Global Thermoforming Machine Market to Experience Decline in Consumption, with CAGR of -1.4%

IndexBox has just published a new report: World - Thermoforming Machines For Working Rubber Or Plastics - Market Analysis, Forecast, Size, Trends And Insights.

The thermoforming machine market is expected to decline in terms of consumption over the next six years, with a projected CAGR of -1.4% for market volume and +2.6% for market value from 2024 to 2030. By the end of 2030, the market volume is anticipated to reach 303K units and the market value is expected to be $9.7B in nominal prices.

Market Forecast

The thermoforming machine market is expected to start a downward consumption trend over the next six years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -1.4% for the six-year period from 2024 to 2030, which is projected to depress the market volume to 303K units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +2.6% for the period from 2024 to 2030, which is projected to bring the market value to $9.7B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Thermoforming Machines For Working Rubber Or Plastics

For the third year in a row, the global market recorded growth in consumption of thermoforming machines for working rubber or plastics, which increased by 67% to 329K units in 2024. Over the period under review, consumption enjoyed strong growth. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The global thermoforming machine market size soared to $8.3B in 2024, with an increase of 33% 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 continues to indicate a buoyant expansion. Global consumption peaked in 2024 and is likely to see steady growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were Mexico (74K units), China (48K units) and the UK (24K units), together comprising 44% of global consumption. The United States, India, Malaysia, Armenia, Spain, Germany and the Philippines lagged somewhat behind, together comprising a further 27%.

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Armenia (with a CAGR of +57.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Germany ($1.6B), Mexico ($1.4B) and the UK ($587M) were the countries with the highest levels of market value in 2024, with a combined 43% share of the global market. China, the United States, Armenia, India, Malaysia, the Philippines and Spain lagged somewhat behind, together comprising a further 20%.

Armenia, with a CAGR of +55.7%, saw the highest growth rate of market size in terms of the main consuming countries 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 Armenia (3,711 units per million persons), followed by Mexico (549 units per million persons), the UK (352 units per million persons) and Malaysia (330 units per million persons), while the world average per capita consumption of thermoforming machine was estimated at 41 units per million persons.

From 2013 to 2024, the average annual growth rate of the thermoforming machine per capita consumption in Armenia totaled +57.1%. In the other countries, the average annual rates were as follows: Mexico (+38.0% per year) and the UK (+24.1% per year).

Production

World Production of Thermoforming Machines For Working Rubber Or Plastics

In 2024, production of thermoforming machines for working rubber or plastics decreased by -1.8% to 240K units for the first time since 2021, thus ending a two-year rising trend. Over the period under review, production, however, saw a buoyant increase. The pace of growth was the most pronounced in 2016 with an increase of 91% against the previous year. Over the period under review, global production attained the peak volume at 245K units in 2023, and then contracted in the following year.

In value terms, thermoforming machine production dropped to $6.6B in 2024 estimated in export price. In general, production, however, showed a resilient expansion. The growth pace was the most rapid in 2016 when the production volume increased by 80% against the previous year. Over the period under review, global production hit record highs at $6.9B in 2023, and then reduced in the following year.

Production By Country

The country with the largest volume of thermoforming machine production was China (118K units), accounting for 49% of total volume. Moreover, thermoforming machine production in China exceeded the figures recorded by the second-largest producer, the United States (22K units), fivefold. The UK (15K units) ranked third in terms of total production with a 6.1% share.

In China, thermoforming machine production expanded at an average annual rate of +15.6% over the period from 2013-2024. The remaining producing countries recorded the following average annual rates of production growth: the United States (+12.8% per year) and the UK (+13.5% per year).

Imports

World Imports of Thermoforming Machines For Working Rubber Or Plastics

In 2024, approx. 193K units of thermoforming machines for working rubber or plastics were imported worldwide; picking up by 201% on the year before. Overall, imports showed prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, thermoforming machine imports soared to $2.9B in 2024. Over the period under review, imports showed a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports By Country

Mexico was the major importer of thermoforming machines for working rubber or plastics in the world, with the volume of imports reaching 72K units, which was approx. 37% of total imports in 2024. Malaysia (12K units) ranks second in terms of the total imports with a 6.3% share, followed by the UK (5.9%) and Spain (5.5%). The following importers - the Philippines (8.5K units), India (7.1K units), Italy (7.1K units), the Netherlands (7K units), Thailand (4K units) and Canada (4K units) - together made up 20% of total imports.

Mexico was also the fastest-growing in terms of the thermoforming machines for working rubber or plastics imports, with a CAGR of +43.9% from 2013 to 2024. At the same time, India (+39.8%), the Philippines (+37.8%), the Netherlands (+34.3%), Italy (+32.8%), Malaysia (+26.6%), the UK (+21.2%) and Spain (+14.4%) displayed positive paces of growth. Canada experienced a relatively flat trend pattern. By contrast, Thailand (-3.5%) illustrated a downward trend over the same period. Mexico (+35 p.p.), Malaysia (+4.7 p.p.), the Philippines (+4 p.p.), the UK (+3.5 p.p.), India (+3.4 p.p.), the Netherlands (+3.2 p.p.) and Italy (+3.1 p.p.) significantly strengthened its position in terms of the global imports, while Canada and Thailand saw its share reduced by -4.3% and -8.4% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($1.4B) constitutes the largest market for imported thermoforming machines for working rubber or plastics worldwide, comprising 47% of global imports. The second position in the ranking was held by Malaysia ($126M), with a 4.3% share of global imports. It was followed by the UK, with a 4.2% share.

From 2013 to 2024, the average annual rate of growth in terms of value in Mexico stood at +39.0%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+24.0% per year) and the UK (+21.6% per year).

Import Prices By Country

In 2024, the average thermoforming machine import price amounted to $15 thousand per unit, shrinking by -29.6% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2023 an increase of 28%. As a result, import price attained the peak level of $21 thousand per unit, and then dropped sharply in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Mexico ($19 thousand per unit), while the Netherlands ($794 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Spain (+0.6%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Thermoforming Machines For Working Rubber Or Plastics

In 2024, after four years of growth, there was significant decline in shipments abroad of thermoforming machines for working rubber or plastics, when their volume decreased by -7.5% to 104K units. Overall, exports, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2023 when exports increased by 64% against the previous year. As a result, the exports attained the peak of 112K units, and then dropped in the following year.

In value terms, thermoforming machine exports expanded markedly to $1.1B in 2024. The total export value increased at an average annual rate of +3.4% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 23% against the previous year. Over the period under review, the global exports hit record highs in 2024 and are likely to see gradual growth in years to come.

Exports By Country

China prevails in exports structure, resulting at 70K units, which was approx. 67% of total exports in 2024. It was distantly followed by the Netherlands (5.2K units), generating a 5% share of total exports. Brazil (4.4K units), the United States (3.9K units), Germany (2.8K units), the Czech Republic (2.3K units), Italy (2.3K units), the UK (1.8K units) and South Korea (1.6K units) took a little share of total exports.

From 2013 to 2024, average annual rates of growth with regard to thermoforming machine exports from China stood at +17.7%. At the same time, the Netherlands (+30.6%), the Czech Republic (+28.7%), Germany (+14.6%), Brazil (+5.8%), the United States (+5.6%), South Korea (+5.0%) and Italy (+4.3%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +30.6% from 2013-2024. By contrast, the UK (-4.2%) illustrated a downward trend over the same period. While the share of China (+27 p.p.), the Netherlands (+4 p.p.) and the Czech Republic (+1.7 p.p.) increased significantly in terms of the global exports from 2013-2024, the share of South Korea (-1.7 p.p.), Italy (-2.8 p.p.), the United States (-3.7 p.p.), Brazil (-3.9 p.p.) and the UK (-8.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($387M) remains the largest thermoforming machine supplier worldwide, comprising 35% of global exports. The second position in the ranking was held by Germany ($141M), with a 13% share of global exports. It was followed by Italy, with a 9.7% share.

In China, thermoforming machine exports increased at an average annual rate of +11.1% over the period from 2013-2024. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (-4.7% per year) and Italy (+5.2% per year).

Export Prices By Country

In 2024, the average thermoforming machine export price amounted to $11 thousand per unit, jumping by 17% against the previous year. Over the period under review, the export price, however, recorded a deep setback. Over the period under review, the average export prices attained the peak figure at $31 thousand per unit in 2015; however, from 2016 to 2024, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Germany ($50 thousand per unit), while Brazil ($583 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the UK (+3.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform