Thermoformed Plastics Market Expected to Reach $67.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Thermoformed Plastics Market," The thermoformed plastics market was valued at $40.5 billion in 2021, and is estimated to reach $67.1 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.

Thermoformed plastics are made by the process of the same name, in which a sheet of plastic is heated until it becomes malleable, formed into three-dimensional shapes, trimmed, and finished into useful products. It is most commonly used in the healthcare industry due to its antimicrobial properties and resistance to odor and moisture. The special technology of these plastics supports their use as surgical gloves and urological disposable items. The use of thermoformed plastics in food packaging is another factor driving the global thermoformed plastics market. The thermoformed plastics market is growing due to rising disposable income and the need to package ready-to-eat processed foods.

Increasing demand for these plastics in various application areas including food packaging, healthcare and medical, electrical and electronics, automotive, construction, consumer and home appliances is expected to drive the market in the coming years. Rapid industrialization, infrastructure development, and medical activities are expected to accelerate the market growth from 2022 to 2030. Furthermore, the thermoforming process begins with the production of plastic sheets through impact and heating processes. Widely used to replace metals in processes such as metrology, it has expanded its applications in industrial, aerospace, transportation and medical devices, and increased sales of thermoformed plastics. In addition, the increase in electric and gasoline vehicles using rigid plastics is also due to the growth of thermoformed plastics, which exploit their properties in the production of lightweight vehicles. Automotive use drives demand for thermoformable plastics that favor lightweight vehicles.

The thermoformed plastics market is segmented on the product, thermoforming type, application, and region. On the basis of product, the market is classified into polypropylene (PP), polystyrene (PS), polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), high impact polystyrene (HIPS), and others. On the basis of thermoforming type, the market is classified into vacuum formed and pressure formed. On the basis of application, the market is classified into food packaging, consumer goods & appliances, healthcare & medical, construction, electrical & electronics, automotive, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of product, the polypropylene (PP) segment accounted for more than half share of the global thermoformed plastics market in 2021, and is expected to maintain its dominance during the forecast period.

On the basis of thermoforming type, the vacuum formed segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 5.1%.

On the basis of application, the food packaging segment dominated the global thermoformed plastics market in terms of revenue, in 2021. The factors contributing to the growth of this segment are the most commonly used food packaging, including the high-quality packaging materials and bacteria free plastic crockery and packaging.

The major players operating in the industry include, Amcor PLC., Anchor Packaging, Berry Global Inc., Brentwood industries, Inc, Dart Container Corporation, DISPLAY PACK, D&W Fine Pack LLC, Fabri-Kal Corp, Genpak LLC, Greiner packaging, Pactiv LLC, Productive Plastics, Inc. , Ray Products Company Inc., Sabert Corporation, Sonoco Products Company. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.

Key findings of the study

• By product, the others segment is projected to witness growth at the highest CAGR of approximately 6.5%, in terms of revenue, during the forecast period.
• By thermoforming type, the vacuum formed segment is expected to dominate the market during the forecast period.
• By application, the others segment is projected to grow at the highest CAGR by approximately 6.6%, in terms of revenue, during the forecast period.
• By region, North America dominated the market with highest revenue shares of $18,769.7 million in 2021.

Impact of COVID-19 outburst on the thermoformed plastics market

• Research shows that the COVID-19 outbreak has caused a significant drop in commodity production in 2020 as operations have halted in several countries around the world. However, the COVID-19 pandemic has increased the demand for packaging around the world. For example, recent insights into flexible packaging show that the food packaging industry saw a surge in demand during the pandemic as many consumers switched to online shopping for groceries. Supermarkets have seen a surge in demand for packaging materials for packaging groceries and other foodstuffs.
• In addition, the increasing demand for surgical masks as the primary medium of protection during the pandemic has created a golden opportunity for the packaging industry to continue. According to a recent report by UNICEF, about 301.3 million surgical masks and 22.2 million N95 ventilators were distributed in 2020, reaching about 127 countries. As such, the steady increase in manufacturing, production and distribution activities will also require the use of thermoformed plastics in the packaging of these commodities and consumables, leading to a slow and steady recovery in the market over the next few years.