Thermoformed Plastics Market

Rising demand for food packaging

The fundamental benefit of thermoform packaging is the ability to draw thin sheets in the precise size and shape needed to get the desired outcomes. Due to their flexibility, manufacturers of food and beverage products are becoming increasingly interested in thermoformed products. The expansion of the food sector is a key factor in the market for thermoformed packaging. During the forecast period, the demand for meat, poultry, and seafood is anticipated to propel thermoformed packaging market expansion. As a result, the market for thermoforming packaging will expand as the need for food packaging increases.

Food packaging can be made from various thermoforming materials, including PP, PET, PS, PLA, and CPLA. Different temperature settings are needed for various materials to achieve the ideal material distribution and create the appropriate shapes for food packaging. Products used in food packagings, such as cups, trays, margarine tubs, sandwich packs, disposable items, beverage glasses, and microwaveable containers, are made from polypropylene (PP). The sector is expected to grow due to increased polypropylene packaging product producers. PET, or polyethylene terephthalate, is one of the most widely used thermoformed polymers to make bottles, synthetic fibers, and thermoformed packaging. 

The Global Global Thermoformed Plastics Market Industry experiences substantial growth driven by the increasing demand from the packaging sector. Thermoformed plastics are favored for their lightweight, durability, and versatility, making them ideal for food packaging, consumer goods, and medical applications. In 2024, the market is projected to reach 54.2 USD Billion, reflecting a robust consumer preference for sustainable and efficient packaging solutions. As businesses prioritize eco-friendly materials, the adoption of thermoformed plastics is likely to rise, contributing to a projected market value of 86.2 USD Billion by 2035, with a CAGR of 4.3% from 2025 to 2035.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The global market was controlled by North America. Throughout the forecast period, rapid industrialization and developments in the packaging sector are anticipated to boost the regional market. The sector is also anticipated to be driven by the region's expanding thermoformed plastic product suppliers and manufacturers. The largest thermoforming plastic market is in the U.S., followed by Canada.

The fastest-growing regional market is anticipated to be in the Asia Pacific over the projected period. India and China, two of the region's emerging economies, have seen rapid economic expansion. The thermoformed plastics machinery in this region is produced and supplied mostly in China utilizing a variety of technologies.

Figure 3: THERMOFORMED PLASTICS MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Thermoformed Plastics industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Thermoformed Plastics industry to benefit customers and expand the market sector. Major market players, including Pactiv, Sonoco Products Company, Spencer Industries Incorporated, Brentwood Industries, Genpak, and others, are attempting to increase market demand by funding R&D initiatives.

Pactiv is a global manufacturer and supplier of food packaging and food service products. Pactiv's product portfolio includes a wide range of packaging solutions for the food industry, including thermoformed plastic containers, trays, cups, and lids, as well as paperboard and molded fiber products. The company also produces packaging for non-food applications, such as medical and industrial packaging. In addition to its food packaging products, Pactiv also offers a variety of food service products such as plates, bowls, cutlery, napkins, and cups. These products are designed for use in restaurants, cafeterias, and other food service establishments.

Sonoco Products Company is a global provider of diversified consumer packaging, industrial products, protective packaging, and display and packaging services. Sonoco's product portfolio includes a wide range of packaging solutions for consumer and industrial markets, such as paper and plastic packaging, rigid paper containers, flexible packaging, and composite cans. The company also provides packaging services such as design, testing, and fulfillment to meet customer needs. In addition to its packaging products and services, Sonoco provides various industrial products, including tubes and cores, reels and spools, adhesives, and specialty films.

The company also offers protective packaging solutions for fragile and high-value products such as electronics, appliances, and medical devices.