Thermoform Packaging Market - Industry Revenue & Forecast To 2027
According to Market Research Future (MRFR), the global thermoform packaging market is expected to reach USD 104,999.8 million at a CAGR of 5.72% from 2017 to 2023 (forecast period). The report presents the COVID-19 analysis of the global thermoform packaging market and delivers a rigorous illustration of market segments, new trends, growth projections, and market challenges.
Thermoforming is a manufacturing process where thermoplastic sheets are heated to a temperature where they can be simply bent to form the desired product. This type of packaging is mainly used for food packaging to preserve its freshness and increase the shelf life of the product. Numerous retailers and food processors favor thermoformed containers for packaging over other packaging techniques.
Based on the material, the global thermoform packaging market has been segmented into plastic, paper & paperboard, and aluminum. Plastics held the largest market share in 2016 as it provides high barriers, cost-effectiveness, temperature resistance, and durable packaging. Plastic in the form of PVC, PP, PE, and is widely used in the plastic thermoform packaging segment.
Based on the heat seal coating, the global thermoform packaging market has been segmented into water-based, solvent-based, and hot melt-based. The solvent-based heat seal segment held the largest market share in 2016 due to its various advantages, such as strong bond strength, which can be processed at different temperatures, and resistance to water and grease. Water-based heat seal coating is predicted to rise at the highest CAGR level during the forecast period. It provides a strong bond between corrugated and polyethylene skin pack films and helps reduce several adhesion challenges for thermoform packaging and the thermoform packaging market.
Based on the application, the global thermoform packaging market has been segmented into food & beverage, pharmaceuticals, electronics, personal care, and others. The food & beverage segment captured the largest market share in 2016. The food industry mainly uses thermoformed products for the packing of fruit, vegetables, meat, poultry, fish, as well as storage products and prepared meals. Pharmaceutical is another primary use of thermoform packaging.
Based on the regions, the global thermoform packaging market has been segmented into Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW).
The European region had the largest market share in 2016 due to a high industrial base, such as food and beverages, automobiles, and pharmaceuticals. Germany, the United Kingdom, and France are the main markets in the region. North America is another significant thermoform packaging market, primarily due to major retail chains such as Walmart Stores and The Kroger Co. The U.S. accounts for a considerable share of the North American market.
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The Asia Pacific region is predicted to grow at the highest CAGR during the forecast period due to the booming e-commerce industry. The e-commerce industry offers customers an attractive and appropriate shopping option, providing an innovative, sustainable, and seamless experience across all channels. This leads to the growth of thermoform packaging. In addition, high population growth and increasing consumer purchasing power boost the development of the market. China, Thailand, and India are critical contributors to the Asia Pacific market. China has the most substantial market share in the region, mainly due to the rapid growth in urbanization and industrial development.
The prominent participants in the thermoform packaging are Bemis Company Inc. (U.S.), Amcor Limited (Australia), WestRock Company (U.S.), Sealed Air Corporation (U.S.), Display Pack Inc. (U.S.), Sonoco Products Company (U.S.), Lacerta Group (U.S.), E.I. du Pont de Nemours and Company (U.S.), Tray Pack Corporation (U.S.), Tekni-plex Inc. (U.S.), RPC Group Plc (U.K), Silgan Holdings Inc. (U.S.), DS Smith Plc (U.K), Anchor Packaging (U.S.), and Constantia Flexibles Group GmbH (Austria).
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