Thermoformable Film Market to Hit USD 932.95 million By 2031 | Latest Research Analysis
Consegic Business Intelligence analyzes that the thermoformable film market is growing with a CAGR of 5.7% during the forecast period (2023-2031), boosted by growing demand for packaged food items, and major participants includes are Klockner Pentaplast, UFlex Limited, Vecom Group, Synpac, RapidMade, and A&M Packaging
New York, Sept. 25, 2023 (GLOBE NEWSWIRE) -- The global **T****hermoformable ****F****ilm ****M****arket** is expected to witness significant growth at a **CAGR of 5.7% during the forecast period of 2023-2031.** Factors such as growing demand for packaged food items and increasing demand from the electronic industry are accelerating the demand for thermoformable film, which, in turn, is boosting the market growth. In addition, increasing applications of thermoformable films in the aerospace industry will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the thermoformable film market is poised for strong expansion and is expected to reach **USD ****932.95 ****million by 2031 and USD 597.01 million in 2023.** The market, which was valued at **USD 569.10 million in 2022,** is predicted to grow at a **compound annual growth rate of 5.7% during the period 2023-2031.** The report highlights the growing demand for packaged food items, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the Thermoformable Film market.
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Thermoformable films are made from a variety of plastics, including polyethylene terephthalate (PET), polypropylene (PP), and polyvinyl chloride (PVC). The specific type of plastic used depends on the application. The thermoformable films offer a wide range of oxygen transmission rates and provide an excellent barrier against moisture and gas. It also offers a wide range of sealing properties. The product also offers high retainability of obtained shape, excellent retention of mechanical properties, good adhesion for printing and lamination, and others. These films come in varying thicknesses, widths, base materials, and sealing layers. Also, the products offer longer shell life, strong sealing capacity, and enhanced lightweight packaging.
**Global Thermoformable Film Market**:** Report Attributes**
**Report Attributes** **Report Details**
**Study Timeline** 2017-2031
**Market Size in 2031 (USD Million)** USD 932.95 Million
**CAGR (2023-2031)** 5.7%
**By Material Type** Polyvinyl Chloride (PVC), Polyethylene, Acrylonitrile Butadiene Styrene, Ethylene Vinyl Alcohol, Polyamide, and Others
**By Process** Vacuum, Pressurized, and Mechanical
**By Application** Rigid Packaging and Flexible Packaging
**By End-use Industry** Food, Pharmaceutical, Chemical, Electronic, Cosmetics and Personal Care, and Others
**By Region ** North America, Asia-Pacific, Latin America, Europe, Middle East & Africa
**Key Players** Klockner Pentaplast, UFlex Limited, Vecom Group, Vishakha Polyfab Pvt Ltd, DuPont Specialty Products India Pvt. Ltd., Hypac Packaging Pte. Ltd., Clifton Packaging Group Ltd., Synpac, RapidMade, and A&M Packaging
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**Global Thermoformable Film Market Segmentation Details:**
**Based on Material Type,** the polyethylene segment contributed the largest shares to the market growth in 2022. This is due to the reduction in the weight of packaging, being offered by polyethylene thermoformable films. Hence, increasing demand for low-cost packaging options coupled with good shelf appeal is increasing the usage of polyethylene in the thermoformable film market.
**Based on Process,** the vacuum segment contributed the largest shares to the market growth in 2022. There is high demand for the vacuum process as it removes all the air in the package and ensures the package nestled is directly around the product. 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.
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**Based on Application,** the rigid packaging segment contributed the largest shares to the market growth in 2022. The rigid films are used largely for mechanical purposes such as protective headgear, pipe systems, musical instruments, recorders, and others. Hence, the increasing adoption of rigid films in the food industry is increasing the segment growth in the thermoformable film market.
**Based on End-use Industry, **the food segment accounted for the largest market share in the year 2022. 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 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.
**Based on Region**, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. 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.
**Competitive Landscape**
Klockner Pentaplast, UFlex Limited, and Vecom Group are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of thermoformable films. Further, the thermoformable film market is expected to grow steadily due to increasing applications of thermoformable films in the aerospace industry, especially in the regions such as the Asia Pacific, and North America are estimated to boost the market statistics in the coming years. Additionally, the increasing demand from electronics and pharmaceuctical industry is expected to increase the competition in the industry.
**Recent Developments**
· In July 2023, Klockner Pentaplast launched a new product, named kp Flexivac. The product is a multi-layer recyclable vacuum film that is 100% recyclable and allows the film to be recyclable without compromising performance and aesthetics.
· In February 2023, UFlex Limited launched a new product, which is co-extruded transparent biaxially-oriented polyethylene terephthalate or BOPET film. UFlex continues its focus on innovation and sustainability with its new products and solutions.
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**Key Market Takeaways**
· Asia Pacific accounted for the highest market share at 38.55% valued at USD 219.39 million in 2022 and USD 230.45 million in 2023. It is expected to reach USD 361.24 million in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 23.05% during the base year of 2022.
· Based on material type, polyethylene segment accounted for the highest share contribution to the thermoformable film market statistics in 2022.
· Based on process, the vacuum segment accounted for the highest share contribution to the thermoformable film market statistics in 2022.
· Based on application, the rigid packaging segment accounted for the highest share contribution to the thermoformable film market statistics in 2022.
· Based on end-use industry, the food segment accounted for the highest share contribution of 34.15% to the thermoformable film market statistics in 2022.
· North America is expected to boost the market demand for thermoformable films due to the rising food & beverage industry in the US coupled with increasing electronic goods sales.
**List of Major Global Thermoformable Film Market:**
· Klockner Pentaplast
· UFlex Limited
· Vecom Group
· Vishakha Polyfab Pvt Ltd
· DuPont Specialty Products India Pvt. Ltd.
· Hypac Packaging Pte. Ltd.
· Clifton Packaging Group Ltd.
· Synpac
· RapidMade
· A&M Packaging
**Global Thermoformable Film Market Segmentation: **
· **By Material Type**
· Polyvinyl Chloride (PVC)
· Polyethylene
· Acrylonitrile Butadiene Styrene
· Ethylene Vinyl Alcohol
· Polyamide
· Others
· **By Process**
· Vacuum
· Pressurized
· Mechanical
· **By Application**
· Rigid Packaging
· Flexible Packaging
· **By End-use Industry**
· Food
· Pharmaceutical
· Chemical
· Electronic
· Cosmetics and Personal Care
· Others
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**Frequently Asked Questions in the Thermoformable Film Market Report**
· **What was the market size of the thermoformable film industry in 2022?**
· In 2022, the market size of thermoformable film was USD 569.10 million.
· **What will be the potential market valuation for the thermoformable film industry by 2031?**
· In 2031, the market size of thermoformable film will be expected to reach USD 932.95 million.
· **What are the key factors restraining the growth of the thermoformable film market?**
· Non-biodegradable plastics used in thermoforming is restraining the market growth at the global level.
· **What is the dominating segment in the thermoformable film market by end-use industry?**
· In 2022, the food segment accounted for the highest market share of 34.15% in the overall thermoformable film market.
· **Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the thermoformable film market?**
· North America region is growing at the fastest CAGR over the forecast period in the thermoformable film market.
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