Global Thermoformable Film Market Size to Reach USD 932.95 Million By 2031

The Thermoformable Film Market is segmented based on material type, process, application, end-use industry, and region.

Based on material type the market is divided into Polyvinyl Chloride (PVC), Polyethylene, Acrylonitrile Butadiene Styrene, Ethylene Vinyl Alcohol, Polyamide, and Others.

• The polyethylene segment accounted for the largest market share in 2022 and is also expected to witness the fastest CAGR from 2023 to 2031, due to several benefits of polyethylene films like low cost, lightweight, good shelf appeal, high tensile, chemical stability, and transparency.

By process, the market is trifurcated into vacuum, pressurized, and mechanical.

• In 2022, the vacuum segment contributed the highest market share and is also predicted to register the fastest CAGR over the forecast years. Vacuum processes provide advantages such as protection against moisture, corrosion, mechanical damage, scratches, dust, and the removal of microbial spoilage.

Based on application, the market is bifurcated into rigid and flexible.

• In 2022, the rigid packaging segment held the highest market share of the overall market as they are used to make containers, boxes, trays, and for mechanical purposes.
• Over the forecasted period, the flexible segment is expected to witness the fastest CAGR due to its features like flexibility, lightweight, lower cost, and high barrier resistance.

By end-use industry, the market is segmented into food, pharmaceutical, chemical, electronic, cosmetics and personal care, and others.

• The food segment contributed the largest market share of 34.15% in 2022, as it is used to pack several food items like cheese, frozen food, ice creams, yogurt, etc.
• The pharmaceutical segment is expected to rise at the fastest CAGR over the forecasted period due to its applications as implants and stents in surgeries.

By region, the market is segregated into regions including North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

• Asia Pacific accounted for the highest market share of 38.55% in 2022 valued at USD 219.39 Million, out of which China alone contributed a market share of 23.05%. This region's market share is expected to reach over USD 361.24 million in 2031 due to the high demand for ready-to-eat food items, beverages, and ready-to-drink juices that need PVC and polyethylene films for packaging.
• The North American region is expected to have a growth of 6.4% CAGR during the forecasted period, mainly because of the rising usage of films in the food and electronic goods industry.