Thermoform Packaging Market 2020 | COVID-19 Impact Analysis, Business Opportunities, Revenue, Size, Growth, Trends, Top Players like Sealed Air, Bemis, Tray Pack, RPC, Lacerta and more - Forecast 2023
Global Thermoform Packaging Market information By Material (Plastic, Paper & Paperboard, Aluminum), Type (Blister Packaging, Skin Packaging, Clamshell Packaging, Others), Heat Seal Coating (Water-Based, Solvent-Based, Hot Melt-Based), Application and Region - Forecast 2023
Thermoform Packaging Market Overview
Market Research Future (MRFR), asserts in its recently published research report, the global thermoform packaging market is estimated to grow at a CAGR of 5.72% during the estimated period 2023.
Drivers and Restraints
The Thermoform Packaging Market is fueled by several factors, such as increased utilization of processed and packed foods & beverages. This packaging is light, odor-free, flexible, and moisture-free. thus, it is more favored over other packaged products such as glass. Owing to these properties, the demand for thermoform packaging is expected to expand in the near future. furthermore, environmental advantages of thermoform packaging are also stimulating the growth of the market. This packaging includes low carbon emission, low raw material consumption, and relatively small waste produced as compared to other packaging formats. On the other hand, availability of other alternative packaging may hinder the growth of the market.
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The major market players operating in the global thermoform blister packaging market as identified by MRFR are
Sealed Air Corporation
Bemis Company Inc.
E.I. du Pont de Nemours and Company
Display Pack Inc.
Tray Pack Corporation
RPC Group Plc
Constantia Flexibles Group GmbH
Silgan Holdings Inc.
DS Smith Plc
Sonoco Products Company
WestRock Company, and Amcor Limited.
the global Thermoform Packaging Market has been analyzed based on type, material, heat seal coating, and application. Based on the material, the Thermoform Packaging Market is segmented into paper & paperboard, plastic, and aluminum. The plastic was accounted for the largest market share in 2016, as it offers high barriers, temperature resistance, cost efficiency, and durable packaging. Plastic in the form of PE, PVC, PP, and others are also used largely in plastic thermoform packaging segment.
Based on the heat seal coating, the market is segmented into solvent-based, water-based, and hot melt-based. The solvent-based heat seal coating segment was accounted for the largest market share of in 2016 owing to its numerous advantages such as strong bond strength that can be treated at different temperatures and resistance to water and grease. Water-based heat seal coating is slated to grow at the highest CAGR during the review period since it provides a strong bond between corrugated and polyethylene skin pack films and decreases several adhesion issues of thermoform packaging.
Based on the application, the market is classified into pharmaceuticals, food & beverage, electronics, personal care, and others. The food & beverage segment was accounted for the largest market share in 2016. Thermoformed products are essentially used by the food industry for the packing of fruits, vegetables, meat, fish, poultry, in addition to prepared meals, and storage products. Pharmaceutical is also a major application of the thermoform packaging.
The global thermoform packaging market is segmented, on the basis of region, into the Asia Pacific, North America, Europe, and the Middle East and Africa.
Europe is anticipated to be the major regional Thermoform Packaging Market over the review period due to the solid presence of the food & beverage and pharmaceutical industries in the region. The rising demand for packaged food is likely to drive the Thermoform Packaging Market in the region over the review period, due to the presence of a higher industrial base such as food and beverages, automobiles, and pharmaceuticals. the U.K, Germany, and France are the major markets in the region.
North America is another major region in the Thermoform Packaging Market, mainly owing to the presence major retail chains such as The Kroger Co. and Walmart Stores. The U.S. contributes to a major share of the North American market.
Asia Pacific is slated to witness the highest growth rate in the global Thermoform Packaging Market over the forecast period due majorly to the growing e-commerce industry, which uses thermoform packaging on a large scale to pack various products. Additionally, high growth in population and growing purchase power of the consumers fuel the growth of the market. Thailand, China, and India are vital contributors to Asia Pacific market. China holds the largest market share in the region, mainly owing to fast growth in urbanization and industrial development over the assessment period.
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