Thermoforming Films Market Size, Share & Growth Report 2031

Report Description

Thermoforming Films Market Outlook

The global thermoforming films market size was valued at USD 83.8 Billion in 2022 and is projected to reach USD 123.5 Billion by 2031, expanding at a CAGR of 4.4% during the forecast period, 2023-2031. Thermoforming is a method of forming plastic sheets. These sheets are available in a variety of thicknesses, depending on the type of product.

Thin sheets of plastic are referred to as films. Thermoforming films are essential for the creation of many common consumer goods. A rolled plastic sheet is heated to a moldable temperature during the thermoforming process by being fed into an oven. The plastic sheet is heated, then put on top of a mold. There are several ways to apply pressure on the heated sheet to the intricate parts of the mold, depending on the equipment being used.

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The global Thermoforming Films market is slightly impacted by Covid-19, due to the disruption in the supply chain and limitations in the cross broader transactions. The supply chain was disrupted in the initial stage of the lockdown, which declined the manufacturing of thermoforming films.

Thermoforming Films Market Dynamics

Major Drivers 

Increasing demand for packed food items

Thermoforming films offer benefits such as minimal leakage and puncture resistance in food packaging. Thermoforming films are ideal for storing items such as cheese and red meat in the refrigerator, as they retain strength at freezing temperatures.

Dairy, dried foods, tea and coffee, confections and baked goods, processed, frozen, hot foods, soups, and sauces are some commodities that are frequently packaged using thermoforming films.

Growing packaging of beauty and cosmetic products

The beauty and cosmetic products market is enormous and rapidly expanding. Product packaging is quite important in this market. Thermoforming films have been utilized for a long time in the packaging of beauty and cosmetic products, due to their various benefits, including flexibility and moisture barrier properties. Additionally, in terms of base-forming films, thermoforming films offer optical properties along with a hygienic appearance.

Growing applications of thermoforming film in the medical industry

When producing sterile barrier systems for single-use medical devices in a range of shapes and sizes, thermoforming films are an ideal packing material. Lightweight, flexible materials used in thermoforming are made to withstand medical applications. PET (polyethylene terephthalate) is used in packaging, tubes, pans, and other disposable components, as it is readily recyclable.

Rising demand for thermoforming packaging from the electronic industry

High demand for small, portable, and useful electronics boosted the demand for thin-gauge, high-performance thermoforming films. Thermoforming films are used by electronics OEMs to replace bulky injection-molded polymers in microelectronics and to offer vapor barrier and electrical insulation. High-end electronic component packaging requirements include anti-static, dust-, moisture-, and damp-proof films that resist lengthy delivery times.

Existing Restraints 

Non-biodegradable plastics used in thermoforming

Polyvinyl Chloride (PVC), Polyethylene (PE), Acrylonitrile Butadiene, Styrene (ABS), Ethylene Vinyl Alcohol (EVOH), and Polyamide are common films used in thermoforming. The majority of materials used in packaging are not biodegradable. Therefore, numerous measures and regulations are implemented to monitor the reduction of plastic waste, particularly in packaging. Governments from all over the world are taking action to slow climate change.

Non-uniform gauge due to film stretching

The process of thermoforming begins with a sheet of uniformly thick thermoplastic material. Stretching that occurs throughout the forming process may slightly thin out this film or sheet of material. The part's thickness might be uneven in some places, creating weak points that lead to material leakage and fracture. This feature is expected to impede the growth of the market.

Emerging Opportunities 

Lucrative future in the aerospace industry

Thermoformed film materials are utilized in aerospace and defense industries to create items such as airplane interior panels, overhead luggage storage, and galley components.

The thermoplastic thick film is used in the aerospace and aircraft sector to produce seatbacks, armrests, footwell trays, window shrouds, and shades, as it is lighter than fiberglass, stainless steel, and aluminum by 6 times, and 6 times lighter than aluminum by 6 times. It also offers flexibility and modern, simplified design possibilities at a low cost.

Thermoforming film with recyclable solutions

Polyvinyl Chloride (PVC), Polyethylene (PE), Acrylonitrile Butadiene, Styrene, and other materials are used to make thermoforming film. When not recycled or processed, it damages the land and water resources. The packaging business has changed, with manufacturers taking the recyclable film into account now. The recyclable film is sought by various industries. Demand for recyclable thermoforming film is expected to be high in the forecast period.

Scope of Thermoforming Films Market Report

The report on the Global Thermoforming Films market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Thermoforming Films Market Segment Insights

The global thermoforming films market is segmented on the basis of type, Application, Material, and region.

Type Segment Analysis

In terms of types, the global thermoforming films market is classified into rigid thermoforming films and flexible thermoforming films. The rigid thermoforming films segment is projected to account for a remarkable share of the market during the forecast period, as they are required to be molded at high temperatures.

Rigid thermoforming films are commonly used for mechanical purposes such as pipe systems, protective headgear, golf club heads, musical instruments, recorders, and toys, such as Legos. The flexible thermoforming films segment is expected to expand at a significant pace, as it has tough resilience to the elements, including heat. Flexible thermoforming films handle high temperatures anywhere from -4 to 176 °F. This allows the plastic to be molded at high temperatures.

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Application Segment Analysis

The applications segment is further segmented into food, pharmaceutical, consumer goods, chemical, electronic, cosmetics & personal care, and others. The food segment is projected to account for a remarkable share of the market during the forecast period, due to growing demand from the food packaging industry.

This is encouraging manufacturers to expand their resources for providing good packaging solutions to their customers. Demand for thermoforming films has been rising in the beverage packaging industry, as these films provide a one-stop solution for companies that require sustainable and low-cost packaging options with good shelf appeal.

Material Types Segment Analysis

The material types segment is segmented into Polyvinyl Chloride (PVC), Polyethylene (PE), Acrylonitrile Butadiene Styrene (ABS), Ethylene vinyl alcohol (EVOH), and Polyamide (PA). The polyethylene (PE) segment is expected to hold a substantial share of the market during the forecast period.

Demand for thermoforming films made of polyethylene (PE) is anticipated to increase at a rapid pace in the food & beverage packaging industry during the forecast period. Thermoforming films offer sustainable packaging solutions, as they reduce the weight of the packaging.

Additionally, thermoforming films possess good shelf appeal and are cost-effective. The Polyvinyl Chloride (PVC) segment is expected to grow at a significant pace during the forecast period, as Polyvinyl Chloride (PVC) thermoforming films help to avoid the hidden costs of pre-labeled products.

These films also limit the use of adhesives and the need for secondary sleeves for branding. Demand for thermoforming films has been rising in the beverage packaging industry, as these films provide a one-stop solution for companies that require sustainable and low-cost packaging options with good shelf appeal.

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Thermoforming Films Market Regional Analysis

Based on regions, the global thermoforming films market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to dominate the global thermoforming films market during the forecast period.

Rapidly growing demand for thermoforming films in packaging applications, increasing demand for packaged food and consumer goods in China and India, and the high economic growth rate of countries in the region favor the growth of the thermoforming films market in the Asia Pacific.

The market in North America is expected to expand at a high CAGR during the forecast period. The growing food & beverage industry in the US and rising in disposable income are driving the thermoforming films market in this region.

The thermoforming films market in Europe is projected to expand at a substantial pace during the forecast period. Demand for thermoforming films in countries such as Germany and the UK is expected to rise in the next few years, due to increasing usage of canned food products.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Thermoforming Films Market
• Historical, Current, and Projected Market Size in Terms of Value and Volume
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Thermoforming Films Market Performance