Thermoform Packaging Industry Overview
The global thermoform packaging market size is expected to reach USD 64.21 billion by 2028 registering a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. High adoption of products, such as blisters & clamshell packaging, containers, and trays & lids, by the end-user industries including food & beverages, electronics, pharmaceuticals, and personal care & cosmetics, coupled with increased penetration of organized and e-retail, have been driving the market from the past several years.
In thermoforming, the thermoplastic sheet is heated up to its pliable temperature and then placed over a mold until it cools and takes shape of the mold. A thin-gauge sheet, which is usually less than 0.060 inches, is mainly used to produce rigid disposable products, such as trays, bowls, containers, plates, and others. Thermoforming plastic molding process offers several advantages over injection molding including lower tooling cost, less wastage of material, and less per-unit cost for short-run production, owing to which the end-use industries, primarily food & beverages, mainly prefer thermoformed packaging products.
Thermoform Packaging Market Segmentation
Grand View Research has segmented the global thermoform packaging market on the basis of material, product type, end-user industry, and region:
Based on the Material Insights, the market is segmented into PET, PVC, PS, PP, PE, and Others.
- The Polyethylene Terephthalate (PET) segment led the market and accounted for more than 44% of the global revenue share in 2020.
- Polyvinyl Chloride (PVC) is anticipated to experience significant CAGR from 2021 to 2028, as the material possesses robust barrier properties and is shatter-resistant, lightweight, and cheaper than High-Density Polyethylene (HDPE) and Polypropylene (PP).
Based on the Product Type Insights, the market is segmented into Blister, Clamshell, Skin Packaging, Trays & Lids, Containers, and Others.
- The containers product type segment dominated the global market with a revenue share of over 26% in 2020.
- The clamshell product segment is anticipated to witness the fastest CAGR of 5.9% from 2021 to 2028.
- The increasing availability of frozen meat products in emerging countries due to the rising penetration of cold chain and organized retail networks are anticipated to favor the growth of the trays product type segment over the forecast period.
Based on the End-user Insights, the market is segmented into Food & Beverage, Personal Care & Cosmetics, Pharmaceuticals, Electronics, Homecare, and Others.
- The food & beverage end-user industry segment accounted for the highest revenue share of over 51% in 2020.
- The pharmaceutical end-user industry segment is estimated to register the highest CAGR of 5.9% from 2021 to 2028.
- Increasing penetration of e-commerce has been significantly contributing to the expansion of the electronics industry, which, in turn, is anticipated to have a positive impact on Electronics segment growth in the coming years.
Thermoform Packaging Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is highly competitive with the presence of both public as well as private players. The market participants compete primarily on the basis of product differentiation and cost and services offered. Companies operating in the market offer a wide range of products made from different materials that are available in a variety of shapes and sizes. Moreover, they also offer custom packaging products to suit specific customer requirements. Acquisition emerged as a key strategy preferred by industry players to expand their product portfolio, clientele, and geographic reach.
Some of the key companies in the global thermoform packaging market include:
- Amcor
- Sonoco Products Company
- Placon Corp.
- Display Pack, Inc.
- Pactiv LLC
- Dart Container Corp.
- Constantia
- Tray-Pak Corp.
- D&W Fine Pack
- Lacerta Group, Inc.
- RPC Group Plc
- Silgan Holdings, Inc.
- Sinclair & Rush, Inc.
- Rompa Group
Order a free sample PDF of the Thermoform Packaging Market Intelligence Study, published by Grand View Research.
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