The global thermoformed plastics market size is expected to reach USD 17.9 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 4.9% over the forecast period. Increasing demand for medical and pharmaceutical products globally has been a major factor driving market growth. In addition, advancements in the healthcare industry has led to a rising demand for thermoformed plastics.
Rising product demand in various application sectors including food, healthcare, and medical packaging; automotive; electrical and electronics; construction; and consumer goods and appliances owing to its cost-effectiveness is projected to drive the market in the coming years. Rapid industrialization, increase in infrastructural activities, and advancements in medical activities is anticipated to drive the market growth over the forecast period.
Thermoforming is a process where a sheet of plastic is heated to make it flexible after which it is fabricated and molded in the required shape to make it fit for use. Different methods used for processing thermoformed plastics are thin gauge thermoforming, thick gauge thermoforming, plug assist forming, and vacuum snapback. Thin gauge thermoforming was the largest segment in 2019 with a market share of over 60.0% in terms of revenue.
Asia Pacific is projected to be the fastest-growing market in terms of value over the forecast period. Rising demand from industries such as automotive, medical, food packaging, construction, and pharmaceutical in this region is expected to boost the market in the coming years.
North America is expected to register a significant growth rate in terms of both value and volume over the forecast period. The presence of several manufacturers and suppliers of thin gauge thermoforming plastics in the region such as Placon, Vitalo, and Peninsula Plastics is anticipated to drive the regional market growth. On the other hand, high labor cost and fluctuation of raw material prices are the major factors which negatively impact the overall market growth.
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Further key findings from the report suggest:
The global demand for thermoformed plastics was estimated at 428.8 kilotons in 2019 and is expected to register a CAGR of 4.2% from 2020 to 2027 owing to the rapidly increasing demand for packaging from various sectors
Polypropylene emerged as the largest product segment in 2019 and is estimated to generate a revenue of over USD 3.9 billion by 2027 as it is cost-efficient and offers high chemical resistance
Polymethyl methacrylate (PMMA) is expected to be the fastest-growing product segment owing to its extensive flexible properties and high resistance to UV light
The automotive packaging segment stood at 41.4 kilotons in 2019 and is expected to register a CAGR of 4.8% over the forecast period. Thermoformed plastics are preferred for automotive packaging since they are lightweight, highly durable, and offer high chemical resistance
Food packaging was the largest application segment in 2019 and is projected to grow at a moderate rate over the forecast period owing to increasing consumption of ready-to-eat food products
The food packaging and healthcare and medical segments in Asia Pacific are projected to register a high demand for thermoformed plastics over forecast period owing to various developments across major economies and increasing per capita income
Key players such as Pactiv LLC, D&W Fine Pack LLC, Genpak LLC, and Sonoco Plastics collectively accounted for a significant share of the total thermoformed plastics market volume in 2019.
Grand View Research has segmented the global thermoformed plastics market on the basis of product, process, application, and region:
Thermoformed Plastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Polymethyl Methacrylate (PMMA)
Acrylonitrile Butadiene Styrene (ABS)
Poly Vinyl Chloride (PVC)
High Impact Polystyrene (HIPS)
Thermoformed Plastics Process Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Plug Assist Forming
Thick Gauge Thermoforming
Thin Gauge Thermoforming
Thermoformed Plastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Healthcare & Medical
Electrical & Electronics
Consumer Goods & Appliances
Thermoformed Plastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
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