Thermoform Packaging Market to Grow $49,804 Million and Metal Packaging Market to Hit $153 Billion by 2022
Global Thermoform Packaging Market was valued at $34,044 million in 2015, and is expected to reach $49,804 million by 2022, supported by a CAGR of 5.5% during the forecast period 2014 - 2022.Thermoforming is a manufacturing process wherein paperboard, plastic, or aluminum sheets are heated to a temperature such that it can be easily bent to form desired product. Thermoform packaging is majorly used to pack food to maintain its freshness, and increase the shelf life of the product. Retailers, brand owners, and food processors prefer thermoformed containers for packaging over other packaging techniques.
Thermoform Packaging Market Report, published by Allied Market Research, forecasts that the global market was valued at $34,044 million in 2015, and is expected to reach $49,804 million by 2022, supported by a CAGR of 5.5% during the forecast period 2016 - 2022. Based on end-user industry, food & beverage segment occupied major share of the total market in 2015.
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Rise in application in food & beverage packaging industry drive the growth of the global thermoform packaging market. Thermoform packages are light, odor-free, flexible, and moisture-free, and are thus preferred over wood and glass. Owing to these superior properties, the demand for thermoform packaging is expected to grow in the near future. Growth in consumer preference towards packaged and fresh food is also expected to augment growth of the global thermoform packaging market. Besides, macro-economic factors such as changes in lifestyle and improvement in standard of living are also expected to boost demand for thermoform packaging during the forecast period. Furthermore, emerging trends such as advancements in thermoform manufacturing technology, shift toward lightweight packaging, and rise in use of polylactic acid (PLA) films in thermoforming are expected to offer lucrative opportunities for the global thermoform packaging market during the forecast period.
The plastics segment accounted for the highest share, both in terms of value and volume, owing to the increase in usage in food & beverage, personal care & cosmetics, and pharmaceuticals industry. Among plastics, polyethylene terephthalate (PET) dominated the global thermoform packaging market throughout the forecast period.
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Key findings of the Thermoform Packaging Market
• North America dominated the global thermoform packaging market in 2015, accounting for over one-third of the share, in terms of revenue.
• In 2015, thermoform packaging used in food & beverage industry accounted for two-fifths share of the global market.
• On the basis of material type, the plastics segment accounted for more than 80% share in 2015, and is anticipated to maintain its lead during the forecast period.
• Blister packaging accounted for majority of the share in 2015 and is anticipated to showcase fastest growth during the forecast period.
• Germany generated more than one-fifth of the total revenue in the Europe thermoform packaging market in 2015, and is expected to show highest growth rate.
• Asia-Pacific thermoform packaging market is expected to grow at the fastest rate throughout the forecast period.
• Based on heat seal coating, solvent-based coating is the leading segment, accounting for more than half of the share of global thermoform packaging market in 2015.
In 2015, North America dominated the global thermoform packaging market with maximum share, in terms of both revenue and volume. This was attributed to the high percentage of manufacturers as well as consumers of thermoformed packages. Apart from that, Asia-Pacific is expected to grow with the fastest rate, registering value CAGR of 6.1% throughout the forecast period, owing to extensive demand in food & beverage and pharmaceuticals industries in the developing countries such as India and China.
The key players of thermoform packaging market profiled in this report are Anchor Packaging, Bemis Company, Inc., Sonoco Products Company, Amcor Limited, Placon Corporation, Display Pack Inc., Pactiv LLC, E.I. Du Pont Nemours and Company, Westrock Company, and DS Smith PLC.
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Metal Packaging Market Overview:
Metal packaging has evolved into a versatile solution throughout the retail, commercial, wholesale, and industrial sectors. Two metals that are commonly used in rigid metal packaging include steel and aluminum. The demand for metal packaging has increased considerably in food & beverage sector as it preserves edibles and potables from pathogens. In addition, extended shelf life and nutrition intactness associated with metal-packaged products fueled the growth of metal packaging market.
Metals have the highest recycling rate in comparison to other competitive packaging solutions such as plastic and flexible packaging. In addition, growth in demand for food owing to increase in population and rise in beverage consumption have accelerated the demand for metal cans in food & beverage industry. Furthermore, increase in demand for metal-based healthcare products such ointment tubes, tablet wrappers, trays, metal sterilizers, and others has significantly driven the market with potential growth opportunities. Moreover, increase in demand for youth-centric products has surged the applications of three-piece and two-piece aluminum cans. Growth in industrialization in regions such as Asia-Pacific and LAMEA has increased the demand for bulk metal containers such as barrels and drums. However, increase in shift of consumer preferences toward high-density polyethylene (HDPE) and polyethylene terephthalate (PET) bottles has hindered the growth of metal packaging market. Rise in investment and technological advancements are expected to create growth opportunities during the forecast period.
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Metal Packaging Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $153 billion by 2022, registering a CAGR of 3.3% during the period 2016 - 2022. Based on end use, food segment occupied more than two-fifths share of the total market in 2015.
Increase in global consumption of alcoholic and nonalcoholic beverages has positively impacted the growth of metal packaging market with increase in demand for aluminum beverage cans. Moreover, increase in new brewery firms and confectionery items has increased the demand for caps and closures, respectively. Furthermore, growth in industrialization is expected to trigger the demand for bulk packaging such as drums and barrels. Based on product type, cans have occupied approximately two-thirds share in 2015, and is expected to grow at a CAGR of 2.9% during the forecast period.
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Key Findings of the Metal Packaging Market:
• In terms of both value and volume, aluminum is projected to show fastest growth during the forecast period.
• Based on product type, drums & barrels is expected to grow at a CAGR of 3.3% from 2016 to 2022, in terms of volume.
• In 2015, Europe occupied one-third share of the global market, in terms of revenue.
• Asia-Pacific is expected to grow at a CAGR of 4.1% during the forecast period.
• Based on end use, personal care is expected to grow at a CAGR of 4.0%.
• Beverages segment occupied approximately one-fourth share in 2015, and is expected to grow at a CAGR of 3.4%.
LAMEA is projected to grow at a CAGR of 4.3% during the analysis period, owing to increase in demand for canned food products and scarcity of harvestable land. India is expected to grow at a CAGR of 4.7% during the forecast period.
Top players operating in the metal packaging market include Ardagh Group, Alcoa Incorporated, CPMC Holdings Ltd, Manaksia Group, Emballator Metal Group, Ball Corporation, Crown Holdings, Silgam Holdings, Ton Yi International, and Tata Steel.
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