Pune, India, January, 2019/MRFR Press Release/- Market research future published a cooked research report on global thermoform packaging market.
Market Research Future (MRFR) has announced a new release on the global thermoform packaging market. The report discusses the global thermoform packaging market’s present condition in terms of its past movement patterns and provides readers with a clear idea of the market’s likely growth trajectory over the coming years. The segmentation of the global thermoform packaging market is also analyzed in the report in detail to provide readers an idea of how the market is structured on the granular level. According to the report, the global thermoform packaging market is expected to rise at a CAGR of 5.72% over the forecast period (2017-2023).
Thermoform packaging refers to packaging that is heated to the adequate temperature and then molded and cut to suit various packaging requirements. Thermoform packaging utilizes thermoplastics that can be easily molded in their molten state and transformed into the requisite shape. Thermoform packaging has mainly grown in demand in the food and beverage sector, where it is used to package fresh foods so that the nutrients don’t escape and the food doesn’t perish. The effectiveness of thermoform packaging in keeping vital nutrients in and preventing exposure to environmental contaminants such as oxygen is likely to drive the global thermoform packaging market over the forecast period.
The environmental benefits of thermoform packaging over other conventional forms of packaging foods are likely to be a major driver for the global thermoform packaging market over the forecast period. Due to the precise nature of the process, an exact amount of raw materials is utilized in producing thermoform packaging, resulting in little to no wastage. Carbon emissions during the process are also much lower compared to other forms of packaging. The stability of thermoform packaging when presented with reactive materials as well as physical impacts is also a major boost for the global thermoform packaging market, as this provides it an advantage over other packaging materials such as metals (which can easily react with environmental elements) and glass (which can shatter upon impact). However, the easy availability of a number of other packaging options is a key restraint acting on the global thermoform packaging market.
The thermoform packaging market has been segmented based on material, type, heat seal coating, and application. On the basis of the material, the market is segmented into plastic, paper & paperboard, and aluminum. The plastic segment accounted for the largest market share in 2016, as it provides benefits such as effective barrier properties, cost efficiency, temperature resistance, and durable packaging. Plastics such as PVC, PE, PP, and others are majorly used in plastic thermoform packaging.
On the basis of the heat seal coating, the thermoform packaging market is segmented into water-based, solvent-based, and hot melt-based coating. The solvent-based heat seal coating segment accounted for the largest market share in 2016 due to its several advantages, including strong bond strength. It can also be processed at different temperatures and presents a formidable resistance to water and grease. Water-based heat seal coating is estimated to grow at the highest CAGR during the forecast period, as it provides a strong bond between corrugated and polyethylene skin pack films and reduces the effect of adhesion-related challenges in thermoform packaging.
Based on the application, the thermoform packaging market is segmented into food & beverage, pharmaceuticals, electronics, personal care, and others. The food & beverages segment accounted for the largest market share in 2016. Thermoformed products are majorly used for packaging fruits, vegetables, meat, poultry, fish, as well as prepared meals and storage products. Pharmaceuticals is another major application segment of the thermoform packaging market.
Based on type, the thermoform packaging market is segmented into blister packaging, skin packaging, clamshell packaging, and others.
The global thermoform packaging market is segmented into North America, Europe, Asia Pacific, and the Middle East and Africa.
Europe is expected to be the major regional thermoform packaging market over the forecast period due to the strong presence of the food & beverage and pharmaceuticals industries in the region. Growing demand for packaged food is likely to drive the thermoform packaging market in the region over the forecast period.
Asia Pacific is expected to exhibit the highest growth rate in the global thermoform packaging market over the forecast period due mainly to the growing e-commerce industry, which utilizes thermoform packaging on a large scale to pack various products.
Leading players in the global thermoform packaging market include Bemis Company Inc., Sealed Air Corporation, E.I. du Pont de Nemours and Company, Tray Pack Corporation, Display Pack Inc., RPC Group Plc, Anchor Packaging, Constantia Flexibles Group GmbH, Tekni-Plex Inc., Silgan Holdings Inc., Lacerta Group, DS Smith Plc, WestRock Company, Sonoco Products Company, and Amcor Limited.
In April 2017, Nelipak, a thermoformed medical packaging provider, completed the acquisition of thermoforming company Computer Designs Incorporated. Under the new brand of Nelipak Healthcare Packaging, the company will develop thermoformed packaging products and service capabilities for the healthcare market.
In November 2017, Sirap-Gema (Italy) completed the acquisition of two subsidiaries of Reynolds Group Holdings. Both companies, Kama Europe and Reynolds Food Packaging Spain, produce rigid plastic thermoformed food packaging trays.