Thermoform Packaging Market Outlook- 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 the thermoforming process, which involves molding of plastic into desired shape by heating and application of pressure. It is relatively simple and cheaper than other plastic molding and forming methods. In this process, a thermoplastic sheet is heated until it is pliable, and then placed on a mold until the sheet cools to form the finished part. Thermoforming packaging exhibits various properties such as lightweight, protective attribute, cost-effectiveness, and reusability, which increase its applicability in various industries such as food & beverage, electronics, personal care, pharmaceuticals, and automotive sector.
The global thermoform packaging market size is expected to witness substantial growth during the forecast period, owing to increase indemand in the food & beverage and pharmaceuticals industries.Furthermore, advantages of thermoform packaging such as convenient and easy-to-use packaging, maintainfreshness of food and enhance its shelf life, reduce packaging cost of food products, eliminate material wastage, and facilitate customization of packages further boost the global thermoform packaging market growth.Thermoforming technology has developed to allow customized packaging solutions that attracts consumers and increases the chances of purchase at the point-of-sale. New packaging products can be prototyped within a short period of time. In addition, high demand for lightweight packaging products significantly fuelsthe growth of the global thermoform packaging market. Several manufacturers have started using lightweight packaging products to address cost-related concerns across the value chain. Moreover, manufacturers are inclined toward biodegradable, bio-derived, and recyclable polymers as alternatives to traditional petroleum-based polymers. Therefore, rise inconcerns regardingdisposal of plastic packaging products and stringent government regulations regarding plastic packaging products are expected to restrainthe global market growth. Though polyethylene terephthalate (PET) is recyclable, the use of strong adhesives stickers on the surface of PET packs renders it non-recyclable. The cost of recycling thermoform packaging is further added by the use of multiple resins while producing plastics. However, advancements in the thermoforming technology and innovations in the designs of packaging solutions are anticipated tooffer lucrative opportunities for the growth of the global thermoform packaging market.
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. Region wise, the market is analyzedacross North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to witness the fastest growth rate during the forecast period.
The global thermoform packaging market is fragmented in nature with players such as 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. These companies have expanded their production capabilities by acquiring other thermoform businesses and also developing new and improved thermoform packaging products through active R&D.
Global Thermoform Packaging Market, By Region
North America accounted for the highest market share in 2019 due to a strong consumer base in the U.S. and Canada.Further, Asia-Pacific is the fastest growing region during the forecast period, owing to growth of the food & beverages and pharmaceuticals sectors.
By Region
Asia-Pacific would exhibit an CAGR of 4.90% during 2019-2027.
Global Thermoform Packaging Market, By Material
The plastics segment accounted for the highest market share in 2019 due to increasing in use of thermoformed plastic food packs and blister packs.
By Material
Plastics is projected as the most lucrative segment.
Global Thermoform Packaging Market, By Type
The blister packaging segmentac counted for the highest contribution in the global thermoform packaging market share in 2019, owing to use of medical grade blister packs in the pharmaceutical industry. The blister packaging and skin packaging are expected to be the fastest growing segments of thermoform packaging during the forecast periods.
By Type
Blister Packaging is projected as the most lucrative segment.
Global Thermoform Packaging Market, By Heat Seal Coating
The solvent-based thermoform packaging segment accounted for the highest market share of $24.68 billion in 2019,owing to its increasing use in the consumer products packaging.
By Heat Seal Coating
Hot Melt-based Thermoform Packaging is projected as the most lucrative segment.
Global Thermoform Packaging Market, By End-Use Industry
The food & beverage industry accounted for the highest market share in 2019 due to increase in consumers of packed food around the world as well as expansion of the food retailing sector.
By End-use Industry
Pharmaceuticals is projected as the most lucrative segment.
Key Benefits For Stakeholders
The global thermoform packaging market growth covers in-depth information of the major industry participants.
Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
Majorcountries have been mapped according to their individual revenue contribution to the regional market.
The report provides an in-depth analysis of the global thermoform packaging marketforecast for the period 2019–2027.
The report outlines the current global thermoform packaging market trends and future estimations from 2019 to 2027 to understand the prevailing opportunities and potential investment pockets.
The key drivers, restraints, and global market opportunity and their detailed impact analysis is elucidated in the study.
Thermoform Packaging Market Report Highlights
| Aspects | Details |
 By Material |
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 By Type |
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 By Heat Sealing Coating |
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 By End Use Industry |
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 By Region |
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 Key Market Players | D&W Fine Pack LLC, Reynolds Group Holdings Ltd., Anchor Packaging Inc., Sinclair & Rush Inc., Tamarack Products Ltd., WestRock Company, Amcor Ltd., Display Pack Inc., Sonoco Products Company, Placon Corporation |
Analyst Review
Packaging plays a crucial role in increasing brand awareness and sales of products. Retailers and wholesalers focusing towardbringing variations in packaging size and functionality to cater to different segments and customer needs. Furthermore, adoption of ecofriendlydesigns and other advanced strategies for paper-based packaging areexpected to increase in the near future. The light weight property and cost-effectiveness of thermoform packaging are some of the key factors that drive the growththe market. Moreover, branding & design flexibility, tamper resistance, and product protection are some of the other factors supplementing the growth of the thermoform packaging market. However, government regulations pertaining to the use of plastic and its disposal are expected to hamper the global market growth.
The Asia-Pacific thermoform packaging market presents promising opportunities for packaging manufacturers, owing to the high consumption rate of packaged foods and surge in commodity demand due to rise in disposable income. In addition, growth in the retail industry across the globe is anticipated to augment the demand for thermoform packaging in the near future.
The global thermoform packaging market is worth $42.6 Billion
The Thermoform Packaging Market is projected to grow at a CAGR of 4.3% during the forecast period
Extensive applications of thermoform packaging, high demand for food packaging, and increase in demand for light-weight eco-friendly packaging are the drivers of the global thermoform packaging market
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 are some of the leading players in the global thermoform packaging market
Attractive designs of the thermoform packaging, technological updates in the thermoforming processes, and replacement of tablet tubes with blister packs are some of the trends prevalent in the global thermoform packaging market
North America is expected to hold the highest share in the Thermoform Packaging Market
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