Wilmington, Delaware, United States, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. The global thermoforming packaging market stood at US$ 56.9 billion in 2021 and is projected to reach US$ 82 billion in 2027. The global thermoforming packaging market is anticipated to expand at a CAGR of 6.3% between 2022 and 2027.
The rising consumer awareness regarding environmental conservation and consumer shift toward sustainable products drives the global thermoforming packaging market. Furthermore, factors such as the single-use ban on plastics and the regulatory framework imposed by government authorities to curb plastic pollution are expected to drive the thermoforming packaging market during the forecast period. Thermoforming packaging has a significant contribution in avoiding plastic pollution; this is likely to increase the sales of thermoforming packaging in the near future.
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The benefits of thermoforming packaging such as reduced carbon footprint and easy composting are expected to propel the market growth in the upcoming years. The leading players in the biodegradable water bottle market should focus on product innovations and expand their offerings to gain a competitive edge in the current market landscape. Moreover, they should also increase their R&D activities by focusing on innovative and cost-effective products.
The rising consumer awareness regarding environmental conservation and consumer shift toward sustainable products drives the global thermoforming packaging market. Furthermore, factors such as the single-use ban on plastics and the regulatory framework imposed by government authorities to curb plastic pollution are expected to drive the thermoforming packaging market during the forecast period. Thermoforming packaging has a significant contribution in avoiding plastic pollution; this is likely to increase the sales of thermoforming packaging in the near future.
Thermoforming Packaging Market: Key Players
- Sealed Air Corporation made public that it has developed a thermoforming film which defies traditionally used thermoforming films, as it can reduce packaging weight by 50% and has high abrasion resistance, anti-fog lids which improve sustainability and efficiency.
- Sonoco Product Company has announced that it has made an agreement to purchase TEQ Thermoform Engineered Quality, a global manufacturer of thermoformed packaging, medical devices, serving healthcare, and consumer markets. TEQ Thermoform Engineered Quality which is specialized in molded-pulp-fiber packaging, recyclable, and thermoformed plastic packaging for several consumer products.
Competitive Landscape
- Agoform GmbH
- Amcor Plc
- Anchor Packaging Inc.
- Berry Global Inc.
- Blisterpak, Inc.
- Brentwood Industries Inc
- CJK Thermoforming Solutions, LLC
- Constantia Flexibles Group GmbH
- D&W Fine Pack LLC
- Dart Container Corp.
- Display Pack Inc.
- Dordan Manufacturing Company, Inc.
- DS Smith Plc
- Dupont Teijin Films U.S. Limited Partnership
- Fabri-Kal Corp.
- Genpak LLC
- HUHTAMAKI GROUP
Key Takeaways of Market Report
- Global thermoforming packaging market to generate absolute dollar opportunity worth US$ 82 billion until 2027.
- Global thermoforming packaging market from 2023 to 2031 is 6.3%
- The global thermoforming packaging market is valued at US$ 58 billion in 2022.
- The global thermoforming packaging market stood at US$ 56.9 billion in 2021.
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Thermoforming Packaging Market: Growth Drivers
- The growth of the food industry drives the global thermoformed packaging market. The rise in the demand for meat & poultry and seafood is expected to stimulate the growth of the thermoformed packaging market during the forecast period. Consumers are more inclined toward the brand they are more likely to associate with. Thus, the growth in demand for food and beverages will contribute to the thermoforming packaging market growth.
- Thermoformed products made from polypropylene are more resistant to heat, ultimately increasing the product's life. Consumers are more inclined toward custom thermoformed packaging products that are sustainable and have less impact on nature. Thus, reusability and sustainability provided by thermoformed products are likely to create growth opportunities during the forecast period.
Thermoforming Packaging Market: Regional Landscape
- The Asia Pacific is expected to remain the dominant region, and is estimated to expand 1.5x its current market value of the thermoforming packaging by the end of the forecast period. This region is anticipated to represent an incremental opportunity of US$ 11.9 billion by 2027.
- The Asia Pacific dominated the global thermoforming packaging market in 2021. The growth of the market in Asia Pacific can be attributed to rising consumer preference for sustainable products and increasing consumer awareness regarding the benefits of thermoforming packaging.
- Europe as a matured market is expected to witness moderate growth due to the regulatory framework imposed by government authorities, such as a ban on single-use plastics to curb plastic waste.
- Asia Pacific is one of the fastest growing markets for thermoforming packaging, and is estimated to register the highest CAGR of 7.4% over the forecast period, owing to the rise in domestic demand and increased environmental protection awareness among the consumers.
Thermoforming Packaging Market: Segmentation
- Material Type
- Plastic
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Polyethylene (PE)
- Polystyrene (PS)
- Polylactic Acid (PLA)
- Others
- Paper
- Aluminum
- Plastic
- Product Type
- Blister Packs
- Clamshells
- Vacuum & Skin Packs
- Containers
- Trays & Lids
- Cups & Bottles
- Process Type
- Vacuum
- Pressure
- Mechanical
- Application
- Food
- Dairy
- Bakery & Confectionery
- Meat, Poultry & Seafood
- Snacks & Savory Items
- Ready-to-eat Meals
- Fresh Produce
- Frozen Foods
- Others
- Beverage
- Pharmaceutical
- Cosmetics & Personal Care
- Homecare & Toiletries
- Industrial Goods
- Electrical & Electronics
- Food
- Region
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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