Selbyville, Delaware , June 11, 2024 (GLOBE NEWSWIRE) -- Thermoform Packaging Market value could reach USD 82.9 billion by 2032, as per a recent study by Global Market Insights Inc.
The demand for thermoform packaging industry is growing exponentially due to established industry players and increasing innovation. As the need for sustainable packaging solutions increases, notable players in the industry are collaborating to develop innovative and environmentally friendly thermoform packaging solutions for customer needs.
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These collaborations often lead to the development of advanced packaging products, designs, and technologies that result in improved functionality, sustainability, and environmental impact. For instance, in December 2023, in a breakthrough for the packaging sector, ExxonMobil, in collaboration with industry partners, achieved a milestone by developing fully recyclable thermoform packaging with an impressive 95% PE. Furthermore, increased awareness of environmental issues and stricter regulations on plastic waste are driving demand for sustainable packaging solutions such as thermoform packaging.
Polyvinyl chloride packaging to gain traction
The thermoform packaging market size from the polyvinyl chloride segment could exhibit a decent growth rate over 2024-2032, claims the report. PVC thermoform packaging provides excellent clarity, impact resistance, and barrier properties, making it suitable for food packaging, pharmaceutical blister packaging, consumer goods packaging, and other applications. Moreover, PVC thermoform packaging is lightweight, durable, and easy to modify, thus meeting the needs of manufacturers and consumers with environmental concerns. Its affordability and functional characteristics continue to expand its demand in the market.
Clamshell packaging to witness increased sales
The clamshell packaging segment will register a noteworthy CAGR from 2024 to 2032, as per the report. Clamshell packaging provides safe and easy storage, display, and transport of a variety of products, from electronics to food products. Its clear and transparent design allows customers to easily identify the product while offering protection against damage and tampering. In addition, the clamshell packaging is customizable, allowing for clear branding and marketing messages. Consumer demand for convenience, portability and retailer demand for premium packaging solutions are driving the demand for the clamshell packaging segment in the thermoform packaging market.
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Europe to capture a decent market share
Europe thermoform packaging market will register a robust CAGR from 2024 to 2032. Strict regulations promoting sustainable packaging solutions are pushing manufacturers to adopt thermoform packaging for its recyclability and environmental benefits. Additionally, convenience and contemporary European appeal create a demand for thermoform packaging, which offers easy-to-open and portable solutions. The expansion of trade and e-commerce is driving the need for protective and aesthetically pleasing packaging, which, in turn, will drive the market for thermoformed packaging in the region.
Thermoform Packaging Market Players
Dart Container Corp., Sonoco Products Company, Pactiv LLC, Display Pack Inc., Amcor Plc, Lacerta Group Inc, WestRock Company, RPC Group Plc, Placon Corp, Anchor Packaging, Inc., Constantia, DS Smith Plc, D&W Fine Pack.
Thermoform packaging industry demand is driven by efforts from leading companies aimed at this market. Manufacturers are investing in research and development to develop innovative packaging solutions that meet customer needs for mobility, safety, and product protection. In addition, companies are focusing on customization to meet the needs of industries such as food, pharmaceuticals, and electronics. This effort to provide efficient and cost-effective packaging is driving the thermoform packaging market forward, meeting the growing industry and consumer demand.
In November 2023, Coveris planned to replace non-recyclable materials in food heaters with Monoflex Thermoform. The company’s one-stop solution aims to address this recyclability issue and reduce carbon emissions.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
