According to a new report published by Allied Market Research, titled, “Thermoform Packaging Market By Material, Type, Heat Seal Coating, and End-User Industry: Opportunity Analysis and Industry Forecast, 2019–2027,”The global thermoform packaging market was valued at $42.6 billion in 2019, and is projected to reach $60.5 billion by 2027, registering a CAGR of 4.30% from 2020 to 2027.
Thermoform packaging are molded products obtained by thermoforming. In a general thermoforming process, thermoplastics are molded into desirable shapes by heating the plastic sheet to its forming temperature and pressurizing it on the mold. Thermoform packaging such as blister, clamshell, skin, and trays & lids are used in the packaging industry due to the flexibility in design as well as low production cost as compared to injection and rotational molding.
The global thermoform packaging market is driven by increase inapplications of thermoform packaging in the food & beverage packaging industry. Thermoform packages are lightweight and can be easily customized as per consumers’ needs, which further boost the market growth. The demand for thermoform packaging is expected to grow in the near future, owing to its superior characteristics such as durability, cost-effectiveness, and tamper resistance. Moreover, increase in consumer preference towardpackaged and fresh food is expected to augment the market growth. Moreover, macro-economic factors, such as changes in lifestyle and improvement in standards of living are expected to boost the demand for thermoform packaging during the forecast period.
The global thermoform packaging market is segmented on the basis of material, type, heat seal coating, end-user industry, and region. Based on material, the market is divided into plastics, aluminum, and paper & paperboard. The plastics segment is sub-segmented into polyvinyl chloride (PVC), polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polystyrene (PS), acrylonitrile butadiene styrene (ABS), and others. Based on type, it is classified into clamshell packaging, blister packaging, skin packaging, and others. Based on heat seal coating, it is segmented into water-based, solvent-based, and hot melt-based heat seal coatings. According to end-user industry, the market is segregated into food & beverage, electronics, personal care & cosmetics, pharmaceuticals, and others. The pharmaceuticals industry is expected to be the fastest growing sector during the forecast, growing at a CAGR of 4.90%.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to garner the highest thermoform packaging market share during the forecast period, mainly due to the growing population and economic developments in this region.
Key Findings Of The Study
The Asia-Pacific thermoform packaging market size is projected to grow at a highest CAGR of nearly 4.9%, in terms of revenue, during the forecast period.
By material, the plastics segment is anticipated to witness the moderate growth rate of 4.5%, in terms of revenue, during the forecast period.
By type, the blister packaging segment is anticipated to witness the moderate growth rate of 4.7%, in terms of revenue, during the forecast period.
By heat seal coating, hot-melt-based thermoform packaging segment is anticipated to witness the moderate growth rate of 4.8%, in terms of revenue, during the forecast period.
By the end-use industry, the pharmaceuticals industry is anticipated to witness the moderate growth rate of 4.9%, in terms of revenue, during the forecast period.
The key players operating in the global thermoform packaging industry include Anchor Packaging Inc., Amcor Ltd., Display Pack Inc., D&W Fine Pack LLC, Placon Corporation, Reynolds Group Holdings Ltd., Sinclair & Rush Inc., Sonoco Products Company, Tamarack Products Ltd., and WestRock Company.