Summary

The Thermo Compression Forming Market size is projected to reach USD 13.37 billion by 2029 at a CAGR of 4.0% from USD 11.00 billion in 2024. North America is estimated to account for the largest share in terms of value of the thermo compression forming market in 2024.
Thermo compression forming techniques offers lightweight and durable components for various industrial applications due to their unique properties such as durability, flexibility, and excellent thermal resistance. Thermo compression forming techniques are advantageous to the automotive industry because these techniques are used to make lightweight parts like bumpers and body panels that improve performance and fuel efficiency. Industrialization and urbanization drive demand across sectors like automotive, aerospace, construction, and medical, the market for thermo compression forming expands correspondingly. Additionally, ongoing infrastructural development projects, particularly in regions like North America, drive demand for thermo compression forming market in construction applications.

“The US, by country is forecasted to be the fastest growing thermo compression forming market during the forecast period.”
Because of the advanced manufacturing sector and expanding demand for high-performance composite materials across multiple industries, the US is quickly emerging as the thermo compression forming market with the highest growth rate. Thermo compression forming is an affordable way to produce intricate parts with high precision, meeting the demands of the US automotive, aerospace, and electronics industries for lighter, stronger, and more efficient components. The US possesses a strong research and development infrastructure that propels advancements in thermo compression technology and materials. The need for thermo compression forming, which can use resources efficiently and reduce waste, is further driven by the increased emphasis on sustainability and lowering manufacturing costs. This confluence of market demand, technology development, and supportive policies positions the US as a leader in this manufacturing segment.

“Europe is likely to account for the second largest share of thermo compression forming market in terms of value.”
A combination of factors driving demand in the region is making Europe the second largest expanding market for thermo compression forming. The thermo compression forming processes are being used more often by the automotive and aerospace industries, two important sectors in Europe, to produce lightweight, high-strength composite parts that improve performance and fuel efficiency. Since thermo compression forming complies with the requirements for lower emissions and material waste, this trend is further fueled by Europe's strict environmental legislation and the drive towards sustainable manufacturing processes. The region's potential for expansion is further enhanced by its well-established infrastructure and technological advancements in composite materials. As European manufacturers seek to leverage these benefits for competitive advantage, the adoption of thermo compression forming technologies is accelerating, positioning Europe as a significant player in this expanding market.

Interviews:
• By Company Type: Tier 1 – 46%, Tier 2 – 36%, and Tier 3 – 18%
• By Designation: C Level – 21%, D Level – 23%, and Others – 56%
• By Region: North America – 37%, Europe – 23%, Asia Pacific – 26%, Middle East & Africa – 10% and South America – 4%

The key companies profiled in this report are FLEXTECH (US), Janco, Inc. (US), Formed Solutions (US), Core Molding Technologies (US), UFP Technologies Inc., and Ray Products Company Inc.

Research Coverage:
The thermo compression forming market has been segmented based on foam type (Thermoplastic Foam, Needle-Punch Nonwovens, and Light Weight Glass Mat Thermoplastic), End-use Industry (Automotive, Construction, Aerospace, Medical, Electrical & Electronics, and Other End-use Industries) and by Region (Asia Pacific, North America, Europe, Middle East & Africa, and South America).


This report provides insights on the following pointers:
• Analysis of key drivers, restraints, opportunities, and challenges influencing the growth of the thermo compression forming market.
• Product Development/Innovation: Detailed insight into upcoming technologies, research & development activities, and new product launches in the thermo compression forming market.
• Market Development: Comprehensive information about markets – the report analyses the thermo compression forming market across varied regions.
• Market Diversification: Exclusive information about the new products & services untapped geographies, recent developments, and investments in the thermo compression forming market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like FLEXTECH (US), Janco, Inc. (US), Formed Solutions (US), and Core Molding Technologies (US) among other in the thermo compression forming market.

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Table of Contents

1 INTRODUCTION 25
1.1 STUDY OBJECTIVES 25
1.2 MARKET DEFINITION 25
1.3 STUDY SCOPE 26
1.3.1 MARKETS COVERED 26
1.3.2 INCLUSIONS AND EXCLUSIONS 27
1.3.3 YEARS CONSIDERED 29
1.3.4 CURRENCY CONSIDERED 30
1.3.5 UNITS CONSIDERED 30
1.4 STAKEHOLDERS 30
2 RESEARCH METHODOLOGY 31
2.1 RESEARCH DATA 31
2.1.1 SECONDARY DATA 32
2.1.1.1 Key data from secondary sources 32
2.1.2 PRIMARY DATA 32
2.1.2.1 Key data from primary sources 33
2.1.2.2 Breakdown of primaries 33
2.1.2.3 Key primary participants 34
2.1.2.4 Key industry insights 34
2.2 MARKET SIZE ESTIMATION 35
2.2.1 BOTTOM-UP APPROACH 35
2.2.2 TOP-DOWN APPROACH 37
2.3 MARKET FORECAST 39
2.3.1 SUPPLY-SIDE FORECAST 39
2.3.2 DEMAND-SIDE FORECAST 39
2.4 FACTOR ANALYSIS 40
2.5 DATA TRIANGULATION 41
2.6 RESEARCH ASSUMPTIONS 42
2.7 RESEARCH LIMITATIONS 42
2.8 GROWTH FORECAST 43
2.9 RISK ASSESSMENT 43
3 EXECUTIVE SUMMARY 44
 
4 PREMIUM INSIGHTS 48
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN THERMO COMPRESSION FORMING MARKET 48
4.2 THERMO COMPRESSION FORMING MARKET, BY TYPE (VOLUME) 48
4.3 NORTH AMERICAN THERMO COMPRESSION FORMING MARKET,
BY END-USE INDUSTRY AND COUNTRY (VOLUME) 49
4.4 THERMO COMPRESSION FORMING MARKET: DEVELOPED VS. DEVELOPING ECONOMIES (VOLUME) 49
4.5 THERMO COMPRESSION FORMING MARKET, BY COUNTRY (VOLUME) 50
5 MARKET OVERVIEW 51
5.1 INTRODUCTION 51
5.2 KEY PLASTIC PRODUCTION FIGURES 52
5.3 KEY EMERGING ECONOMIES VS. EU27 AND US 52
5.4 MARKET DYNAMICS 53
5.4.1 DRIVERS 53
5.4.1.1 Increasing demand for lightweight materials upscaling industrial growth 53
5.4.1.2 Pressing need for weight reduction in EVs 54
5.4.1.3 Technological advancements in manufacturing and process optimization 55
5.4.2 RESTRAINTS 56
5.4.2.1 Volatility in raw material prices 56
5.4.3 OPPORTUNITIES 56
5.4.3.1 Increasing demand for thermo compression forming in emerging economies 56
5.4.3.2 Pressing need for advanced composite materials in aerospace industry 57
5.4.4 CHALLENGES 58
5.4.4.1 Supply chain disruptions 58
5.5 PORTER’S FIVE FORCES ANALYSIS 59
5.5.1 THREAT OF NEW ENTRANTS 60
5.5.2 THREAT OF SUBSTITUTES 60
5.5.3 BARGAINING POWER OF BUYERS 60
5.5.4 BARGAINING POWER OF SUPPLIERS 60
5.5.5 INTENSITY OF COMPETITIVE RIVALRY 60
5.6 KEY STAKEHOLDERS AND BUYING CRITERIA 61
5.6.1 KEY STAKEHOLDERS IN BUYING PROCESS 61
5.6.2 BUYING CRITERIA 62
5.7 MACROECONOMIC OUTLOOK 63
5.7.1 INTRODUCTION 63
5.7.2 GDP TRENDS AND FORECAST 63
5.7.3 TRENDS IN GLOBAL CONSTRUCTION INDUSTRY 65
5.7.4 TRENDS IN GLOBAL AUTOMOTIVE INDUSTRY 65
5.8 VALUE CHAIN ANALYSIS 67
5.9 PRICING ANALYSIS 68
5.9.1 AVERAGE SELLING PRICE TREND, BY REGION 68
5.9.2 AVERAGE SELLING PRICE TREND, BY TYPE 69
5.9.3 AVERAGE SELLING PRICE TREND, BY END-USE INDUSTRY 70
5.9.4 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY END-USE INDUSTRY 70
5.10 TRADE ANALYSIS 71
5.10.1 EXPORT SCENARIO (HS CODE 390950) 71
5.10.2 IMPORT SCENARIO (HS CODE 390950) 74
5.11 REGULATORY LANDSCAPE AND STANDARDS 77
5.11.1 REGULATIONS IMPACTING THERMO COMPRESSION FORMING BUSINESS 77
5.11.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 78
5.12 ECOSYSTEM ANALYSIS 79
5.13 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 81
5.14 INVESTMENT AND FUNDING SCENARIO 82
5.15 PATENT ANALYSIS 83
5.15.1 METHODOLOGY 83
5.15.2 PUBLICATION TRENDS 84
5.15.3 JURISDICTION ANALYSIS 84
5.15.4 TOP APPLICANTS 85
5.16 TECHNOLOGY ANALYSIS 87
5.16.1 KEY TECHNOLOGIES 87
5.16.1.1 Polyurethane foam 87
5.16.1.2 Cross-linked polyethylene (XLPE) foam 87
5.16.1.3 Cross-linked polypropylene (XLPP) foam 87
5.16.1.4 Ethylene vinyl acetate (EVA) 87
5.16.2 COMPLIMENTARY TECHNOLOGIES 87
5.16.2.1 PET/Bicomponent PET blends 87
5.16.2.2 Natural fiber/PP blends 87
5.16.3 ADJACENT TECHNOLOGIES 88
5.16.3.1 Extrusion molding 88
5.16.3.2 Injection molding 88
5.17 IMPACT OF AI/GEN AI ON THERMO COMPRESSION FORMING MARKET 88
5.18 GLOBAL ECONOMIC SCENARIO AFFECTING MARKET GROWTH 89
5.18.1 RUSSIA–UKRAINE WAR 89
5.18.2 CHINA 89
5.18.2.1 Decreasing FDI cooling China’s growth trajectory 89
5.18.2.2 Environmental commitments 90
5.18.3 EUROPE 90
5.18.3.1 Energy crisis in Europe 90
5.18.4 CRISIS THREATENING GLOBAL TRADE 91
5.18.5 OUTLOOK FOR CHEMICAL INDUSTRY 92
5.18.6 OPEC+ EXTENDS OIL OUTPUT CUTS TILL 2025 93
5.19 CASE STUDY ANALYSIS 94
5.19.1 STAHLIN’S PRESS SUCCESS GOES WELL BEYOND DESIGN AND MANUFACTURING 94
5.19.2 INFLUENCE OF COMPRESSION MOLDING ON MECHANICAL AND TRIBOLOGICAL BEHAVIOR OF HYBRID POLYMER MATRIX COMPOSITES 94
5.19.3 STUDY OF COMPRESSION MOLDING METHOD FOR MANUFACTURING UHMWPE LINER 95
5.20 KEY CONFERENCES AND EVENTS, 2024–2025 96
6 THERMO COMPRESSION FORMING MARKET, BY TYPE 97
6.1 INTRODUCTION 98
6.2 THERMOPLASTIC FOAMS 101
6.2.1 EXPANDING AUTOMOTIVE SECTOR TO PROPEL DEMAND 101
6.2.2 POLYURETHANE FOAM 101
6.2.3 CROSS-LINKED POLYETHYLENE (XLPE) FOAM 102
6.2.4 CROSS-LINKED POLYPROPYLENE (XLPP) FOAM 103
6.2.5 ETHYL VINYL ACETATE (EVA) FOAM 104
6.2.6 OTHER THERMOPLASTIC FOAMS 104
6.3 NEEDLE-PUNCH NONWOVENS 113
6.3.1 HIGH USE IN VARIOUS APPLICATIONS DUE TO SEVERAL DISTINCTIVE CHARACTERISTICS TO BOOST MARKET GROWTH 113
6.3.2 PET/BICOMPONENT PET BLEND 114
6.3.3 PET/BICOMPONENT PET BLEND 115
6.3.4 OTHER NEEDLE-PUNCH NONWOVENS 116
6.4 LIGHTWEIGHT GLASS MAT THERMOPLASTIC (LWGMT) 121
6.4.1 ABILITY TO SIGNIFICANTLY REDUCE COMPONENT WEIGHT AND HIGH ACOUSTIC RESISTANCE TO BOOST DEMAND 121
7 THERMO COMPRESSION FORMING MARKET, BY END-USE INDUSTRY 124
7.1 INTRODUCTION 125
7.2 AUTOMOTIVE 128
7.2.1 BOOMING AUTOMOTIVE SECTOR TO DRIVE DEMAND 128
7.3 CONSTRUCTION 132
7.3.1 INCREASED URBANIZATION AND PROACTIVE GOVERNMENT-LED INVESTMENTS IN CONSTRUCTION ACTIVITIES TO DRIVE DEMAND 132
7.4 AEROSPACE 134
7.4.1 RISING PASSENGER TRAFFIC AND INCREASING JET DEMAND TO DRIVE MARKET 134
7.5 MEDICAL 136
7.5.1 INCREASING DISPOSABLE INCOME AND CHANGING CONSUMER PREFERENCES TO DRIVE MARKET 136
7.6 ELECTRICAL & ELECTRONICS 138
7.6.1 INCREASING DEMAND FOR HIGH-PERFORMANCE COMPONENTS TO FUEL MARKET GROWTH 138
7.7 OTHER END-USE INDUSTRIES 140
8 THERMO COMPRESSION FORMING MARKET, BY REGION 143
8.1 INTRODUCTION 144
8.2 ASIA PACIFIC 146
8.2.1 CHINA 153
8.2.1.1 Significant growth in sales and manufacturing of automobiles to drive demand 153
8.2.2 INDIA 153
8.2.2.1 Increasing infrastructure development and demand for energy-efficient materials to drive market 153
8.2.3 JAPAN 154
8.2.3.1 Increasing focus on enhancing reliability and durability of medical devices to fuel market growth 154
8.2.4 SOUTH KOREA 155
8.2.4.1 Developing aerospace industry and adoption of lightweight aircraft components to boost demand 155
8.2.5 REST OF ASIA PACIFIC 156
8.3 NORTH AMERICA 156
8.3.1 US 162
8.3.1.1 Expansion of medical sector to boost demand 162
8.3.2 CANADA 162
8.3.2.1 Increasing investments in construction industry to fuel demand 162
8.3.3 MEXICO 163
8.3.3.1 Rising investments in infrastructure, energy, and commercial construction projects to drive market 163
8.4 EUROPE 163
8.4.1 GERMANY 170
8.4.1.1 Increasing demand for advanced building insulation materials to drive market 170
8.4.2 UK 171
8.4.2.1 Increasing demand for lightweight, durable, and highly efficient materials to drive market 171
8.4.3 FRANCE 171
8.4.3.1 Innovations in medical sector to drive demand 171
8.4.4 SPAIN 172
8.4.4.1 Recovery of construction industry to increase demand 172
8.4.5 ITALY 172
8.4.5.1 Substantial growth in medical device industry to boost market growth 172
8.4.6 REST OF EUROPE 173
 
8.5 SOUTH AMERICA 173
8.5.1 BRAZIL 179
8.5.1.1 Booming consumer market to drive demand 179
8.5.2 ARGENTINA 180
8.5.2.1 Rising investments in healthcare infrastructure development and demand for high-end medical equipment to fuel market growth 180
8.5.3 REST OF SOUTH AMERICA 180
8.6 MIDDLE EAST & AFRICA 181
8.6.1 GCC COUNTRIES 187
8.6.1.1 Saudi Arabia 188
8.6.1.1.1 Increased investments in construction industry to propel demand 188
8.6.1.2 UAE 188
8.6.1.2.1 Expanding electronics industry to drive market 188
8.6.1.3 Rest of GCC countries 189
8.6.2 SOUTH AFRICA 190
8.6.2.1 Increasing production of new vehicles to drive market 190
8.6.3 REST OF MIDDLE EAST & AFRICA 190
9 COMPETITIVE LANDSCAPE 191
9.1 OVERVIEW 191
9.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2019–2024 191
9.3 MARKET SHARE ANALYSIS, 2023 192
9.3.1 RANKING ANALYSIS, 2023 194
9.4 REVENUE ANALYSIS, 2021–2023 195
9.5 COMPANY VALUATION AND FINANCIAL METRICS 196
9.6 BRAND/PRODUCT COMPARISON 197
9.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 198
9.7.1 STARS 198
9.7.2 EMERGING LEADERS 198
9.7.3 PERVASIVE PLAYERS 198
9.7.4 PARTICIPANTS 198
9.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 200
9.7.5.1 Company footprint 200
9.7.5.2 End-use industry footprint 201
9.7.5.3 Region footprint 202
9.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 203
9.8.1 PROGRESSIVE COMPANIES 203
9.8.2 RESPONSIVE COMPANIES 203
9.8.3 DYNAMIC COMPANIES 203
9.8.4 STARTING BLOCKS 203
 
9.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 205
9.8.5.1 Detailed list of key startups/SMEs 205
9.8.5.2 Competitive benchmarking of key startups/SMEs 206
9.9 COMPETITIVE SCENARIOS 207
9.9.1 DEALS 207
9.9.2 EXPANSIONS 208
10 COMPANY PROFILES 209
10.1 KEY PLAYERS 209
10.1.1 FLEXTECH 209
10.1.1.1 Business overview 209
10.1.1.2 Products/Solutions/Services offered 209
10.1.1.3 Recent developments 212
10.1.1.3.1 Deals 212
10.1.1.4 MnM view 212
10.1.1.4.1 Key strengths/Right to win 212
10.1.1.4.2 Strategic choices 212
10.1.1.4.3 Weaknesses/Competitive threats 212
10.1.2 JANCO, INC. 213
10.1.2.1 Business overview 213
10.1.2.2 Products/Solutions/Services offered 213
10.1.2.3 Recent developments 214
10.1.2.3.1 Expansions 214
10.1.2.4 MnM view 214
10.1.2.4.1 Key strengths/Right to win 214
10.1.2.4.2 Strategic choices 214
10.1.2.4.3 Weaknesses/Competitive threats 214
10.1.3 INTERTECH PRODUCTS, INC. 215
10.1.3.1 Business overview 215
10.1.3.2 Products/Solutions/Services offered 215
10.1.3.3 Recent developments 216
10.1.3.3.1 Deals 216
10.1.3.4 MnM view 216
10.1.3.4.1 Key strengths/Right to win 216
10.1.3.4.2 Strategic choices 216
10.1.3.4.3 Weaknesses/Competitive threats 216
10.1.4 FORMED SOLUTIONS 217
10.1.4.1 Business overview 217
10.1.4.2 Products/Solutions/Services offered 217
10.1.4.3 MnM view 217
10.1.4.3.1 Key strengths/Right to win 217
10.1.4.3.2 Strategic choices 217
10.1.4.3.3 Weaknesses/Competitive threats 218
10.1.5 CORE MOLDING TECHNOLOGIES 219
10.1.5.1 Business overview 219
10.1.5.2 Products/Solutions/Services offered 220
10.1.5.3 MnM view 221
10.1.5.3.1 Key strengths/Right to win 221
10.1.5.3.2 Strategic choices 221
10.1.5.3.3 Weaknesses/Competitive threats 221
10.1.6 UFP TECHNOLOGIES, INC. 222
10.1.6.1 Business overview 222
10.1.6.2 Products/Solutions/Services offered 223
10.1.7 RAY PRODUCTS COMPANY INC. 224
10.1.7.1 Business overview 224
10.1.7.2 Products/Solutions/Services offered 224
10.1.8 ENGINEERED PLASTIC PRODUCTS INC. 225
10.1.8.1 Business overview 225
10.1.8.2 Products/Solutions/Services offered 225
10.1.9 PRESENT ADVANCED COMPOSITES INC. 226
10.1.9.1 Business overview 226
10.1.9.2 Products/Solutions/Services offered 226
10.1.10 TOOLING TECH GROUP 227
10.1.10.1 Business overview 227
10.1.10.2 Products/Solutions/Services offered 227
10.1.10.3 Recent developments 228
10.1.10.3.1 Expansions 228
10.1.11 TECH PLAASTIC INDUSTRIE 229
10.1.11.1 Business overview 229
10.1.11.2 Products/Solutions/Services offered 229
10.1.12 TORAY ADVANCED COMPOSITES 230
10.1.12.1 Business overview 230
10.1.12.2 Products/Solutions/Services offered 230
10.1.12.3 Recent developments 231
10.1.12.3.1 Expansions 231
10.1.13 TRIDENT COMPONENTS, LLC 232
10.1.13.1 Business overview 232
10.1.13.2 Products/Solutions/Services offered 232
10.1.14 RCO ENGINEERING 233
10.1.14.1 Business overview 233
10.1.14.2 Products/Solutions/Services offered 233
10.1.15 THE PLATINUM TOOL GROUP 234
10.1.15.1 Business overview 234
10.1.15.2 Products/Solutions/Services offered 234
10.1.16 SONFARREL AEROSPACE LLC 235
10.1.16.1 Business overview 235
10.1.16.2 Products/Solutions/Services offered 235
10.1.17 TRI-MACK PLASTICS MANUFACTURING CORPORATION 236
10.1.17.1 Business overview 236
10.1.17.2 Products/Solutions/Services offered 236
10.1.18 AMRAZ LTD. 237
10.1.18.1 Business overview 237
10.1.18.2 Products/Solutions/Services offered 237
10.1.19 KT PLASTICS INCORPORATED 238
10.1.19.1 Business overview 238
10.1.19.2 Products/Solutions/Services offered 238
10.1.20 ROTATIONAL MOLDING OF UTAH 239
10.1.20.1 Business overview 239
10.1.20.2 Products/Solutions/Services offered 239
10.1.21 REDLINE PLASTICS 240
10.1.21.1 Business overview 240
10.1.21.2 Products/Solutions/Services offered 240
10.1.21.3 Recent developments 241
10.1.21.3.1 Expansions 241
10.1.22 CHICAGO GASKET CO. 242
10.1.22.1 Business overview 242
10.1.22.2 Products/Solutions/Services offered 242
10.1.23 HAYSITE 243
10.1.23.1 Business overview 243
10.1.23.2 Products/Solutions/Services offered 243
10.1.24 AMI PLASTICS 244
10.1.24.1 Business overview 244
10.1.24.2 Products/Solutions/Services offered 244
10.1.25 LINECROSS 245
10.1.25.1 Business overview 245
10.1.25.2 Products/Solutions/Services offered 245
11 ADJACENT AND RELATED MARKETS 246
11.1 INTRODUCTION 246
11.2 MOLDED PLASTIC MARKET 246
11.2.1 MARKET DEFINITION 246
11.2.2 MOLDED PLASTICS: MARKET OVERVIEW 247
11.2.3 MOLDED PLASTICS MARKET ANALYSIS, BY TECHNOLOGY 247
11.2.4 MOLDED PLASTICS MARKET, BY TYPE 248
11.2.5 MOLDED PLASTICS MARKET, BY APPLICATION 250
11.2.6 MOLDED PLASTICS MARKET, BY REGION 252
12 APPENDIX 254
12.1 DISCUSSION GUIDE 254
12.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 257
12.3 CUSTOMIZATION OPTIONS 259
12.4 RELATED REPORTS 259
12.5 AUTHOR DETAILS 260