Ultrasonically induced bubble formation in thermoplastic matrix was investigated experimentally and theoretically. polystyrene was saturated with nitrogen under the pressure of 0.2 to 3.45 MPa in a pressure chamber, followed by pressure release and ultrasonic bubble nucleation. Zinc stearate was added to polystyrene as the nucleating agent to induce heterogeneous nucleation. Various mixture of low density polyethylene and polyethylene wax was also saturated with the gas. The foamed specimens with or without ultrasonically induced bubble nucleation was modeled by modifying the classical nucleation theory. The rate of ultrasonic nucleation was predicted for homogeneous and heterogeneous nucleation at a conical cavity. This study showed that the heterogeneous and heterogeneous nucleation at a conical cavity. This study showed that the heterogeneous nucleation must be employed for ultrasonic production of bubbles in a viscous fluid and the homogeneous nucleation for ultrasonic production of bubbles in a low viscosity fluid.