Thermoform Packaging Market Set To Touch $75.05 billion By 2030: Players Amcor Ltd., Anchor Packaging

As per the report published by The Brainy Insights, the global thermoform packaging market is expected to grow from USD 45.65 billion in 2021 to USD 75.05 billion by 2030, at a CAGR of 5.68% during the forecast period 2022-2030. North America region emerged as the largest market for the global thermoform packaging market with a 33.4% share of the market revenue in 2021. North America currently dominates the thermoform packaging market due to the region noticing big-sized packaging industry players; therefore, it helps propose lucrative opportunities to the businesses that support promoting market growth over the projection period. For instance, Canada-based company good natured Products Inc signed a contract to provide a US industry leader in thermoformed packaging. Plant-based packaging solutions for both general goods and food markets are included in the agreement.

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Thermoform Packaging Market Size by Product Type (Clamshell Packaging, Blister Packaging, & Skin Packaging), Material (Aluminum, Paper & Paperboard & Plastic), Heat Seal Coating, End-User, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include Amcor Ltd., Anchor Packaging, Bemis Company Inc, D&W Fine Pack, Dart Container Company, Display Pack Inc, DS Smith Plc., Lacerta Group Inc, Sealed Air Corporation, Somoco Products Company, Tray Pack corporation and West Rock Company, among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The product type segment is divided into clamshell packaging, blister packaging, & skin packaging. The blister packaging segment dominated the market, with a market share of around 36.45% in 2021. The material segment is divided into aluminum, paper & paperboard & plastic. The plastic segment dominated the market, accounting for about 15.77 billion global revenues in 2021. The heat seal coating segment is divided into hot melt-based, solvent-based and water-based. The water-based heat seal coating segment dominated the market with a market share of around 40.2% globally. The end-user segment is divided into pharmaceuticals, electronics, food & beverage, home & personal care, and others. In 2021, the food & beverage segment dominated the market, accounting for around 31% of global revenue. Rising disposable incomes of individuals and an increasing need for thermoforming containers for dairy product packaging are some of the elements pushing the thermoform packaging market growth.

Thermoform packaging industry has been unfavorably impacted due to the outbreak of the COVID-19 pandemic. Packaging companies and end-use sectors were pushed to shut their operations due to the global lockdown. The food and beverage end-use segment, which covers over half the market share in thermoform packaging, has been hit poorly due to the closure of retail outlets and foodservice stores. However, the pandemic has increased demand for online food services and pharmaceutical products. These sectors are anticipated to register significant growth and support the thermoform packaging industry's recovery post lockdowns.

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