Industry Highlights
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.
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.
North America region has been anticipated to lead the growth owing to the rapid industrialization and emerging packaging industry over the forecast period. Growing manufacturers and suppliers of thermoformed plastic products in the region is predicted to enhance the industry. The U.S. is the substantial market for thermoformed packaging production followed by Canada. Asia Pacific region is estimated to be the fastest growing region. Emerging economies including China and India have been experiencing strong economic growth. Moreover, rising disposable income and booming population have spurred the demand particularly in medical device packaging, and food & beverages sector.
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Market Overview
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, and medical devices and kiosks centers.
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 reasons 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.
Industry Top Player’s
The key players of thermoform packaging industry are Amcor Limited, Anchor Packaging, Sonoco Products Company, Placon Corporation, Bemis Company, Inc., Display Pack Inc., Pactiv LLC, Westrock Company, E.I. Du Pont Nemours and Company, and DS Smith PLC.
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Market Segments
On the basis of material segment, the report projects the market share, revenue, and growth rate of each type, primarily bifurcated into
• Aluminum
• Plastic
• Paper & Paperboard
Based on material segment, plastic has been anticipated for the largest share, owing to the rising application in personal care & cosmetics, food & beverage, and pharmaceuticals industry. The plastics segment is further categorized into polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), polystyrene (PS), polypropylene (PP), and acrylonitrile butadiene styrene (ABS).
Based on types, the market has been segmented to illustrate the revenue, market share and growth rate of each type, mainly split into:
• Blister Packaging
• Clamshell Packaging
• Skin Packaging
• Others
By Heat Seal Coating segment, the market displays the revenue, global share and growth rate of each type, majorly fragmented into:
• Solvent-based
• Water-based
• Hot Melt-Based
The solvent-based heat seal coating segment has been projected to acquire the major share owing to the various benefits including water & grease resistance, and strong bond strength processed at different temperatures.
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On the basis of end-users, the market shows the revenue, global share and growth rate of each type, majorly divided into:
• Food & Beverage
• Electronics
• Personal Care & Cosmetics
• Pharmaceuticals
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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