The Global Thermoform Packaging Market Size is valued at 51.93 billion in 2023 and is predicted to reach 83.25 billion by the year 2031 at an 6.25% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The shift towards more environmentally conscious lifestyle choices was accompanied by packaging materials that were more eco-friendly and recyclable, leading to market growth.
- The rise in global demand for thermoform packaging because it is easy to use, lasts a long time, and keeps the product clean is driving the expansion of this market.
- North America dominated the market and accounted for a global revenue share in 2023.
- One of the significant concerns restrains the high initial investment needed for technology and stringent rules governing the materials used for packaging.
Thermoform packaging is biodegradable, largely constructed from different plastic packaging materials with synthetic bases. This packaging is well renowned for its simple shape, size, and design modification options, which have several shipping applications across sectors. Increasing environmental conservation awareness and the consumer trend toward sustainable products drive the worldwide thermoforming packaging market.
Furthermore, the thermoforming packaging market is anticipated to be driven by elements like the prohibition of single-use plastics and state officials' regulatory framework to stop plastic pollution. The sales of thermoforming packaging are projected to expand soon due to their important contribution to reducing plastic waste. Although flexible packaging uses fewer resources and is simpler to carry and handle, its popularity among end-use companies encourages them to do so. This aspect is expected to restrict market growth over the foreseeable timeframe.
Escalating ecological consequences, customer needs for sustainability, a strict regulatory environment, and advantageous governmental policies are driving the global different heat treatment packaging market. Due to environmental concerns, implementing thermoforming packaging is a crucial first step in reducing plastic usage. The market is projected to grow in the next years due to the benefits of different heat treatment packaging, such as its decreased carbon impact and simplicity in recycling.
The top competitors in the biodegradable water bottle market should concentrate on new developments and broaden their product offerings to gain a competitive advantage in the current market environment. They could also increase their R&D by concentrating on innovative and affordable products. Consumer awareness of environmental protection and custom packaging trends drive the global thermoforming market.
Recent Developments:
- In Jan 2024, Amcor has declared an increase in the manufacturing capacity of thermoforming in order to accommodate the development of healthcare customers in North America. The increased capacity will offer a streamlined choice for companies seeking to collaborate with Amcor in order to facilitate their expansion goals.
- In February 2020, Sonoco Product Company, a manufacturer of thermoformed packaging and medical devices for the consumer and healthcare markets, said it had reached an agreement to acquire TEQ Thermoform Engineered Quality. TEQ Thermoform Engineered Quality specializes in thermoformed, recyclable, and molded-pulp-fiber packaging for various consumer goods.
Competitive Landscape:
Some of the major Thermoform Packaging Market players are:
- Amcor
- Constantia
- D&W Fine Pack
- Dart Container Corp.
- Display Pack, Inc.
- Lacerta Group, Inc.
- Mondi Group
- Pactiv LLC
- Placon Corp.
- Rompa Group
- Sinclair & Rush, Inc.
- Sonoco Products Company
- Tray-Pak Corp.
Market Segmentation:
The thermoform packaging market is bifurcated based on material, product and heat seal coating and end users. Based on material, the market is segmented as PET, PVC, PS, PP, PE and others. Based on product, the market is segmented as blister, clamshell, skin packaging, trays & lids, and containers. Based on heat seal coating, the market is segmented as solvent-based, hot melt-based, and water-based. By End-user, the market is divided into food & beverage, pharmaceuticals, electronics, personal care & cosmetics, homecare, and others.
Based On Product, The Blister Segment Is A Major Contributor To The Thermoform Packaging Market
The blister category is expected to hold a major share of the global thermoform packaging market in 202 due to its extensive use in aesthetic and personal care, electronics, and industrial applications. Because blister thermoformed packaging is typically transparent and simple to print, customers can view the products inside and learn more about them. It is a practical packaging technique for showcasing goods, having several uses in technology and pharmaceutical products. Because blister packaging is lightweight and has great moisture and water resistance, it is ideal for various packing applications for food and beverage products. Blister packaging is frequently used in electronics to packaging products, including chargers, headsets, and accessories.
The Food & Beverages Segment Has Witnessed Growth At A Rapid Rate
The food and beverages segment are projected to grow rapidly in the global thermoform packaging market. The importance of packaging to the food and beverage industry is enormous. The fundamental benefit of thermoform packaging is the ability to draw thin sheets in the precise size and shape needed to get the desired outcomes. Due to their flexibility, manufacturers of food and beverage products are becoming increasingly interested in thermoformed products. Blister packaging, canisters, trays, and bottles are examples of thermoformed packaging that have been utilized to adapt to shifting consumer tastes and eating patterns. The requirement for thermoplastic trays for food packaging is rising globally.
The North America Thermoform Packaging Market Holds A Significant Regional Revenue Share
The North America thermoform packaging market is projected to register the highest market share. Due to the region's significant organized retail sector penetration and extensive presence of large-scale packaged food corporations. A further factor supporting the market expansion in the area is the presence of sizable thermoform packaging manufacturers committed to providing consumers with cutting-edge goods. The rising demand for products like packaged pastries and frozen meat, among other things, also aids the market expansion in North America. In addition, the Asia Pacific region is anticipated to grow rapidly in the global thermoform packaging market. The region's market is being pushed by two factors: expanding urbanization and rising product demand across various end-use sectors, including food & beverage, personal care, and cosmetics.
Thermoform Packaging Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 51.93 Bn |
|
Revenue forecast in 2031 |
USD 83.25 Bn |
|
Growth rate CAGR |
CAGR of 6.25% from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Material, Product And Heat Seal Coating And End Users |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Sonoco Products Company, Placon Corp., Display Pack, Inc., Pactiv LLC, Amcor, Mondi Group, Dart Container Corp., Constantia, Tray-Pak Corp., D&W Fine Pack and Lacerta Group, Inc. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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