Thermoform Packaging Market

Thermoform Packaging Market Outlook- 2027

The global thermoform packaging market was valued at $42.6 billion in 2019, and is projected to reach $60.5 billion by 2027, registering a CAGR of 4.30% from 2020 to 2027.

Thermoform packaging are molded products obtained by the thermoforming process, which involves molding of plastic into desired shape by heating and application of pressure. It is relatively simple and cheaper than other plastic molding and forming methods. In this process, a thermoplastic sheet is heated until it is pliable, and then placed on a mold until the sheet cools to form the finished part. Thermoforming packaging exhibits various properties such as lightweight, protective attribute, cost-effectiveness, and reusability, which increase its applicability in various industries such as food & beverage, electronics, personal care, pharmaceuticals, and automotive sector.

The global thermoform packaging market size is expected to witness substantial growth during the forecast period, owing to increase indemand in the food & beverage and pharmaceuticals industries.Furthermore, advantages of thermoform packaging such as convenient and easy-to-use packaging, maintainfreshness of food and enhance its shelf life, reduce packaging cost of food products, eliminate material wastage, and facilitate customization of packages further boost the global thermoform packaging market growth.Thermoforming technology has developed to allow customized packaging solutions that attracts consumers and increases the chances of purchase at the point-of-sale. New packaging products can be prototyped within a short period of time. In addition, high demand for lightweight packaging products significantly fuelsthe growth of the global thermoform packaging market. Several manufacturers have started using lightweight packaging products to address cost-related concerns across the value chain. Moreover, manufacturers are inclined toward biodegradable, bio-derived, and recyclable polymers as alternatives to traditional petroleum-based polymers. Therefore, rise inconcerns regardingdisposal of plastic packaging products and stringent government regulations regarding plastic packaging products are expected to restrainthe global market growth. Though polyethylene terephthalate (PET) is recyclable, the use of strong adhesives stickers on the surface of PET packs renders it non-recyclable. The cost of recycling thermoform packaging is further added by the use of multiple resins while producing plastics. However, advancements in the thermoforming technology and innovations in the designs of packaging solutions are anticipated tooffer lucrative opportunities for the growth of the global thermoform packaging market. 

The global thermoform packaging market is segmented on the basis of material, type, heat seal coating, end-user industry, and region. Based on material, the market is divided into plastics, aluminum, and paper & paperboard. The plastics segment is sub-segmented into polyvinyl chloride (PVC), polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polystyrene (PS), acrylonitrile butadiene styrene (ABS), and others. Based on type, it is classified into clamshell packaging, blister packaging, skin packaging, and others. Based on heat seal coating, it is segmented into water-based, solvent-based, and hot melt-based heat seal coatings. According to end-user industry, the market is segregated into food & beverage, electronics, personal care & cosmetics, pharmaceuticals, and others. Region wise, the market is analyzedacross North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to witness the fastest growth rate during the forecast period.

The global thermoform packaging market is fragmented in nature with players such as Anchor Packaging Inc., Amcor Ltd., Display Pack Inc., D&W Fine Pack LLC, Placon Corporation, Reynolds Group Holdings Ltd., Sinclair & Rush Inc., Sonoco Products Company, Tamarack Products Ltd., and WestRock Company. These companies have expanded their production capabilities by acquiring other thermoform businesses and also developing new and improved thermoform packaging products through active R&D.

Global Thermoform Packaging Market, By Region

North America accounted for the highest market share in 2019 due to a strong consumer base in the U.S. and Canada.Further, Asia-Pacific is the fastest growing region during the forecast period, owing to growth of the food & beverages and pharmaceuticals sectors.

Global Thermoform Packaging Market, By Material

The plastics segment accounted for the highest market share in 2019 due to increasing in use of thermoformed plastic food packs and blister packs.

Global Thermoform Packaging Market, By Type

The blister packaging segmentac counted for the highest contribution in the global thermoform packaging market share in 2019, owing to use of medical grade blister packs in the pharmaceutical industry. The blister packaging and skin packaging are expected to be the fastest growing segments of thermoform packaging during the forecast periods. 

Global Thermoform Packaging Market, By Heat Seal Coating

The solvent-based thermoform packaging segment accounted for the highest market share of $24.68 billion in 2019,owing to its increasing use in the consumer products packaging.

Global Thermoform Packaging Market, By End-Use Industry

The food & beverage industry accounted for the highest market share in 2019 due to increase in consumers of packed food around the world as well as expansion of the food retailing sector.

Key Benefits For Stakeholders

• The global thermoform packaging market growth covers in-depth information of the major industry participants.

• Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.

• Majorcountries have been mapped according to their individual revenue contribution to the regional market.

• The report provides an in-depth analysis of the global thermoform packaging marketforecast for the period 2019–2027.

• The report outlines the current global thermoform packaging market trends and future estimations from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets. 

• The key drivers, restraints, and global market opportunity and their detailed impact analysis is elucidated in the study.

 Thermoform Packaging Market Report Highlights