Pune, March 07, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Thermoform Packaging Market Size, Share & Trends Analysis Report by Material (PET, PVC, PS, PP, PE), Product (Blister, Clamshell, Skin Packaging, Trays & Lids, And Containers), Heat Seal Coating (Solvent-Based, Hot Melt-Based, And Water-Based) And End Users (Food & Beverage, Pharmaceuticals, Electronics, Personal Care & Cosmetics, Homecare)- Market Outlook And Industry Analysis 2031"
The global thermoform packaging market is estimated to reach over USD 83.25 billion by 2031, exhibiting a CAGR of 6.08% during the forecast period.
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The market growth is projected to be driven by increased demand for packaged food, including prepared meals and packaged meat and seafood items, as well as the market driven by the increasing of organized and e-retail networks globally. The thermoplastic sheet is heated to its breaking temperature during the thermoforming process, and then, with the aid of molds, it is formed into the required shape. Heat, compression, and pressure are the most often used methods for producing the finished goods on these sheets.
The food service business extensively uses thermoformed goods, such as trays, containers, cups, plates, and others, for table service and package packaging. The restaurant business has been growing rapidly, which is expected to increase product demand. This growth has been mostly attributed to changing lifestyles worldwide and the increasing penetration of e-food distribution channels. Growing consumer demand for food on the go is projected to significantly impact the separate packaging market. However, the popularity of sustainable packaging is encouraging end-use manufacturers to choose flexible packaging, which uses fewer resources and is easier to ship and handle. Over the projected timeframe, this factor is anticipated to limit market expansion.
Recent Developments:
- In February 2020-Sonoco Product Company, a manufacturer of thermoformed packaging and medical devices for the consumer and healthcare markets, said it had reached an agreement to acquire TEQ Thermoform Engineered Quality. TEQ Thermoform Engineered Quality specializes in thermoformed, recyclable, and molded-pulp-fiber packaging for various consumer goods.
List of Prominent Players in the Thermoform Packaging Market:
- Amcor
- Constantia
- D&W Fine Pack
- Dart Container Corp.
- Display Pack, Inc.
- Lacerta Group, Inc.
- Mondi Group
- Pactiv LLC
- Placon Corp.
- Rompa Group
- Sinclair & Rush, Inc.
- Sonoco Products Company
- Tray-Pak Corp..
Thermoform Packaging Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 49.64 Bn |
| Revenue forecast in 2031 | USD 83.25 Bn |
| Growth rate CAGR | CAGR of 6.08% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Material, Product And Heat Seal Coating And End Users |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
Increased environmental concerns, customer demand for sustainability, a strict regulatory environment, and favorable government policies drive the thermoforming packaging market. Thermoforming packaging has been introduced to reduce the use of plastics because of environmental concerns. The advantages of injection molding packaging, such as its small carbon impact and simplicity in composting, are anticipated to drive market expansion in the future. To acquire a competitive edge in the current market environment, the top companies in the biodegradable water bottle market should concentrate on product developments and increase their product offerings. Additionally, they should intensify their R&D efforts by concentrating on cutting-edge and affordable items.
Challenges:
Manufacturers use biodegradable, bio-derived, and recyclable polymers as an alternative to conventional petroleum-based polymers is rising. As a result, growing government regulations on the disposal of plastic products and concerns over the disposal of plastic packaging products are projected to negatively impact the revenue growth of the thermoform packaging market during the forecast year. Although Polyethylene Terephthalate (PET) is a recyclable material, using a strong adhesive on its surface renders PET packaging non-recyclable. Additionally, the rising cost of recycling thermoformed packaging due to the use of more and more resins in the production of plastics is anticipated to slow market growth.
Regional Trends:
The North American thermoform packaging market is expected to register a major market share. The significant proportion of the regional market in 2020 was largely due to the existence of big, packaged food firms and the substantial penetration of organized retail. The region's expansion was also aided by sizable thermoform packaging producers competing for a larger market share by launching cutting-edge goods. Additionally, the significant use of frozen meat and packaged baked goods influenced the regional economy. Besides, Europe had a substantial share of the market. The main drivers of the regional market include the rise in nuclear households, which boosts demand for separate packaging, the aging population, and the expansion of retail stores in nations like China and India.
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Segmentation of Thermoform Packaging Market-
By Material:
- PET
- PVC
- PS
- PP
- PE
- Others
By Product:
- Blister
- Clamshell
- Skin Packaging
- Trays & Lids
- Containers
- Others
By Heat Seal Coating:
- Hot Melt-Based
- Solvent-Based
- Water-Based
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By End User:
- Food & Beverage
- Personal Care & Cosmetics
- Pharmaceuticals
- Electronics
- Homecare
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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