Market Size of Thermoformed Plastics Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 5.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Thermoformed Plastics Market Analysis
The market for Thermoformed Plastics is expected to grow at a CAGR of over 5% during the forecast period. Major factors driving the market studied are increasing demand from food packaging industry and rising demand from healthcare industry. On the flipside, stringent rules and regulations imposed on the usage of plastic products and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
- Growing demand for bio-based products in various end-user industries is expected to offer various lucrative opportunities for the growth of market.
- By application, packaging segment is expected to dominate the market owing to the growing trend of packaged and processed food.
- North America region dominated the thermoformed plastics market across the globe with the largest consumption from countries such as United States and Canada.
Thermoformed Plastics Industry Segmentation
The Thermoformed Plastics market report includes:
Product Type | |
Polyethylene (PE) | |
Polypropylene (PP) | |
Polystyrene (PS) | |
Polyvinyl Chloride (PVC) | |
Polymethyl Methacrylate (PMMA) | |
Bio-degradable Polymers | |
Others |
Process | |
Vacuum Snapback | |
Plug Assist Forming | |
Thin Gauge Thermoforming | |
Thick Gauge Thermoforming |
End-user Industry | |
Packaging | |
Heathcare | |
Automotive | |
Electricals & Electronics | |
Construction | |
Consumer Goods & Appliances | |
Others |
Geography | |||||||
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Thermoformed Plastics Market Size Summary
The thermoformed plastics market is poised for significant growth, driven by increasing demand from the food packaging and healthcare industries. The packaging segment is expected to lead the market due to the rising trend of packaged and processed foods. Thermoformed plastics, known for their superior properties such as moisture, odor, and bacteria protection, are widely used in food packaging products like cups, trays, and microwave containers. These materials enhance the shelf-life of products and are cost-effective, contributing to their growing popularity. Despite challenges such as stringent regulations and the impact of COVID-19, the market is expected to benefit from the rising demand for bio-based products across various end-user industries.
North America is anticipated to dominate the thermoformed plastics market, with significant consumption in the United States and Canada. The region's demand is fueled by various industries, including packaging, healthcare, construction, and automotive. In the healthcare sector, thermoformed plastics are used for packaging medical trays, devices, and pharmaceutical products, with the medical devices packaging market projected to grow. The increasing use of polymethyl methacrylate (PMMA) and the growing electric vehicles market further support the demand for thermoformed plastics. The market is fragmented, with key players like Pactiv LLC, Sonoco Products Company, and D&W Fine Pack holding a marginal share, and government support is expected to bolster market growth during the forecast period.
Thermoformed Plastics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand from Food Packaging Industry
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1.1.2 Rising Demand from Healthcare Industry
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1.2 Restraints
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1.2.1 Stringent Rules and Regulations Imposed on the Usage of Plastic Products
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1.2.2 Unfavourable Conditions Arising Due to COVID-19 Outbreak
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1.3 Industry Value Chain Analysis
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1.4 Porters Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Polyethylene (PE)
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2.1.2 Polypropylene (PP)
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2.1.3 Polystyrene (PS)
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2.1.4 Polyvinyl Chloride (PVC)
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2.1.5 Polymethyl Methacrylate (PMMA)
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2.1.6 Bio-degradable Polymers
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2.1.7 Others
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2.2 Process
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2.2.1 Vacuum Snapback
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2.2.2 Plug Assist Forming
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2.2.3 Thin Gauge Thermoforming
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2.2.4 Thick Gauge Thermoforming
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2.3 End-user Industry
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2.3.1 Packaging
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2.3.2 Heathcare
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2.3.3 Automotive
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2.3.4 Electricals & Electronics
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2.3.5 Construction
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2.3.6 Consumer Goods & Appliances
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2.3.7 Others
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2.4 Geography
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2.4.1 Asia-Pacific
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2.4.1.1 China
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2.4.1.2 India
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2.4.1.3 Japan
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2.4.1.4 South Korea
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2.4.1.5 Rest of Asia-Pacific
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2.4.2 North America
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2.4.2.1 United States
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2.4.2.2 Canada
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2.4.2.3 Mexico
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2.4.3 Europe
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2.4.3.1 Germany
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2.4.3.2 United Kingdom
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2.4.3.3 Italy
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2.4.3.4 France
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2.4.3.5 Rest of Europe
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 Saudi Arabia
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2.4.5.2 South Africa
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2.4.5.3 Rest of Middle-East and Africa
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Thermoformed Plastics Market Size FAQs
What is the current Thermoformed Plastics Market size?
The Thermoformed Plastics Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Thermoformed Plastics Market?
D&W Fine Pack. , Amcor plc , Pactiv LLC, Sonoco Products Company and Genpak, LLC are the major companies operating in the Thermoformed Plastics Market.