Thermoform Packaging Market was estimated at USD 32.16 Billion in 2015, and is anticipated to reach USD 54.22 billion by 2025, growing at a CAGR of 5.60% over the forecast period. Factors including minimal packaging wastes; rising demand in food and beverages sector, retail & pharmaceuticals industries; home & personal care goods is expected to drive the global thermoform packaging market.
Market Scenario:
Thermoforming packaging involves plastic sheets fabrication by heating and converting into a malleable form as per the customer specifications. Ongoing developments, thermoformed plastics are casted as metal replacements employing heavy gauge process, offering applications in transportation, aerospace, industrial equipment, medical devices and kiosks centers.
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Increasing consumer preferences towards packaged and fresh food is also anticipated to augment market growth. Moreover, macro-economic factors including improvement in standard of living and changes in lifestyle are also projected to boost demand over the forecast period. Advancements in thermoform machine technology, increasing use of polylactic acid (PLA) films and gradual shift toward lightweight packaging are further likely to deliver lucrative opportunities.
Increasing consumer preferences towards packaged and fresh food is also anticipated to augment market growth. Moreover, macro-economic factors including improvement in standard of living and changes in lifestyle are also projected to boost demand over the forecast period. Advancements in thermoform machine technology, increasing use of polylactic acid (PLA) films and gradual shift toward lightweight packaging are further likely to deliver lucrative opportunities.
Key Players:
Amcor Limited
Anchor Packaging
Sonoco Products Company
Placon Corporation
Bemis Company
Display Pack Inc.
Pactiv LLC
Westrock Company
Lightweight packaging products require up to 40% less plastic. Furthermore, thermoform material minimizes the packaged weight by more than 50% as compared with the conventional injection-molded plastic or glass packaging products. Packaged weight reduction also aids in efficient shipping. Manufacturers are developing advanced thermoform machine technology to enhance machine cycle speed and deliver better output rates in order to meet the continuous demand from end-users. For instance, Dragon Packaging Company offers innovative packaging designs for confectionary products. The company has invested nearly USD 2 million dollars in thermoformed machines and increased the production output 20 times.
Mass manufacturing and cost effectiveness are few reason supporting the traction among food and pharmaceutical sector. However, environmental repercussions related to plastic packaging are major restrain for the market growth. Furthermore, thermoformed material cannot be used for the packaging of heavy materials and cannot bear excess weight, limiting the applications.
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Globally, the global thermoform packaging industry has been segmented into Europe, North America, Asia Pacific, the Middle East and Africa and Latin America, with revenue (Billion USD), market share and growth rate for these regions, from 2015 to 2025 (forecast):
North America: U.S., Rest of North America
Europe: Germany, France, UK, rest of Europe
Asia Pacific: China, Japan, India and Rest of Asia Pacific
Middle East & Africa: GCC, North Africa, South Africa and Rest of MEA
Latin America: Brazil and Rest of Latin America
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