The Global Thermoformed Plastics Market was valued at ~US$ 30 billion in 2017. It is estimated to be ~US$ 40 billion in 2022 and is forecasted to reach a market size of ~US$ 60 billion, growing at a CAGR of ~7% due to the increasing usage in healthcare and food packaging sectors.
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Key Growth Drivers
- Rising demand for effective packaging solutions across all the major industries is the key factor responsible for the growth of the market. Thermoformed plastics are most commonly used to make clamshell packages, package blisters, mailer trays, retail package liners, and many others. The wide acceptance of these products is fuelling market growth.
- Furthermore, thermoformed plastics are also used in the infrastructure and automotive industries. In building and infrastructure, thermoformed plastics are used mainly for insulation applications, whereas in automotive, it has applications in interior and exterior body parts of automobiles.
- The major challenge faced by the market is the volatile prices of the raw materials used for making thermoformed plastics. Hydrocarbon fuels such as crude oil, natural gas, and coal are the most common primary sources of thermoformed plastics. The regulations over the preservation of natural resources act as a restraining factor for the market. Social upheaval in major crude oil-producing countries, including Libya, Venezuela, Nigeria, Iran, and Iraq, has harmed crude oil production, causing demand and supply irregularities. These factors have a short-term impact on the market, causing prices to drop and rise quickly.
- COVID-19 had a detrimental influence on the thermoformed plastics market growth and demand, owing to a worldwide halt in manufacturing operations. The restrictions on supply and transport have impacted the market globally. The pandemic and resulting lockdowns disrupted supply chains on both supply and demand sides, which negatively impacted many manufacturing and service industries such as consumer goods, packaging, agriculture, and others. According to the Government of Canada's Monthly Survey of Manufacturing, 2021, manufacturing sales declined 2.10% to US$ 57.10 billion in April 2021. The market is expected to exhibit significant growth in the forecast period due to surging demand for thermoformed plastics products in the healthcare and pharmaceutical industries
Key Trends by Market Segment
By Product Type: The Polypropylene (PP) segment held the largest market share in the global Thermoformed Plastics market in 2021, owing to its wide area of applications in food packaging products.
- PP is a thermoplastic polymer and is widely used to produce food packaging products such as cups, trays, margarine tubs, sandwich packs, disposable products, beverage glasses, and microwaveable containers.
- PP material exhibits good chemical resistance and an excellent strength-to-weight ratio that makes it ideal to be used in the healthcare, pharmaceutical, and automotive industries.
- Polymethyl Methacrylate (PMMA) is expected to register the highest CAGR in the industry during the forecast period, owing to its high resistance to weathering and UV light and highly recyclable nature.
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By Thickness: Thin Gauge segment held the largest market share in the global Thermoformed Plastics market in 2021, owing to its huge demand in the healthcare sector for the manufacturing of medical device packaging trays.
- Thin Gauge thermoformed plastics are manufactured through contact, radiant and air heating techniques.
- The global virus spread has resulted in high demand for medical plastics due to which manufacturers are using thin thermoforming techniques to produce plastics for the healthcare industry.
By End-User:The food packaging segment held the largest market share in the global Thermoformed Plastics market in 2021, owing to the properties that allow its usage in high-quality food items requiring safe transportation.
- Food packaging requires extremely good quality packaging material that protects the food from moisture bacteria and older. The demand for thermoformed plastics in the food industry is extremely high as it inhibits any growth of bacteria or pathogens.
- Automotive segment is expected to be the fastest-growing segment during the forecast period, owing to increasing demand for thermoformed plastics in bumpers, cable insulation, carpet fibers, and others.
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By Region: North America held the largest market share among all other regions within the Global Thermoformed Plastics Market in 2021, due to the rapid industrialization and advancements in the packaging industry.
- The growing number of manufacturers and suppliers of thermoformed plastic products in the region is expected to drive the industry.
- The growth of the automotive market and the subsequent demand for lightweight components to improve the efficiency of vehicles are anticipated to drive the regional demand for thermoformed plastics.
The US federal government invested US$ 2,000 billion in infrastructure improvements over ten years, beginning in 2020. The USA has a stable economy and robust financial capabilities that encourage more infrastructure spending in the country. This , in turn, is expected to boost demand for thermoformed plastics in the building industry
Competitive Landscape
The Global Thermoformed Plastics Market is highly competitive with ~300 players, including globally diversified players, regional players, and many country-niche players. Most of the country-niche players are suppliers of raw materials for Thermoformed Plastics used in various end-user industries.
Regional Players Constitute ~35% of the Total Number of Competitors, While Country-Niche Players Dominate Representing ~50% of Total Competitors. Some of the major players in the market include D&W Fine Pack., Genpak LLC, Greiner Packaging, Pactiv LLC, Placon, Silgan Holdings Inc., Sonoco Products Company, Dongguan Ditai Plastic Products Co.,Ltd, Spencer Industries Incorporated, Berry Global Inc., among others.
Recent Developments Related to Major Players and Organizations
- In August 2022, Berry Global launched thermoformed and injection stretch blow molded food packaging products manufactured from recycled PET (rPET). CombiPac, CombiRound, SuperLight, Spoon-in-lid and DeliPac are some of the 100% recyclable thermoformed plastics products used for the food packaging.
- In September 2021, Berry Global invested US$ 110 million to expand its PP thermoforming manufacturing capabilities in North America as part of its long-term strategic growth commitments.
Conclusion
The Global Thermoformed Plastics Market witnessed a a slow growth, owing to the restricted supply-chain worldwide. The demand from various end-use industries was reduced except for healthcare and pharmaceuticals. Due to the high requirement for masks globally during the COVID, thermoformed plastics manufacturers were continuously engaged in the production process. The market condition is expected to get even better in 2022, owing to the consumers’ preference for health and hygiene the market is primarily driven by increasing usage of thermoformed plastics in healthcare, buildings & construction, packaging, automotive, and other industries. Though the market is highly competitive with over ~300 participants, country-niche players control the dominant share in the market and regional players also hold a significant share.
Note: This is an upcoming/planned report, so the figures quoted here for market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within a maximum of 2 working weeks.
Ken Research has recently published report titled, Global Thermoformed Plastics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers the market size for each of the five regions' Thermoformed Plastics Market. The revenue used to size and forecast the market for each segment is USD billion.
Market Taxonomy
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3. Volatile Raw Material Prices for Thermoformed Plastics is the Major Challenge Faced by The Thermoformed Plastics Market
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