Molded products that are obtained by the thermoforming process and are used for packaging various items are referred to as thermoform packaging. Properties such as lightweight, cost-effectiveness and reusability render thermoform packaging suitable for widespread applications. Taking advantage of the advancing market are companies such as DS Smith Plc., Constantia Flexibles GmbH, G. Mondini S.P.A, Display Pack Inc., and many more.
The thermoform packaging market is valued at more than USD 40 billion in 2019. It is set to grow at a compounded annual growth rate of over 4%. The market is expected to reach an approximate valuation of USD 55 billion by the end of 2027.
Fragmented on the basis of material, the Polyethylene Terephthalate (PET) based thermoform packaging captured the largest market revenue share of 45% in 2019. The shift in focus towards sustainable packaging is the major growth driver for this material. Also, the thermoform packaging industry for Polypropylene (PP) based packaging is projected to expand due to its superior toughness property and recyclability.
The container segment led the thermoform packaging market in 2019. Extensive use of this product in the food and beverage industry contributed significantly to its market share. The clamshell segment is anticipated to witness a high growth rate due to its growing demand in the electronics, home-care and food and beverage industry.
Growing demand from the food and beverage industry has resulted in its dominance of the thermoform packaging market share. It accounted for around 51% of the global revenue market share at the end of 2019. Dairy and related industries have been a major contributing factor. The pharmaceutical sector ranked second in the thermoform packaging industry.
1. Food and Beverage and Pharmaceutical Industry:
Soaring demand from the food & beverage as well as the pharmaceutical industry is projected to lead to the substantial growth of the thermoform packaging market. The development of convenient and easy-to-use products will further influence the global thermoform packaging market.
2. Option to Customize:
Customized packaging attracts customers which in turn improves the chances of the purchase at point-of-sale. Moreover, the ability to produce new packaging solutions within a short period of time will drive the thermoform packaging market forward.
3. Demand for Light-weight packaging:
Light-weight packaging significantly reduces material wastage and addresses the cost-related concern. As a result, high demand for this packaging is expected to fuel the thermoform packaging market.
1. Growing demand for sustainable and recyclable products:
Rising concerns regarding the disposal of thermoform packages have given rise to the need for sustainable and recyclable solutions. Even though PET-based packaging is recyclable, the use of adhesives for labels renders it non-recyclable. Therefore, the major restraining factor for the thermoform packaging market is the non-recyclability and sustainability of these products.
2. Government Norms
Increasing land and water pollution created due to the use of thermoform packaging have resulted in the implementation of various stringent regulations that severely hamper the thermoform packaging market growth.
North America dominated the thermoform packaging market in 2019. It accounted for about 28% of the global market share in terms of revenue. This region is envisaged to continue this trend throughout the forecast period. The presence of significant companies in the region will be the major driving factor for the regional market. Extensive R&D activities coupled with numerous mergers and acquisitions are creating lucrative opportunities for the regional market growth.
The European thermoform packaging industry is expected to witness moderate growth during the forecast period owing to the rising demand from the established pharmaceutical and food and beverage sector. On the contrary, the thermoform packaging market in the LAMEA region is looking at a lower growth rate.
The thermoform packaging market in the Asia – Pacific region is anticipated to witness the highest growth rate between 2020 and 2027. This can be attributed to the surge in investments in the food and beverage, electronics, and pharmaceutical industries.
The research report analyses the ecosystem of Thermoform Packaging Industry and categorizes the Thermoform Packaging Market to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.
Research Methodology
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