Chicago, May 22, 2024 (GLOBE NEWSWIRE) -- The Global Thermoform Packaging Market size is projected to grow from USD 52.2 billion in 2023 to USD 65.6 billion by 2028, at a CAGR of 4.7% from 2023 to 2028, as per the recent study by MarketsandMarkets™. The thermoforming market encompasses a wide range of industries and applications, serving as a vital segment of the packaging and manufacturing sectors. Thermoforming involves heating a plastic sheet to a pliable forming temperature, shaping it using a mold, and then cooling it to create a final product. This versatile process is utilized in various industries, including food packaging, automotive parts packaging, healthcare, electronics, and consumer goods. Thermoformed products range from simple disposable containers and trays to complex automotive interior components and medical devices. With its ability to produce lightweight, cost-effective, and customized solutions, thermoforming continues to play a significant role in meeting the diverse needs of modern industries.
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Browse in-depth TOC on "Thermoform Packaging Market”.
370- Market Data Tables
55- Figures
298- Pages
List of Key Players in Market:
- Amcor Limited (Australia)
- Sonoco Products Company (US)
- DS Smith (UK)
- Huhtamaki OYJ (Finland)
- WestRock Company (US)
- Others
Drivers, Restraints, Opportunities and Challenges in Market:
- Drivers: Increasing demand for thermoformed packaging solutions for food industry
- Restraints: Lack of proper recycling infrastructure
- Opportunity: Sustainable packaging solutions
- Challenge: Competitive market
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Key Findings of the Study:
- The blister packaging segment dominated the thermoform packaging market in 2022.
- The plastic segment dominated the thermoform packaging market in 2022.
- The heat seal coating segment is estimated to be the largest heat seal coating segment in the thermoform packaging market in the forecast period.
- The Food & Beverages segment is estimated to be the largest end-use industry segment in the thermoform packaging market in the forecast period.
- Asia Pacific is estimated to be the largest region in the thermoform packaging market.
The Thermoform packaging market is categorized based on types, including blister packaging, clamshell packaging, skin packaging, and others. Blister packaging demonstrates the highest growth rate in the thermoform packaging market, primarily driven by its extensive use in pharmaceutical drug packaging. Blister packaging offers several advantages, including superior product protection, tamper resistance, and ease of handling, making it the preferred choice for pharmaceutical companies. Its transparent design allows for easy inspection of the contents, ensuring product integrity and safety. Moreover, blister packaging is highly customizable, allowing for individual dosing and branding opportunities. As the pharmaceutical industry continues to expand globally, the demand for blister packaging is expected to surge, further propelling its growth in the thermoform packaging market.
The Thermoform packaging market is categorized based on material as plastic, aluminum, and paper & paperboard. Plastic dominates the thermoform packaging market due to its versatility, offering tailored solutions for diverse needs. Its flexibility allows intricate designs, enhancing visibility and appeal. Overall, plastic remains the preferred choice, meeting industry demands and providing efficient and sustainable packaging solutions.
The Thermoform packaging market is segmented based on heat-seal coating as solvent-based heat seal coating, water-based heat seal coating, and hot-melt-based heat seal coating. Solvent-based heat seal coating dominates the market due to its exceptional characteristics, including water and grease resistance. It also has robust bonding properties, and versatility in processing at various temperatures.
The Thermoform packaging market is categorized based on end use industry into Food & Beverages, Electronics, Home & Personal care goods, Pharmaceuticals, and Others. The food and beverage industry holds the leading position due to its fundamental role in meeting essential consumer needs. With diverse product offerings and evolving consumer preferences, including convenience and health-conscious options, the sector maintains consistent demand. Factors such as population growth, urbanization, and rising disposable incomes further drive market expansion. The industry's dynamic nature, marked by continuous innovation and product diversification, solidifies its status as the largest end-use sector in the market landscape.
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The Thermoform packaging market is regionally segmented into Asia Pacific (APAC), Europe, North America, the Middle East & Africa, and South America. In 2022, Asia Pacific held the largest market share in terms of value. Nevertheless, the APAC region is expected to register the highest Compound Annual Growth Rate (CAGR) from 2023 to 2028, in terms of value, indicating significant growth prospects for the Thermoform packaging market in the Asia-Pacific region.
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