Global Thermoforming Machines Market Projected to Reach US$ 1,463.9 Million by 2033 | FMI

Thermoforming Machines Market

Thermoforming Machines Market

The global thermoforming machines market is on track to achieve a valuation of US$ 961.0 million in 2023, with projections indicating a robust CAGR of 4.3% from 2023 to 2033, ultimately reaching US$ 1,463.9 million by 2033. This growth trajectory is underpinned by escalating demands across various sectors and regions, driven by technological advancements and evolving consumer preferences.

With the top three companies anticipated to collectively hold 30 to 35% of the global market share by 2033, competition within the market is poised to intensify, fostering innovation and product development. The automatic segment, in particular, is expected to present lucrative opportunities, with a projected growth opportunity of US$ 166.5 million during the forecast period, fueled by rising demand from end-use industries for advanced technologies.

While accounting for a modest 1 to 2% of the global packaging machinery market valued at US$ 58 billion in 2023, the thermoforming machines market is primed for substantial expansion, especially in the horizontal machines segment, where demand is projected to surge in the coming decade.

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The increasing adoption of thermoformed packaging solutions, particularly in the food and pharmaceutical industries, is a key driver of market growth. Thermoformed plastics, serving as a metal replacement, find extensive applications in medical devices, transportation, aerospace, and industrial equipment, further bolstering market demand. Additionally, the cosmetics industry’s expansion, with its growing emphasis on unique packaging solutions, contributes significantly to market growth.

A driving force behind this growth is the increasing demand for thermoformed packaging solutions, particularly in the global food and pharmaceutical sectors. The necessity for well-packaged products within these industries is a catalyst for the heightened sales of thermoforming machines. With these dynamic factors in play, the market is poised to expand its current value by 1.5 times during the forecast period, reflecting its promising trajectory and potential for innovation and advancement.

Low power requirements, optimum material utilization, reduced maintenance costs, and high productivity would favor the demand for automated thermoforming machines. Besides, increasing investments by key players in research and development activities to upgrade their product portfolios and offer automated machines would aid growth.

The food and pharmaceutical industries are likely to boost the market for thermoforming machines as they are extensively used across these industries. To pack goods within a minimal time limit and enhance a product’s shelf life, automatic thermoforming machines are used in the above-mentioned industries.

Key Takeaways:

  • The global industrial furnaces market is estimated to register a CAGR of 4.3% with a valuation of US$ 1,463.9 million by 2033.
  • The market captured a CAGR of 3.2% in the historical period between 2018 and 2022.
  • The United States is anticipated to dominate the global market by registering a maximum share during the forecast period.

“Rising demand for packaged fruit juices, carbonated drinks, milk, and mineral water across the globe is likely to drive the market. In addition, surging use of advanced thermoforming machines to pack cosmetics and personal care products would aid growth,” says an FMI analyst.

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India Thermoforming Machines Market Outlook:

India emerges as a promising market, offering an incremental opportunity worth US$ 45.9 million during the forecast period. The pharmaceutical industry in India, ranked third globally in terms of production, is driving demand for thermoforming machines to pack various pharmaceutical products. With the sector witnessing steady growth, fueled by exports and domestic consumption, the Indian market presents significant growth prospects for thermoforming machine manufacturers.

United States Market Projections:

The United States is positioned to be a key driver of global demand for thermoforming machines, with an anticipated 18% market share by the end of 2023. High consumption of packaged consumables, as evidenced by the substantial shipments of food to the US market, underscores the need for advanced industrial forming machines. The food service industry, in particular, contributes significantly to the burgeoning demand for thermoformed packaging solutions, driving growth in the United States market.

As the global thermoforming machines market continues to evolve, fueled by diverse industry demands and technological advancements, manufacturers are poised to capitalize on emerging opportunities and consolidate their positions in this dynamic landscape.

Competitive Landscape: 

Key players operating in the thermoforming machines market are UltraSource LLC, Thermoforming Inc., Colimatic USA, Hualian Machinery, Lumar Idéal, FL TÈCNICS ÍNDEX, S.L., Utien Pack Co, Ltd., SIA SCANDIVAC, and MAAC Machinery Co., Inc., Mespack, Zhucheng Yide Machinery Co., Ltd., GN Thermoforming, WM Thermoforming Machines, SencorpWhite, Inc., Ridat Company, LX PLASTIC MACHINERY LIMITED, and Gabler Thermoform GmbH & Co. Kg.

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Market Outlook By Category

By Operating Type:

  • Manual
  • Semi-automatic
  • Automatic

By Orientation:

  • Horizontal
  • Vertical

By Application:

  • Food
  • Pharmaceutical
  • Cosmetics & Personal Care
  • Electrical & Electronics
  • Others (Chemicals, etc.)

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Middle East & Africa
  • Oceania

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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