Thermoforming Plastic Market Report 2026

The thermoforming plastic market size has grown strongly in recent years. It will grow from $54.65 billion in 2025 to $59.52 billion in 2026 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to growth of packaged food industry, expansion of consumer goods, long standing use in plastic packaging, rising demand for durable packaging, industrial manufacturing growth.

The thermoforming plastic market size is expected to see strong growth in the next few years. It will grow to $83.3 billion in 2030 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to increasing healthcare packaging demand, rising sustainability focus, growth of electric vehicle components, expansion of e commerce packaging, innovation in thermoforming technology. Major trends in the forecast period include growing demand for food packaging, rising use in medical packaging, expansion of lightweight plastic components, increasing adoption of bio based plastics, rising demand for custom packaging.

The rising production of food packaging is expected to drive the growth of the thermoforming plastics market going forward. Food packaging production involves manufacturing rigid and semi-rigid plastic containers, trays, cups, lids, and blister packs used for fresh foods, ready-to-eat meals, bakery products, and meat items. As the food industry expands and packaged food consumption increases, demand grows for lightweight, durable, and cost-effective thermoformed plastic solutions. Thermoforming plastics meet this need by offering high clarity, impact resistance, and customizable designs that comply with safety, shelf-life, and regulatory requirements. For example, in September 2024, the State of the Flexible Packaging Industry Report from the Flexible Packaging Association, a U.S.-based association, indicated that the U.S. flexible packaging industry reached an estimated $42.9 billion in sales in 2023, a 3.4% increase from $41.5 billion in 2022. Therefore, rising food packaging production is fueling the growth of the thermoforming plastics market.

Major companies in the thermoforming plastics market are focusing on advanced manufacturing technologies to enhance production efficiency and sustainability while meeting rising demand for eco-friendly packaging across industries. Advanced thermoforming and slit-and-fold technologies are innovative methods for shaping materials like PET, enabling efficient production of high-quality packaging. These processes improve design flexibility and support sustainability by incorporating recycled materials and reducing manufacturing waste. For example, in September 2024, Origin Materials, a U.S.-based chemical manufacturer, launched its proprietary CapFormer System, the world’s first commercial-scale manufacturing solution for producing PET caps and closures. Using advanced thermoforming and slit-and-fold technology, this system enables efficient production of PET caps and advances the packaging industry toward 100% container-to-container PET recycling.

In April 2024, Nefab Group, a Sweden-based provider of sustainable packaging solutions, acquired Precision Formed Plastics Inc. for an undisclosed amount. This acquisition strengthened Nefab’s thermoforming plastics capabilities, expanded its portfolio of sustainable thermoformed packaging products, and increased its manufacturing presence across the Americas. Precision Formed Plastics Inc. is a U.S.-based company specializing in custom thermoformed plastic packaging solutions.

Major companies operating in the thermoforming plastic market are Amcor plc, Pactiv Evergreen Inc, Berry Global Inc., Sonoco Products Company, Huhtamaki Global, Dart Container Corporation, Sabert Corp, D&W Fine Pack, Graham Packaging Company, Genpak LLC, S.D. International Pvt. Ltd, Shandong Top Leader Plastic Packing Co Ltd, Indu Thermoformers Pvt. Ltd, Dongguan DiTai Plastic Products CO. Ltd, Pulixin Packaging Materials, Plas Tech Ltd, Thermoform Ltd, Daventry Thermoforming Ltd, DS Smith, COEXPAN, AD Plastik Group, JV RosanPak Ltd, Silgan Plastics, Placon Corporation, Fabri-Kal Corp, Anchor Packaging, Sealed Air, Kruger Inc., Mondi Group, Takween Advanced Industries Co, Al Wasl Pack, Mapal Plastics, Lovell Industries, Berry Astrapak, Powerking Plastics.

North America was the largest region in the thermoforming plastic market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the thermoforming plastic market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the thermoforming plastic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The thermoforming plastic market consists of sales of high-impact polystyrene (HIPS) and polyethylene terephthalate. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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