Thermoform Packaging Market By Material (Plastic, Aluminium, Paper & Paperboard), By Heat Seal Coating (Water-Based, Solvent-Based, Hot Melt-Based), By Type of Packaging (Blister Packaging, Clamshell Packaging, Skin Packaging), By End-Use Industry (Food & Beverage, Electronics, Personal Care & Cosmetics, Pharmaceuticals, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, MEA), - Global Forecasts 2016 to 2027

Introduction

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.

Thermoform Packaging Market Analysis:

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.

Market Segmentation

Material Type:

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.

Product Type:

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.

End-use 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.

Market Drivers:

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.

Market Restraints:

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.

Geographic Analysis:

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.

Recent Developments

1. A fully recyclable polypropylene film was developed by the Mondi Group in June 2019. This film was intended for use in Modified Atmosphere Packaging (MAP) and vacuum packaging.
2. In October 2019, COEXPAN launched CorePET. CorePET is a 100% rPET sheet specifically formulated for the thermoform packaging market.
3. Charpak Ltd. launched a new thermoform packaging tub that is 100% recyclable as well as tamper-evident in October 2019.
4. In January 2020, Sonoco from ESCO Technologies Inc. acquired Thermoform Engineered Quality LLC and Plastique Holdings LTD to expand its portfolio.

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.

By Type of Material

• Plastic
• Aluminum
• Paper & Paperboard

By Type of Heat Seal Coating

• Water-Based
• Solvent-Based
• Hot Melt-Based

By Type of Packaging

• Blister Packaging
• Clamshell Packaging
• Skin Packaging

By End-User Industry

• Food & Beverage
• Electronics
• Personal Care & Cosmetics
• Pharmaceuticals
• Others

By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Norway
  • Italy
  • Spain
  • Netherlands
  • Rest Of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • New Zealand
  • Rest Of Asia Pacific
• South America
• ROW

The unique insights provided by this report also includes the following:

1. In-depth value chain analysis
2. Opportunity mapping
3. Sector snapshot
4. Technology landscape
5. Regulatory scenario
6. Patent trends
7. Market trends
8. Covid-19 impact analysis
9. Raw material supply analysis
10. Pricing trends
11. Sustainability trends and environmental concerns
12. Critical Success Factors
13. Competitive Landscape
14. Customer preferences

Company Profiles and Competitive Intelligence Covered in Thermoform Packaging Report are:

1. Amcor Limited
2. Bemis Company, Inc.
3. Westrock Company
4. DS Smith PLC
5. Sonoco Products Company
6. E.I. Du Pont Nemours and Company
7. Constantia Flexibles GmbH
8. Display Pack Inc.
9. Anchor Packaging
10. Tekni-Plex, Inc.
11. G. Mondini SPA
12. Placon Corporation
13. Pactiv LLC
14. Tray-Pak Corporation
15. D&W Fine Pack
16. Silgan Holdings Inc.