Thermoform Packaging Market To Grow Enormously with Size Worth USD 55.13 Billion By 2025 |Grand View Research, Inc.
The global thermoform
packaging market size is expected to reach USD 55.13 billion by 2025, growing at a CAGR of 4.7% over the forecast period. according to a new report by
Grand View Research, Inc. Factors including increasing demand for electronics,
pharmaceuticals, and personal care & cosmetics products, on account of
growing penetration of retail sector and rising disposable income, have been
driving the demand for thermoform packaging over the past few years.
Increasing incorporation of novel
packaging technologies such as modified atmosphere packaging by food
manufacturers, to extend the shelf life of packaged food products, is
anticipated to fuel the demand for thermoform packaging over the coming years.
Moreover, the lower weight of the thermoform packaging has also been the key
factor for their wide-scale adoption by the food & beverage and
pharmaceutical industries.
Prominent players of the industry
include Bemis Company, Inc., DS Smith
Plc, Amcor Limited, Sonoco Products Company, Placon Corporation, Display Pack
Inc., WestRock Company, Pactiv LLC, Dart Container Corporation, Constantia
Flexibles GmbH, Huhtamaki Group, Tray-Pak Corporation, D&W Fine Pack,
Anchor Packaging, Inc., and Lacerta Group, Inc.. These companies have
cemented their prominence in the market by offering innovative packaging
solutions coupled with rapid expansion on a global scale.
Browse Research
Report On thermoform packaging Market:
Thermoform plastic molding process offers multiple
advantages, including lower tooling and prototype development cost and
extensive design options over the other processes such as rotational and
injection molding. Besides, the thermoforming reduces the wastage of material,
and thermoform packages are also easier to customize; due to this, food &
beverage manufacturers primarily prefer to thermoform packaging.
Further key findings from the report suggest:
·
Among material categories, PET
dominated the market with a revenue share of nearly 45% in 2018, attributable
to the increasing demand for thermoformed PET packaging solutions in the food
& beverage sector worldwide
·
The containers product segment
is expected to dominate the overall market, projected to grow at a CAGR of over
4%, during the forecast period
·
The pharmaceuticals sector
accounted for a share of 20.7% in terms of revenue in 2018, owing to large
incorporation of thermoform blisters by the pharmaceutical companies for unit
dose packaging
·
The food & beverage
application segment is anticipated to grow at a CAGR of 4.6% from 2019 to 2025
owing to wide scale adoption of thermoform packages by prepared and packaged
food manufacturers
·
Asia-Pacific market is
estimated to grow at a CAGR of 6.8% from 2019 to 2025 on account of rapid
penetration of retail and coupled with increased spending on processed food and
consumer products
·
Market participants across the
globe compete principally based on product differentiation and services
offered. Pactiv LLC emerged as the market leader in the thermoform packaging
market in 2018 on account of its wide scale offerings, especially, for food
& beverage industry.
An
increasingly aging population, especially in the European countries, has been
fueling the pharmaceutical industry from the past few years. This trend has
resulted in increased demand for pharmaceutical blisters, hence driving the
market growth in the region. Moreover, growth of the global pharmaceutical
industry, on account of the rising prevalence of chronic diseases and
lifestyle-driven health disorders, is expected to propel the demand further for
thermoform packaging in the pharmaceutical end-user industry over the coming
few years.
Browse Press
Release of this report:
Grand View Research has segmented the
global thermoform packaging market on the basis of material, product, end use:
Thermoform Packaging Material
Outlook (Revenue, USD Million; 2014 - 2025)
·
PET
·
PVC
·
PS
·
PP
·
PE
·
Others
Thermoform Packaging Product Outlook
(Revenue, USD Million; 2014 - 2025)
·
Blister Packaging
·
Clamshell Packaging
·
Skin Packaging
·
Trays & Lids
·
Containers
·
Others
Thermoform Packaging End Use Outlook
(Revenue, USD Million; 2014 - 2025)
·
Food & Beverage
·
Personal Care & Cosmetics
·
Pharmaceuticals
·
Electronics
·
Homecare
·
Others
The thermoforming process offers several advantages
such as lower tooling costs, quick product development and prototyping, and low
production cost for smaller production quantities, over other plastic molding
processes such as injection and rotational molding. Increasing focus on the
development of sustainable packaging is expected to negatively impact the
demand for plastic-based cups, trays, and lids. Thus, it may act as a restraint
for the global market.
Increasing the adoption of novel technologies such
as modified atmosphere technologies by the food manufacturers to extend the
shelf life of packaged food is expected to benefit the global market.
Foodservice outlets commonly use thermoform packaging products such as
containers, trays, and cups for the table offering as well as for the parcel
packaging.
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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