Thermoformed Packaging market report 2022, Anchor Packaging, Bemis, RPC, Sealed Air, Silgan, Sonoco Plastics
New Jersey, United States,- Mr Accuracy Reports , Thermoformed Packaging market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. The global thermoform packaging market size was valued at USD 48.45 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 12.2% from 2021 to 2032. Increasing demand for packaged food including prepared food and packaged meat & seafood products, coupled with rising penetration of the organized and e-retail networks worldwide, is expected to drive the market growth during the forecast period. In the thermoforming process, the thermoplastic sheet is heated up to its softening temperature, and then, it is converted into the desired shape with the help of molds. Most commonly, heat, vacuum, and pressure are employed on these sheets to produce the final products
People all throughout the world base their purchasing decisions on the eco-friendliness of packaging. In terms of manufacturing and materials, thermoforming is extremely sustainable. In general, plastic thermoformed packaging is recyclable. Packaging manufacturers provide reusable thermoformed trays to save supply chain costs. Reusable trays used in the food and transportation industries are sturdy, resilient, and impact resistant. Thermoformed items composed of polypropylene are more heat resistant, resulting in a longer product life. Consumers are increasingly interested in bespoke thermoformed packaging items that are environmentally friendly. As a result, the reusability and sustainability offered by thermoformed goods are projected to generate development prospects throughout the projection period.
The global market size of Thermoformed Packaging will reach (2028 Market size $$) million $ in 2027 with a CAGR of % from 2022-2027.
Some of the Major Key players profiled in the study are Anchor Packaging, Bemis, RPC, Sealed Air, Silgan, Sonoco Plastics
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North America dominated the market with a revenue share of 27.7% in 2020. The widespread presence of large-sized packaged food companies and strong penetration of organized retail contributed to the high share of the regional market in 2020. Moreover, the presence of large-sized thermoform packaging manufacturers that strive for a higher share within the market by introducing innovative products also supported the region's growth. Other factors that contributed to the regional market include high consumption of frozen meat and packaged bakery products.
On the other hand, Asia Pacific is anticipated to be the largest as well as the fastest-growing regional market from 2021 to 2028. A rising number of nuclear families, which increases the demand for single-serve packaging, increasing geriatric population, and growing penetration of organized retail in countries such as China and India, are the key factors driving the regional market. Europe is expected to witness sluggish growth over the forecast period due to stringent regulations on the use of plastic products and rising awareness about sustainability, which is paving the way for paper- and pulp-based packaging, thereby hindering market growth.
Due to the COVID-19 pandemic, according to World Bank statistics, global GDP has shrunk by about 3.5% in 2020. Entering 2021, Economic activity in many countries has started to recover and partially adapted to pandemic restrictions. The research and development of vaccines has made breakthrough progress, and many governments have also issued various policies to stimulate economic recovery, particularly in the United States, is likely to provide a strong boost to economic activity but prospects for sustainable growth vary widely between countries and sectors. Although the global economy is recovering from the great depression caused by COVID-19, it will remain below pre-pandemic trends for a prolonged period. The pandemic has exacerbated the risks associated with the decade-long wave of global debt accumulation. It is also likely to steepen the long-expected slowdown in potential growth over the next decade.
Oman Oil Refineries & Petroleum Industries Company (Orpic) had announced the new thermoforming grade named Luban HP1151K in May 2018, which will boost both the productivity and also the overall performance of clear the thermoformed cups, trays, and such containers. According to SouthPack packaging firm, thermoformed packaging costs 15.0% less compared to the normal plastic moulded packaging. In such cases, industry thermo packaging is expected to have higher acceptance during the forecast period.
The growing trend toward the creation of sustainable packaging is likely to drive market participants to produce new products that will allow them to fulfil increased demand. According to SouthPack, around 52% of consumers base their purchasing decisions on the eco-friendliness of the packaging material.
What is the regional impact in the thermoform packaging market?
Because of the presence of certain important companies in the area, such as Sonoco Products Company, Anchor Packaging Inc., and D&W Fine Pack, North America is likely to dominate the market throughout the projection period. This, along with considerable research and development activity, has resulted in the region's wide-scale use of thermoformed packaging. In May 2018, good natured Products Inc., located in Canada, signed a deal to supply a thermoformed packaging industry leader in the United States. This arrangement covers plant-based packaging solutions for both the food and general goods segments.
The region's industry is undergoing mergers and acquisitions, providing organizations with profitable chances to drive market growth throughout the projection period. Sonoco Products which stated that in November 2019 it has entered the formal deal to acquire Plastique Holdings, LTD, Thermoform Engineered Quality, LLC, and also from the ESCO Technologies, Inc. in the cost, approximately USD 187 million in the cash.
North America (United States, Canada, Mexico)
South America (Brazil, Argentina, Other)
Asia Pacific (China, Japan, India, Korea, Southeast Asia)
Europe (Germany, UK, France, Spain, Italy)
Middle East and Africa (Middle East, Africa)
Thermoformed Packaging Segmentation by Type:
Blister Packaging, Skin Packaging, Clamshell Packaging, Others.
Thermoformed Packaging Segmentation by Application:
Cosmetics and Personal Care, Pharmaceuticals, Electronics, Industrial Goods
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What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes. During the forecast period, the report analyzes the growth rate, market size, and market valuation. The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets. The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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