The global thermoforming machine market is projected to grow at a steady 2.1% CAGR through 2035, driven by packaging, sustainability, and automation demand.
The global market for thermoforming machines for working rubber or plastics is projected to expand, with volume expected to grow at a CAGR of +2.3% from 2024 to 2035, reaching 536K units, while market value is forecast to increase at a +2.1% CAGR to $15.9B. In 2024, global consumption was approximately 418K units, valued at $12.7B, with India, China, and the United States being the top consumers by volume, and India, Japan, and Germany leading in market value. Production declined to 336K units, led by China, which accounted for 41% of output. Global imports fell to 231K units, with India and Belgium as the largest importers by volume, while exports decreased to 148K units, dominated by China, which held a 51% share of export volume. Significant price disparities exist in trade, with average import and export prices at $5.6K and $7.3K per unit, respectively.
- Market volume is forecast to grow at a 2.3% CAGR, reaching 536K units by 2035, while value is projected to increase at a 2.1% CAGR to $15.9B
- India, China, and the United States were the top consuming countries by volume in 2024, together accounting for 42% of global consumption
- China is the dominant global producer, responsible for 41% of total output, and also the leading exporter, with a 51% share of export volume
- Belgium showed exceptional import growth with a 94.5% CAGR from 2013-2024, while India recorded the highest consumption growth rate at 9.9%
- Significant trade price disparities exist, with 2024 average import prices at $5.6K per unit and export prices at $7.3K per unit, both well below 2013 peaks
Market Forecast
Driven by increasing demand for thermoforming machines for working rubber or plastics worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.3% for the period from 2024 to 2035, which is projected to bring the market volume to 536K units by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.1% for the period from 2024 to 2035, which is projected to bring the market value to $15.9B (in nominal wholesale prices) by the end of 2035.
World’s Consumption of Thermoforming Machines For Working Rubber Or Plastics
In 2024, approx. 418K units of thermoforming machines for working rubber or plastics were consumed worldwide; declining by -20.2% compared with 2023 figures. Over the period under review, consumption, however, recorded moderate growth. As a result, consumption attained the peak volume of 924K units. From 2016 to 2024, the growth of the global consumption remained at a lower figure.
The global thermoforming machine market size was estimated at $12.7B in 2024, with an increase of 3.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). In general, consumption, however, saw a modest expansion. As a result, consumption reached the peak level of $15.7B. From 2019 to 2024, the growth of the global market remained at a somewhat lower figure.
Consumption By Country
The countries with the highest volumes of consumption in 2024 were India (65K units), China (62K units) and the United States (51K units), together accounting for 42% of global consumption.
From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by India (with a CAGR of +9.9%), while consumption for the other global leaders experienced more modest paces of growth.
In value terms, the largest thermoforming machine markets worldwide were India ($2.1B), Japan ($1.9B) and Germany ($1.9B), together accounting for 46% of the global market.
Among the main consuming countries, India, with a CAGR of +9.7%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.In 2024, the highest levels of thermoforming machine per capita consumption was registered in Belgium (2,954 units per million persons), followed by Spain (195 units per million persons), Thailand (160 units per million persons) and the United States (150 units per million persons), while the world average per capita consumption of thermoforming machine was estimated at 52 units per million persons.
From 2013 to 2024, the average annual growth rate of the thermoforming machine per capita consumption in Belgium totaled +3.6%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Spain (+6.1% per year) and Thailand (+5.9% per year).
Production
World’s Production of Thermoforming Machines For Working Rubber Or PlasticsGlobal thermoforming machine production fell to 336K units in 2024, shrinking by -7.9% compared with the year before. Over the period under review, the total production indicated a mild increase from 2013 to 2024: its volume increased at an average annual rate of +1.4% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production increased by +6.2% against 2022 indices. The growth pace was the most rapid in 2015 when the production volume increased by 82% against the previous year. As a result, production attained the peak volume of 582K units. From 2016 to 2024, global production growth remained at a somewhat lower figure.
In value terms, thermoforming machine production dropped to $10.6B in 2024 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by 45%. As a result, production attained the peak level of $14B. From 2016 to 2024, global production growth remained at a somewhat lower figure.
Production By Country
India (65K units) and Belgium (44K units) were the largest importers of thermoforming machines for working rubber or plastics in 2024, amounting to approx. 28% and 19% of total imports, respectively. Brazil (23K units) ranks next in terms of the total imports with a 9.9% share, followed by Mexico (6.5%) and Thailand (4.9%). Slovenia (8K units), South Africa (6.5K units), the Netherlands (5.3K units), Greece (4.8K units) and Spain (4.7K units) followed a long way behind the leaders. From 2013 to 2024, the biggest increases were recorded for Belgium (with a CAGR of +94.5%), while purchases for the other global leaders experienced more modest paces of growth.
In value terms, Mexico ($58M), Thailand ($41M) and India ($24M) constituted the countries with the highest levels of imports in 2024, with a combined 9.6% share of global imports. Brazil, Spain, the Netherlands, South Africa, Slovenia, Belgium and Greece lagged somewhat behind, together accounting for a further 4.4%.
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