Thermoform Packaging Market Report, published by Allied Market Research, forecasts that the global market was valued at $34,044 million in 2015, and is expected to reach $49,804 million by 2022, supported by a CAGR of 5.5% during the forecast period 2016 - 2022. Based on end-user industry, food & beverage segment occupied major share of the total market in 2015.
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Rise in application in food & beverage packaging industry drive the growth of the global thermoform packaging market. Thermoform packages are light, odor-free, flexible, and moisture-free, and are thus preferred over wood and glass. Owing to these superior properties, the demand for thermoform packaging is expected to grow in the near future. Growth in consumer preference towards packaged and fresh food is also expected to augment growth of the global thermoform packaging market. Besides, macro-economic factors such as changes in lifestyle and improvement in standard of living are also expected to boost demand for thermoform packaging during the forecast period. Furthermore, emerging trends such as advancements in thermoform manufacturing technology, shift toward lightweight packaging, and rise in use of polylactic acid (PLA) films in thermoforming are expected to offer lucrative opportunities for the global thermoform packaging market during the forecast period.
The plastics segment accounted for the highest share, both in terms of value and volume, owing to the increase in usage in food & beverage, personal care & cosmetics, and pharmaceuticals industry. Among plastics, polyethylene terephthalate (PET) dominated the global thermoform packaging market throughout the forecast period.
Key findings of the Thermoform Packaging Market
- North America dominated the global thermoform packaging market in 2015, accounting for over one-third of the share, in terms of revenue.
- In 2015, thermoform packaging used in food & beverage industry accounted for two-fifths share of the global market.
- On the basis of material type, the plastics segment accounted for more than 80% share in 2015, and is anticipated to maintain its lead during the forecast period.
- Blister packaging accounted for majority of the share in 2015 and is anticipated to showcase fastest growth during the forecast period.
- Germany generated more than one-fifth of the total revenue in the Europe thermoform packaging market in 2015, and is expected to show highest growth rate.
- Asia-Pacific thermoform packaging market is expected to grow at the fastest rate throughout the forecast period.
- Based on heat seal coating, solvent-based coating is the leading segment, accounting for more than half of the share of global thermoform packaging market in 2015.
In 2015, North America dominated the global thermoform packaging market with maximum share, in terms of both revenue and volume. This was attributed to the high percentage of manufacturers as well as consumers of thermoformed packages. Apart from that, Asia-Pacific is expected to grow with the fastest rate, registering value CAGR of 6.1% throughout the forecast period, owing to extensive demand in food & beverage and pharmaceuticals industries in the developing countries such as India and China.
The key players of thermoform packaging market profiled in this report are Anchor Packaging, Bemis Company, Inc., Sonoco Products Company, Amcor Limited, Placon Corporation, Display Pack Inc., Pactiv LLC, E.I. Du Pont Nemours and Company, Westrock Company, and DS Smith PLC.