Thermoformable Film Market - Size & Industry Share - Growth Trends & Forecasts (2023 - 2031)

By Material Type :

The material type segment is categorized into polyvinyl chloride (PVC), polyethylene, acrylonitrile butadiene styrene, ethylene vinyl alcohol, polyamide, and others. In 2022, the polyethylene segment accounted for the highest market share and is expected to grow at the fastest CAGR over the forecast period in the thermoformable film market. This is due to the reduction in the weight of packaging, being offered by polyethylene thermoformable films. Also, these products save the hidden costs of pre-labeled products and branding and limit the usage of adhesives. Hence, increasing demand for low-cost packaging options coupled with good shelf appeal is increasing the usage of polyethylene in the thermoformable film market. Furthermore, new product launches by the key players in the polyethylene thermoformable films segment are driving the segment growth. For instance, in February 2023, UFlex Limited launched a new product, co-extruded transparent biaxially oriented polyethylene terephthalate or BOPET film. The product has different properties including high tensile strength, chemical stability, dimensional integrity, and transparency. Hence, increasing product innovations and launches are driving the segment growth in the thermoformable film market.

By Process :

The process segment is categorized into vacuum, pressurized, and mechanical. In 2022, the vacuum segment accounted for the highest market and is expected to grow at the fastest CAGR over the forecast period in the thermoformable film market. The vacuum enabled packages allow a longer shelf life and are durable. Also, the product is not harmed by any mechanical influences, as the product is fixed by the presence of a vacuum in the package. Moreover, the removal of microbial spoilage by this process ensures enhanced taste and freshness in the products. Hence, certain key advantages of the vacuum process such as protection against moisture, corrosion, mechanical damage, scratches, dust, and other contamination lead to greater usage of the product. Furthermore, increasing innovative product launches in this segment by the leading players in the market are driving the segment growth. For instance, in 2023, Klockner Pentaplast launched a new product, kp Flexivac, in collaboration with Dow. The product is a multi-layer recyclable vacuum film and is termed one of the most sustainable products in its portfolio. Hence, innovative product launches by the key players are driving the segment growth in the thermoformable film market.

By Application :

The application segment is categorized into rigid packaging and flexible packaging. In 2022, the rigid packaging segment accounted for the highest market share in the thermoformable film market. Rigid films are polymeric sheets that are widely used to make containers, boxes, trays, and other food packaging products. The rigid films are used largely for mechanical purposes such as protective headgear, pipe systems, musical instruments, recorders, and others. Certain advantages of the thermoformable film include excellent barrier properties against oxygen, moisture, and light. Such properties help to boost its demand in the food industry. Hence, the increasing adoption of rigid films in the food industry is increasing the segment growth in the thermoformable film market.

However, the flexible packaging segment is expected to grow at the fastest CAGR over the forecast period in the potassium sulfate. The flexible segment is growing at a significant rate due to certain advantages of the product such as barrier resistance, cost efficiency, and lightweight nature. Furthermore, the product is widely demanded for different applications such as labeling and printing on various products. Hence, due to the aforementioned factors, the flexible packaging segment is foreseeing significant thermoformable film market trend in the forecast years.

By End-Use-Industry :

The end-use industry segment is categorized into food, pharmaceutical, chemical, electronic, cosmetics personal care, and others. In 2022, the food segment accounted for the highest market share of 34.15% in the thermoformable film market. Due to the large demand for thermoformable films from the food packaging industry, the segment is experiencing significant growth. The films are widely used in packaging solutions for different food items such as frozen food, cheese, yogurt, ice cream, and other contaminants. The increasing demand for dairy and healthy products by consumers is leading to the growing demand for packaging solutions that can protect food products from spoilage. Hence, due to the aforementioned factors, the segment food is witnessing significant growth in the thermoformable film market.

However, the pharmaceutical segment is expected to grow at the fastest CAGR over the forecast period in the thermoformable film market. This is due to the large application of the product in medical devices such as stents and implants. Hence, due to the increased usage of stents and implants in different surgeries and operations, there has been a greater demand for thermoformable films. For instance, according to a report by the National Institutes of Health, in 2022, a staggering 310 million major surgeries are performed approximately every year, out of which around 40 to 50 million are performed in the USA and 20 million in Europe. Hence, increasing medical practices and surgical procedures is leading to high segment growth in the thermoformable film market.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share at 38.55%, was valued at USD 219.39 million in 2022 and USD 230.45 million in 2023, and it is expected to reach USD 361.24 million in 2031. In Asia Pacific, China accounted for the highest market share of 23.05% during the base year of 2022. This is due to the high demand for ready-to-eat food items in this region. Large consumption of alcoholic beverages and ready to drink fruit juices by consumers in the region is driving the market growth. Furthermore, the increasing usage of materials such as PVC and PE in the food packaging industry is fostering regional growth. Also, the increasing population and rising disposable income is acting as a catalyst for growth in the usage of packaged food and consumer goods in this region. Thus, due to the aforementioned factors, the thermoformable film market is witnessing positive growth in the region.

Moreover, North America is expected to witness significant growth over the forecast period, growing at a CAGR of 6.4% during 2023-2031. The rising food & beverage industry in the US coupled with increasing electronic goods sales is driving the growth of the thermoformable film market.