The global thermoforming plastic market size is expected to reach USD 55.38 Billion in 2028 and register a revenue CAGR of 5.3% over the forecast period, according to the latest report by Reports and Data. Rising consumer expenditure on packaged and processed products and increasing trend of online shopping are anticipated to drive market revenue growth during the forecast period.
Widespread use of thermoforming plastics in food packaging propels the global market growth. The need for these plastics in the food industry is significantly high because food packaging demands better quality packaging materials to provide protection against germs, odor, and moisture which thermoforming plastics deliver. Additionally, these plastics have recently found use in the packaging of pharmaceutical goods, which is expected to further support revenue growth of the market.
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Moreover, thermoforming plastics is widely used in the construction industry to make furniture, concrete, and flooring materials which is anticipated to fuel market revenue growth throughout the forecast period. Heat deflection, chemical resistance, dielectric strength, stiffness, and other features are responsible for adoption of thermoforming plastics in electrical and electronic equipment, thereby leading to increasing product sales and consumption, which is expected to drive market revenue growth.
Some major companies profiled in the global market report are Fabri-Kal Corp., Berry Global, Inc., Pactiv LLC, DW Fine Pack LLC, Amcor plc, Dart Container Corporation, Anchor Packaging, Sabert Corporation, Sonoco Products Company, and Silgan Plastics Corporation.
Businesses involved in the discovery, production, and processing of raw resources are classified as part of the basic materials sector. Mining and metal refining, chemical goods, and forestry products are all part of this industry.
The enterprises that supply the majority of the materials needed in building are found in this sector. As a result, the companies and their stocks are sensitive to business cycle shifts. When the economy is robust, they tend to thrive.
The physical acquisition, development, and early processing of the many items often referred to as raw materials are all handled by companies in the basic materials sector. Examples include oil, gold, and stone.
Some Key Highlights From the Report
- Polypropylene (PP) segment is expected to account for largest revenue share in the global thermoforming plastic market over the forecast period. PP responds strongly to injection pressure and speed, as well as builds up rapidly in the mold, which, in turn, enables the molder to achieve a high level of production. This gives PP a distinct place in the manufacturing of thermoforming plastics in the plastic molding industry. It also provides excellent resistance to friction and chemicals, better size stability, and an improved complete surface finish.
- Polymethyl Methacrylate (PMMA) segment is expected to register significant revenue growth over the forecast period. This is attributable to the benefits it provides such as high surface hardness, light transmission, and long service life, as well as good weathering and UV light resistance. It is environmentally friendly and fully recyclable.
- Food packaging segment is expected to account for larger revenue share in the global thermoforming plastic market over forecast period, owing to increasing demand microwaveable containers, disposable products, sandwich packs, cups, and trays. The spread of COVID-19 virus has also increasing consumer awareness about the importance of hygiene and sanitization, resulting in growing demand for high-quality packaged foods.
- North America is anticipated to account for a significant revenue share in the global thermoforming plastic market over the forecast period, owing to rapid industrialization and ongoing technological improvement in the packaging industry. Also, increased usage of thermoforming plastics in the food industry for the packaging of vegetables, fruits, meat, fish, confectionery, poultry, and ready meals is driving demand for thermoforming plastics in this region. The COVID-19 pandemic has led to high demand for plastics in the production of medicine packaging, medical trays, syringes, and others.
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For the purpose of this report, Reports and Data has segmented the global thermoforming plastic market based on plastic type, thermoforming type, parts type, application, and region:
Thermoforming Type Outlook (Revenue, USD Billion; 2018-2028)
- Pressure Formed
- Vacuum Formed
- Mechanical Formed
Plastic Type Outlook (Revenue, USD Billion; 2018-2028)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Polymethyl Methacrylate (PMMA)
- High Impact Polystyrene (HIPS)
- Bio-degradable Polymers
- Acrylonitrile Butadiene Styrene (ABS)
Parts Type Outlook (Revenue, USD Billion; 2018-2028)
- Thin Gauge
- Thick Gauge
Application Outlook (Revenue, USD Billion; 2018-2028)
- Food Packaging
- Electrical Electronics
- Automotive Packaging
- Consumer Goods Appliances
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
- Middle East Africa
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