Market Size of Thermoform Packaging Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 9.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Thermoform Packaging Market Analysis
The thermoform packaging market is expected to grow at a CAGR of 9% over the forecast period (2021-2026). Thermoforming is used in the manufacturing of lids, trays, blisters, clamshells, and other products.
- The thermoforming process offers benefits such as low production cost for smaller production quantities, quick product development, prototyping, and lower tooling costs, over other molding processes such as injection and rotational molding.
- In May 2018, a new thermoforming grade called Luban HP1151K had launched Oman Oil Refineries & Petroleum Industries Company (Orpic) that would increase both productivity and the overall performance of transparent thermoformed cups, trays and containers.
- According to SouthPack, thermoformed packaging can cost up to 15% less than packaging made from plastic injection molding. Such instances are indicative of the fact that the market is expected to witness increased adoption over the forecast period.
- The rising trend for the development of sustainable packaging is expected to propel the players in the market to come up with product developments that enable them to meet the increasing demand. According to SouthPack, about 52% of consumers make decisions regarding the purchase based on the eco-friendly nature of the packaging material.
- In February 2019, Quinn Packaging that manufacturers rigid and flexible thermoformed food packaging and supplies launched fully recyclable' black plastic food trays.
Thermoform Packaging Industry Segmentation
Thermoform packaging involves the heating of plasticuntil it reaches a pliable state, and then forming the plastic into various shapes. This report segments the market byMaterial(Plastic, Paperboard, Aluminium), by Product Type(Blisters, Clam-shell, Trays & Lids), End-user Industry(Pharmaceutical, Food & Beverage, Electronics) and Geography.
By Material | |
Plastic | |
Paper |
By Product Type | |
Blisters | |
Clamshells | |
Trays & Lids | |
Containers |
By End-user Industries | |
Food & Beverage | |
Pharmaceuticals | |
Personalcare | |
Consumer Electronics |
Geography | ||||||
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Thermoform Packaging Market Size Summary
The thermoform packaging market is poised for significant growth, driven by its cost-effective and efficient manufacturing processes. Thermoforming, which involves shaping plastic sheets into specific forms, is increasingly favored for producing items like lids, trays, and clamshells due to its lower production costs and quicker turnaround times compared to other molding techniques. The market is witnessing a shift towards sustainable packaging solutions, with companies developing eco-friendly products to meet consumer demand for environmentally responsible packaging. Innovations such as fully recyclable black plastic food trays and plant-based packaging solutions are indicative of the industry's commitment to sustainability. The durability and tamper-resistance of thermoform packaging also contribute to its growing adoption, as it enhances product protection and extends shelf life.
North America is expected to lead the thermoform packaging market, supported by the presence of major industry players and robust research and development activities. The region's market is characterized by strategic mergers and acquisitions, which are enhancing market growth and expanding the footprint of key companies. The competitive landscape is marked by the presence of prominent players like Amcor and Mondi Group, who are driving innovation through continuous research and development. Recent developments, such as the introduction of 100% rPET sheets and fully recyclable polypropylene films, highlight the industry's focus on reducing carbon footprints and improving sustainability. These advancements, along with the increasing demand for recyclable and eco-friendly packaging solutions, are anticipated to propel the market forward over the forecast period.
Thermoform Packaging Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Less Raw Material Consumption
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1.3 Market Restraints
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1.3.1 Increasing Plastic Bans
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1.4 Industry Value Chain Analysis
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1.5 Industry Attractiveness - Porter's Five Force Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Material
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2.1.1 Plastic
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2.1.2 Paper
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2.2 By Product Type
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2.2.1 Blisters
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2.2.2 Clamshells
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2.2.3 Trays & Lids
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2.2.4 Containers
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2.3 By End-user Industries
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2.3.1 Food & Beverage
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2.3.2 Pharmaceuticals
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2.3.3 Personalcare
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2.3.4 Consumer Electronics
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Rest of Europe
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2.4.3 Asia Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Rest of Asia-Pacific
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2.4.4 Latin America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle East and Africa
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2.4.5.1 United Arab Emirates
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2.4.5.2 Saudi Arabia
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2.4.5.3 Rest of Middle East and Africa
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Thermoform Packaging Market Size FAQs
What is the current Thermoform Packaging Market size?
The Thermoform Packaging Market is projected to register a CAGR of 9% during the forecast period (2024-2029)
Who are the key players in Thermoform Packaging Market?
Amcor PLC, Sonoco Products Company, DS Smith plc, WestRock Company and Anchor Packaging, Inc. are the major companies operating in the Thermoform Packaging Market.