ID: MRFR/PNT/1319-HCR | 130 Pages | Published By Sakshi Gupta on March 2023
Thermoform Packaging Market is projected to be worth USD 104,999.8 million by 2027, registering a CAGR of 5.72% during the forecast period (2020 - 2027).
The thermoform packaging market is expected to project at a thermoform packaging market value of about USD 104,999.8 million during the market forecast period whereas it projects at a CAGR value of 5.72%.As per MRFR analysis, the thermoforming industry grows at a high rate and is projected at a high pace, and attains profit significantly during the market forecast period. The rise in usage of processed and packed foods and flavored beverages has driven up the thermoforming units. This type of packaging is lightweight, more flexible, odorless, and is free from moisture. It is more preferred than other packed products. Thermoforming is the most preferred form for the production of products than glass. Due to all these properties, the growth of thermoform packaging products is in high demand. The market has taken a huge position in the upcoming future. Besides it, the environmental benefits of the thermoform market have spurred up the thermoform packaging market size. This type of packaging involves the consumption of raw material at a low rate, less emission of carbon, and production of less waste.
COVID 19 ANALYSIS
The outbreak of the COVID led to the disruption in the manufacturing units of thermoform packaging. COVID led to economic disruption in the industry. Disruption in the economic chain was marked. COVID led to the shutdown and lockdown of certain units affecting the supply chain analysis and value chain process. A change in consumer behavior was marked. Trade movements including both export and import business were affected leading to the economic downfall of the country. The thermo packaging market was anticipated and a significant drop in CAGR market value was marked. There was disorganization in the retail networks which favored the downfall of the country.
The elimination of material waste and facilitation of customization of using thermoform packaging raises the thermoform packaging market. The rise in demand for the use of lightweight packaging products steers up the market size. Moreover, it has been marked that the manufacturers have started using these lightweight products which led to addressing up of cost-related concerns in the thermoform packaging market.
The use of new and improved quality of thermoform products has helped in increasing up the production capabilities of the products. The blister packaging and the skin packaging segments are said to bring more wealth to the industry and occupy the growth opportunities in the market. The blister packaging segment gives safeguards against the moisture and the oxygen amount so present in the environment. Transporting the blisters at low costs are attracting the pharmaceuticals.
Unavailability of the raw material and the acquisition of certain properties was the major challenging factor.
Unique growth took place during the market forecast period which added up to cumulative market growth.
The adoption of any other alternatives for the packaging of thermoform products hampers the market size. With the presence of non-sustainability products then the packaging of heavy products becomes difficult. Putting heavy products in it gives excess strain on the plastic film which hampers the growth. The rise in growth of the plastic products and the rules put forward for the disposal of those plastic products have hindered the market growth.
The thermoform packaging market is being classified based on material, type, its application, and the heat seal coating. Based on material, the packaging industry is divided into paper and paper board, plastic units, and some sectors of aluminum units. The plastic unit covers a large segment during the forecast period because it offers large barriers, increases the cost efficiency, gives well resistance to temperature, and offers durable packaging. Plastic is used in the form of PVC, PE, PP, and many more. Based on the heat seal coating, the industry is divided based on water, solvent, and hot melt. Here, the solvent base occupies a large area and holds a major marketing share. It is so because the solvent-based has several advantages like it has strong bond strength due to which it can be processed at various temperatures where it is resistant to both water and grease. The water seal coating projects are at a high market value. This is because it offers a strong bond between the corrugated and polyethylene seat coating pack films. A reduction in adhesion takes place where it challenges the thermoform packaging market thus increasing its demand among the population.
Technology has developed so much that it has manufactured new technological packaging solutions which have attracted the users and have also increased the purchasing level. The invention of the new packed product has been prototyped within a less period. The innovations taking place in the packaging products have offered golden opportunities for rising market size.
Regionally, the thermoform packaging industry has been classified into various regions. The market extends to the region of North America, Europe, some of the Asia Pacific region, and the rest of the world. The European market holds the most dominant position of thermoform packaging market during the market forecast period. Due to the setup of a large number of end-users industries, the European region is in high demand. This region is famous for the presence of automobiles, food, and beverage industrial base and some of the pharmaceuticals units present there. Germany, some regions of the United Kingdom, and France hold the major share of the thermoform packaging market. Moreover, the North American region is another most dominant area due to the presence of a large number of the supply chains like Walmart stores and temperaturesKroger Corporation ltd. the United States of the North American segment holds the major share. It has also been found that the Asia Pacific region is expected to project a large thermoform packaging market value during the forecast period of 2020-2027. Trade movements in this region provide exclusive and significant shopping solutions to the public. It also offers an innovative, sustainable, and good experience overall the supply sale channels. This bolsters up the growth of the thermoform packaging industry. The rise in population and growth in purchasing power of the population steers up the thermoform packaging market. China, Thailand, and the Indian region are the main contributors to the Asia Pacific region. The Indo-Chinese region covers a large thermoform packaging market because of the migration of people to urban areas in large numbers and also due to the setting up of more end users industries.
From report analysis, it was found that the thermoform packaging market has given in-depth and detailed study about the stakeholders occupying the dominant position and playing promptly to attain a secure and good position. It also analyzes their potential and gives a clear view of the competitive scenario. It signifies the market forecast period. It also gives good information about the recent developments taking place in the market. The report outlines the new market trends and the upcoming future evaluations so done in the market. It gives analysis about the prevailing opportunities and makes out information about the investment pocket. It gives a key detailed analysis about the restraining factors affecting the market growth, the growth factors promoting the growth, the challenges faced by the market, and strategies so acquired by the key players. It also signifies the market segmentation taking place in the thermoform packaging market.
|Market Size||2027: USD 104,999.8 Million|
|Forecast Period||2021 to 2027|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Type, Heat Seal Coating, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Bemis Company Inc. (U.S.), Amcor Limited (Australia), Sealed Air Corporation (U.S.), Sonoco Products Company (U.S.), E.I. du Pont de Nemours and Company (U.S.), WestRock Company (U.S.), Tray Pack Corporation (U.S.), DS Smith Plc (U.K), Display Pack Inc. (U.S.), Lacerta Group (U.S.), RPC Group Plc (U.K), Silgan Holdings Inc. (U.S.), Anchor Packaging (U.S.), Tekni-plex Inc. (U.S.), and Constantia Flexibles Group GmbH (Austria)|
|Key Market Opportunities||
|Key Market Drivers||Increased consumption of processed and packed foods & beverages|
The thermoform packaging market is expected to reach USD 104,999.8 million in the forecast period.
A 5.72% CAGR is estimated to define the market’s progress in the approaching period.
Amcor Limited (Australia), WestRock Company (U.S.), Sealed Air Corporation (U.S.), Sonoco Products Company (U.S.), Silgan Holdings Inc. (U.S.),E.I. du Pont de Nemours and Company (U.S.), Tekni-plex Inc. (U.S.), DS Smith Plc (U.K), Bemis Company Inc. (U.S.), Display Pack Inc. (U.S.)
The lack of substitutes can restrict the development of the market in the forecast period.
The Asia Pacific region is predicted to grow at the highest CAGR during the forecast period
Thermoforming is a significant manufacturing process where the thermoplastic films are heated up. This results in the bending up of the films to your desired product. It is widely used for food packaging and it balances the freshness and raises the shelf life of the product inside it. The number of suppliers and the distributors along with the food processors prefer this type of packaging.
As per the application, the market is being divided into food and beverage, electronics units, pharma sectors, personal care products, and others. Here the food and the beverage segment occupies a large segment during the forecast period. This type of packaging is more adopted by the food industry for packing fruits, vegetables, meat along with poultry products.