The global thermoforming machines market size is set to reach a valuation of US$ 961.0 million in 2023 and further expand at a CAGR of 4.3% from 2023 to 2033. The market is likely to reach US$ 1,463.9 million by 2033. The top 3 companies are anticipated to hold 30 to 35% of the global market share by the end of 2033.
By operating type, the automatic segment is projected to create a growth opportunity of US$ 166.5 million during the forecast period. Rising demand for automatic machines with end-use industries’ surging adoption of the latest technologies is projected to aid growth.
The thermoforming machines market accounts for around 1 to 2% of the global packaging machinery market, worth US$ 58 billion in 2023. According to FMI, the global market was valued at US$ 925.0 million in 2021. Future Market Insights says, Demand for horizontal machines in terms of orientation is projected to rise in the next decade, and the top 5 key players are set to hold around 25 to 30% of the global thermoforming machines market share by the end of 2033.
Rising demand for thermoformed packaging solutions is anticipated for the global market. The surging need for packed products in the food and pharmaceutical industries is also estimated to augment sales of these machines. Owing to the abovementioned factors, the market is anticipated to expand 1.5 times the current value during the forecast period.
Top 2 Trends Boosting Demand In the Global Market
Demand for Thermoformed Plastics to Boost Sales
Increasing the use of thermoformed plastics as a metal replacement using the heavy gauge process that provides applications in various industries such as medical devices, transportation, kiosks, aerospace, and industrial equipment would propel the market in the next decade. Besides, the high demand for packaged fruit juice, carbonated drinks, milk, and mineral water globally is likely to drive the market.
Expansion of the Cosmetics Industry Benefit the Global Market
Thermoforming machines are widely used in the cosmetics industry to pack personal care and cosmetics items as tubes or sachets. As cosmetics need to be protected from damage, thermoformed packaging provides them with a long shelf life and can enhance their appearance.
As per the findings released by Cosmetics Europe, in 2021, the combined market value of cosmetics and personal care products sold across Europe was approximately US$ 84 Billion.
It thus makes the region one of the major users of thermoformed packaging. An increasing number of cosmetics companies worldwide are rapidly adopting unique packaging solutions to attract more customers, which would push growth in the global thermoforming machines market.
Country-Wise Insights
How is the India Thermoforming Machines Market Faring?
India is expected to offer an incremental opportunity worth US$ 45.9 million during the forecast period. Surging demand for thermoformed packaging products across the pharmaceutical industry would lead to the expansion of the Indian market.
As a developing country, India exported pharma products worth US$ 2.5 billion in 2023, as per facts released by the Ministry of Pharmaceutical Sciences. The country ranks third in terms of pharmaceutical production.
Over the last decade, the Indian pharma sector has grown steadily at a CAGR of 9.4%, representing the meteoric rise of the pharma sector in the country. Thus, expanding the pharmaceutical industry is anticipated to augment sales of thermoforming machines to pack various pharmaceutical products.
Why is the United States Projected to Push the Demand for Thermoforming Machines?
High Demand for Packaged Consumables in the United States to Boost Sales of Industrial Forming Machines
The United States is anticipated to hold about 18% of the market share by the end of 2023. It is expected to be the largest market for thermoforming machines, as compared to all the other countries across the globe.
According to facts released by the United States Department of Agriculture, in 2021, the food service industry and grocery retailers shipped approximately US$ 2.1 Trillion worth of food to the United States market, out of which US$ 1.2 Trillion came from the food service industry. Thus, increased consumption of packaged consumables among modern-day consumers is set to spur growth in the United States.
Competitive Landscape
Key players operating in the thermoforming machines market are focusing on expanding their production capacities and resources through mergers and acquisitions to meet the growing demand for advanced machines. Also, they aim to expand their capabilities by establishing or broadening their manufacturing facilities.
Some of the latest industry developments are:
· In December 2021, Paxiom Group announced opening a 50,000 sq. foot facility in Las Vegas as part of the company’s expansion plans.
· In March 2021, GN Thermoforming announced that Brown Machine Group (BMG) acquired 100% of its shares. BMG’s thermoformed products would provide better access to global customers in the food packaging industry.
