Luton, Bedfordshire, United Kingdom, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Thermoform Packaging Market.
The global thermoform packaging market is expected to grow at 3.18% CAGR from 2023 to 2029. It is expected to reach above USD 48.98 billion by 2029 from USD 36.58 billion in 2022. The thermoplastic composites market is a rapidly growing industry that involves the use of polymer matrix materials combined with fibers, such as glass or carbon, to create strong, lightweight and durable products. These composites are used in a wide range of applications, including automotive and aerospace parts, consumer goods, and sporting equipment.
One of the major advantages of thermoplastic composites is their ability to be molded into a wide variety of shapes and sizes, which makes them highly versatile and adaptable to many different manufacturing processes. They are also highly durable and resistant to damage, which makes them ideal for use in high-stress environments.
Industry Developments
- In May 2021, Sealed Air Corporation announced that it has created a thermoforming film that outperforms standard thermoforming films in terms of packing weight reduction, abrasion resistance, and anti-fog lids, all of which increase sustainability and efficiency.
- in February 2020, Sonoco Product Company said, that it has reached an agreement to acquire TEQ Thermoform Engineered Quality, a global maker of thermoformed packaging and medical equipment servicing the healthcare and consumer industries.
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The market for thermoplastic composites is expected to grow significantly over the coming years, driven by increasing demand for lightweight and high-strength materials in a variety of industries. The automotive industry, in particular, is expected to be a major driver of growth, as car makers seek to reduce weight and improve fuel efficiency in their vehicles. Additionally, the aerospace industry is another major market for thermoplastic composites, as they are increasingly used in the manufacture of aircraft parts and components.
In terms of regional markets, Asia-Pacific is expected to see the most rapid growth in the coming years, driven by the expansion of the automotive and aerospace industries in countries such as China and India. North America and Europe are also significant markets for thermoplastic composites, with a growing emphasis on sustainability and eco-friendliness driving demand for lightweight and recyclable materials.
| Report Attribute | Details |
| Market size value in 2022 | USD 48.98 billion |
| Revenue forecast in 2029 | USD 36.58 billion |
| Thermoform Packaging Market Growth rate | CAGR of 3.18 % from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2020 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Revenue in USD Million, volume in units, CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, trends |
| Segments covered | By Type; Seal Coating; End-Use & By Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; France; Italy; U.K.; China; India; Japan; Brazil; Saudi Arabia |
| Key companies profiled | Amcor Limited, Bemis Company, Inc., WestRock Company, E.I. du Pont de Nemours and Company, DS Smith Plc, Constantia Flexibles GmbH, Sonoco Products Company, Anchor Packaging, Tekni-plex Inc., G. Mondini S.p.A, and Display Pack Inc and others. |
| Customization scope | Free report customization with purchase. Addition or alteration to country, regional & segment scope. |
Companies Covered in Thermoform Packaging Market Report:
- Amcor Limited
- Bemis Company, Inc.
- WestRock Company
- E.I. du Pont de Nemours and Company
- DS Smith Plc
- Constantia Flexibles GmbH
- Sonoco Products Company
- Anchor Packaging
- Tekni-plex Inc.
- Mondini S.p.A
- Display Pack Inc and others.
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Regional Insights
In 2020, North America had the highest revenue Thermoform Packaging Market share, accounting for 27.7% of the market. This can be attributed to the widespread presence of large-sized packaged food companies and the strong penetration of organized retail. In addition, the presence of large thermoform packaging manufacturers introducing innovative products also supported the growth of the regional market. The consumption of frozen meat and packaged bakery products also contributed to the high share of the North American market in 2020.
Asia Pacific is expected to be the largest and fastest-growing regional market from 2021 to 2028. This can be attributed to the rising number of nuclear families, which increases the demand for single-serve packaging, as well as the increasing geriatric population and growing penetration of organized retail in countries such as China and India. Europe, on the other hand, is expected to witness sluggish growth due to stringent regulations on the use of plastic products and rising awareness about sustainability. This has led to a shift towards paper- and pulp-based packaging, which hinders market growth.
Key Market Segments: Thermoform Packaging Market
By Type
- Blister Packaging
- Clamshell Packaging
- Skin Packaging
By Seal Coating
- Water-Based Heat Seal Coating
- Solvent-Based Heat Seal Coating
- Hot-Melt-Based Heat Seal Coating
By End-Use
- Food & Beverage
- Pharmaceuticals
- Electronics
- Home & Personal Care
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Growth Factor:
Thermoform packaging is a moulded product generated using the thermoforming process, which includes heating and applying pressure to mould plastic into the required shape. It is very less complicated and also less expensive relatively with other plastic moulding and forming procedure. Thermoplastic sheets are heated up to malleable point, and then moulded until cools to manufacture final product. Thermoforming packaging is protection, lightweight, reusability, and cost-effectiveness. It is widely used in variety of the industries including electronics, food and beverage, pharmaceuticals, personal care, and the automotive industry. Rising demand for the thermoform packaging in food and beverage, pharmaceutical industries for packaging of the products drives the market growth the forecast period.
Thermoforming technology has advanced to enable customized packaging alternatives that attract customers and increase the possibility of acquisition at the point of sale. Prototyped of new packaging items in a short period of time. Furthermore, rising need for lightweight packaging drives the growth of thermoform packaging market in the forecast period. To tackle cost challenges all through the value chain, some manufacturers have started to adopt lightweight packing goods. Furthermore, sustainable, bio-derived, and reusable polymers are preferred over traditional petroleum-based polymers. As a result, widespread concern about the discharge of plastic products and packaging, as well as stringent government regulations on plastic products and packaging, are projected to impede global market growth. Despite the fact that polyethylene terephthalate (PET) is recyclable, the application of strong adhesive stickers on the surface of PET packaging renders its non-recyclable.
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 analyse the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries 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 market forecast for the period 2023–2029.
- The report outlines the current global thermoform packaging market trends and future estimations from 2023 to 2029 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.
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