Thermoformed Plastics Market Size, Share & Trends Report

Thermoformed Plastics Market Size, Share & Trends Analysis Report By Product (PP, PMMA), By Process (Thin Gauge Thermoforming, Plug Assist Forming), By Application (Food Packaging, Automotive), And Segment Forecasts, 2019 - 2025

  • Published Date: Mar, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-1-68038-474-1
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 128

Industry Insights

The global thermoformed plastics market size was valued at USD 11.69 billion in 2018 and is expected to register a CAGR of 4.9% from 2019 to 2025. Increasing product demand in healthcare and pharmaceutical packaging sector across the globe is projected to be a key factor driving the market growth over the forecast period. Thermoforming process involves fabrication of plastic sheets and heating them to convert into a flexible form, which can be molded into the desired shape as per customer specifications.

In recent developments, thermoformed plastics are used as metal replacements using heavy gauge process, which has applications in industries including transportation, industrial equipment, aerospace, kiosks, and medical devices. In the medical industry, the product is used in the manufacturing of diagnostic systems, accessories, and medical plants.

U.S. thermoformed plastics market

Thermoforming includes a manufacturing process of converting a two dimensional thermo polymer into a three dimensional one to be used as prefilled syringes, pharmaceutical bottles, and medicine electronics and in capsules and tablets packing, known as blister packaging in a pharmaceutical industry.

The food industry is a major application segment of the market, which is expected to drive the global demand over the forecast period. The product is highly flexible, odor- and moisture-free, and lightweight and thus is widely preferred in the food industry over other packaging materials, such as wood and glass.

Product Insights

Polypropylene (PP) was the largest product segment in 2018 and is expected to maintain its dominance over the forecast period. Commonly used resins in the production of thermoformed plastics include polyethylene (PE), polystyrene (PS), and PP. PP is a thermoplastic polymer, which is widely used in food packaging products, such as cups, trays, margarine tubs, sandwich packs, disposable products, beverage glasses, and microwaveable containers. Increasing number of PP-based packaging product manufacturers is projected to augment the segment growth. Polymethyl Methacrylate (PMMA) product segment is expected to witness the highest CAGR over the forecast period. Rising use of PMMA due to its extreme light transmission, high surface hardness, and longer service life is anticipated to fuel the segment growth. Major PMMA manufacturers include Mitsubishi Rayon Co. Ltd, Evonik Industries AG, and Altuglas International.

Process Insights

A thin gauge thermoforming plastic led the market in 2018 and is expected to remain the largest segment over the forecast period. Thermoform products are manufactured using contact, radiant, and hot air heating techniques. Increasing demand for thin gauge thermoforming packaging products as medical device packaging trays is anticipated to drive the segment over the forecast period.

Thick gauge thermoforms are sturdy and rigid enclosures, which are used to pack electronic equipment. The thick gauge thermoforming is used in a wide range of applications including front & rear bumpers and interior trim components in heavy trucks, enclosures for thread mills, and weights in fitness equipment, and fenders in agricultural sector.

Plug assist forming is said to be the fastest-growing process segment over the forecast period. Rising use of these products in food packaging is projected to boost the segment growth. AMUT Group introduced a thermoforming machine, which can handle materials like PVC, PLA, PP, EPS, PS, HIPS, OPS, CPET, RPET, APET, and PET to manufacture products, such as plates, trays, fruits & vegetable boxes, lids, clamshells, flowerpots, and nursery trays.

Application Insights

Food packaging is expected to be the major application segment over the forecast period. Healthcare thermoformed packaging includes medical packaging, which is suitable for pharmaceutical and medical device manufacturers. Packaging products used in healthcare and medical sector include medical trays, procedure trays, pharmaceutical packaging, and protective packaging.

Global thermoformed plastics market

Automotive segment emerged as the fastest-growing application segment in 2018. Increasing use of the product in this sector due to its durability is projected to fuel the segment growth further. Increasing demand for automotive panels, liners, and vehicle parts is expected to contribute to the segment development from 2019 to 2025.

Regional Insights

North America was the leading regional segment and accounted for around 50% of the total revenue in 2018 and is projected to maintain the position in future on account of rapid industrialization and expanding packaging industry in the region. Increasing number of product manufacturers and suppliers in this region is also likely to boost the industry growth. In terms of production, U.S. is the major market in North America followed by Canada.

Asia Pacific is expected to be the fastest-growing regional segment due to the presence of emerging economies, such as India and China. China, in particular, is the largest producer and supplier in APAC due to rapid urbanization as a result of strong economic growth. Increasing population and disposable income levels in such economies will also spur the market growth. In addition, growing automotive industry across APAC is anticipated to drive the market further.

Thermoformed Plastics Market Share Insights

The global industry is highly competitive and fairly concentrated with top four companies namely Pactiv LLC, D&W Fine Pack LLC, Genpak LLC, and Sonoco Plastics accounting for the maximum shares in the market. Several other industry participants include Placon Corporation, Anchor Packaging, Spencer Industries, Brentwood Industries, Greiner Packaging, and Silgan Plastics. Companies invest more in R&D for the development of innovative products to maintain their industry positions. They also focus on M&A activities as an attempt to strengthen their global presence.

Report Scope



Base year for estimation


Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million and volume in Kilotons, and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Canada, Mexico, U.K., Germany, France, Italy, China, India, and Japan

Report coverage

Revenue forecast, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization

Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global thermoformed plastics market report on the basis of product, process, application, and region:

  • Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • Polymethyl Methacrylate (PMMA)

    • Bio-degradable polymers

    • Polyethylene (PE)

    • Acrylonitrile Butadiene Styrene (ABS)

    • Poly Vinyl Chloride (PVC)

    • High Impact Polystyrene (HIPS)

    • Polystyrene (PS)

    • Polypropylene (PP)

  • Process Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • Plug assist forming

    • Thick gauge thermoforming

    • Thin gauge thermoforming

    • Vacuum snapback

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • Healthcare & medical

    • Food packaging

    • Electrical & electronics

    • Automotive packaging

    • Construction

    • Consumer goods & appliances

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

    • Asia Pacific

      • China

      • Japan

      • India

    • Central & South America

    • Middle East & Africa

Key questions answered by the report
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