Products Co., Ltd was established in 2010 and is headquartered in Guangdong, China.The company’s product portfolio for includes plastic sheets, plastic tray, machine & equipment, display & advertizing, plastic container, decoration parts, clear products, lampshade, auto parts, plastic sports equipment, and other outdoor products. The company develops large-scale vacuum forming machines and is engaged in rough vacuum forming and blow molding technology.

• Palram Americas Ltd. - Palram Americas Ltd. was founded in 1963 and is headquartered in Pennsylvania, the U.S. he company provides its services to markets including construction & architecture, DIY, agriculture, sign & display, glazing, safety & security, fabrication, and transportation. The company is a subsidiary of Palram Industries. Palram Americas Ltd. is engaged in the manufacturing and distribution of thermoplastic sheets and finished products. 

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Thermoformed Plastic Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2019 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Thermoformed Plastic Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.