Market Research Future published a research report on “Global Thermoform Packaging Market Research Report- Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Thermoforming is a manufacturing process where thermoplastic sheets are heated to a temperature where it can be easily bent to form the desired product. This type of packaging is largely used for food packing to maintain its freshness and increase the shelf life of the product. Various retailers and food processors prefer thermoformed containers for packaging over other packaging techniques. According to the MRFR analysis, the market for thermoform packaging is growing at a rapid pace and is expected to gain prominence over the forecast period. The global thermoform packaging market is estimated to grow at a CAGR of 5.72% during the estimated period (2017-2023).
The thermoform packaging market is driven by several factors such as increased consumption of processed and packed foods & beverages. This packaging is light, flexible, odor-free, and moisture-free. Therefore, it is more preferred over other packaged product such as glass. Due to these properties, the demand for thermoform packaging is likely to grow in the near future. Moreover, environmental advantages of thermoform packaging are also stimulating the growth of the market. This packaging includes low raw material consumption, low carbon emission, and relatively low waste produced as compared to other packaging formats. However, availability of another alternative packaging may hinder the growth of the market.
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Key Players: Global Thermoform Packaging Market
- Bemis Company Inc.
- Sonoco Products Company
- E.I. du Pont de Nemours and Company
- Amcor Limited
- DS Smith Plc.
- WestRock Company
- Display Pack Inc
- Tray Pack Corporation
- Lacerta Group Inc
- Sealed Air
In 2017 Nelipak, a thermoformed medical packaging provider has completed the acquisition of thermoforming company Computer Designs Incorporated. Under the new brand of Nelipak Healthcare Packaging, the company will develop its thermoformed packaging products and service capabilities for the healthcare market.
Sirap-Gema (Italy) has completed the acquisition of two subsidiaries of Reynolds Group Holdings. Both the companies Kama Europe and Reynolds Food Packaging Spain produce the rigid plastic thermoformed food packaging trays.
Hence, global thermoform packaging market is expected to reach a market size of USD 104,999.8 million by the end of the forecast period at CAGR of 5.72%.
Regional Analysis: Global Thermoform Packaging Market
On the basis of the regions, the global thermoform packaging market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). European region accounted for the largest market share in 2016 due to the presence of a high industrial base such as automobiles, food and beverages, and pharmaceuticals. Germany, the U.K, and France are the major markets in the region. North America is another major region the thermoform packaging market mainly due to the presence major retail chains such as Walmart Stores, and The Kroger Co. The U.S. accounts for a major share of the North American market.
Asia Pacific region is projected to grow at the highest CAGR during the forecast period owing to booming e-commerce industry. E-commerce industry offers an attractive and suitable shopping option to customers, which provides an innovative, sustainable, and seamless experience over all the channels. This induces the growth of thermoform packaging. Additionally, high growth in population and increasing purchase power of the consumer’s boost the growth of the market. China, Thailand, and India are the vital contributor to Asia Pacific market. China accounts for the largest market share in the region mainly due to fast growth in the urbanization and industrial development.
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Segmentation: Global Thermoform Packaging Market
For the purpose of the study, the market has been segmented based on material, type, heat seal coating, and application. On the basis of the material, the market is segmented into plastic, paper & paperboard, and aluminium. The plastic accounted for the largest market share in 2016 as it provides high barriers, cost efficiency, temperature resistance, and durable packaging. Plastic in the form of PVC, PE, PP, and others are used largely in plastic thermoform packaging segment.
On the basis of the heat seal coating, the market is segmented into water-based, solvent-based, and hot melt-based. The solvent-based heat seal coating segment accounted for the largest market share of in 2016 due to its several advantages such as strong bond strength that can be processed at different temperatures and resistance to water and grease. Water-based heat seal coating is estimated to grow at the highest CAGR during the forecast period because it provides a strong bond between corrugated and polyethylene skin pack films and reduces several adhesion challenges of thermoform packaging and pouring the thermoform packaging market.
Based on the application, the market is segmented into food & beverage, pharmaceuticals, electronics, personal care and others. The food & beverages segment accounted for the largest market share in 2016. Thermoformed products are largely used by the food industry for the packing of fruits, vegetables, meat, poultry, fish in addition to prepared meals, and storage products. Pharmaceutical is another major application of the thermoform packaging.
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