Thermoform Packaging Market Size to Reach Around USD 76.92 Bn by 2030

According to Precedence Research, the global thermoform packaging market size is predicted to reach around USD 76.92 billion by 2030 and growing at a CAGR of 5.42% from 2022 to 2030.

Tokyo, Sept. 19, 2022 (GLOBE NEWSWIRE) -- The thermoform packaging market size was reached at USD 47.85 billion in 2021. Thermoforming is a plastic forming method that allows for the creation of various packaging items. It entails heating rigid polymers and other specialty materials to make them moldable. Pressure forming and vacuum forming are two types of thermoforming. The procedure may be used to turn plastic into permanent items like road signs and protective coverings. Extra pressure is often utilized in pressure molding to improve detail and texture.

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Thermoforming is a technique used to create a variety of packaging items and components. These goods include unit dose packaging for medicines, blister packs, and over-the-counter (OTC) medications; clamshell packaging for health and beauty items; and plastic trays for food-related products. Thermoforming is a type of packaging used in the pharmaceutical, electronics, and food sectors. Thermoforming has several advantages, including the capacity to respond to changing requirements, minimal operational costs, and customization in large-scale availability. It also has a rapid turnaround time, making it suitable for completing last-minute demands/orders.

Rising environmental concerns, customer desire for sustainability, a demanding regulatory framework, and favorable government policies are driving the worldwide thermoforming packaging industry. The adoption of thermoforming packaging is an important step in reducing plastic consumption due to environmental concerns. The advantages of thermoforming packaging, such as lower carbon footprint and ease of composting, are projected to drive market expansion in the future years. To get a competitive advantage in the existing market scenario, the top competitors in the biodegradable water bottle market should focus on new developments and extend their product offerings.

Furthermore, they should boost their R&D efforts by focusing on creative and cost-effective items. The worldwide thermoforming packaging industry is being pushed by increased consumer awareness of environmental conservation and a trend toward sustainable products.

Furthermore, the single-use plastics prohibition and the regulatory framework implemented by government authorities to reduce plastic pollution are projected to boost the thermoforming packaging market during the forecast period. Thermoforming packaging contributes significantly to reducing plastic pollution; this is anticipated to enhance thermoforming packaging sales in the near future.

Key Takeaways:

• In 2021, the PET material segment has exceeded 45% of revenue share.

• In 2021, the containers product segment has garnered market share of around 27%.

• The clamshell product segment is growing at CAGR of 5.8% between 2022 to 2030.

• In 2021, the food and beverage end user segment has generated 52% revenue share.

• The pharmaceutical end-user segment is poised to grow at a CAGR of 6.1% between 2022 to 2030.

• North America region has contributed 28% market share in 2021.

Report Highlights

• 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.

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Scope of the Report

What are the market dynamics of thermoform packaging market?

Market Drivers

Packaging is extremely important in the food and beverage business. The fundamental benefit of the thermoform packaging and those thin sheets of the correct size and shape may be created to get the desired outcomes. The versatility of thermoformed products is capturing the very attention of the food and beverage product makers. Containers, trays, Clamshells, and bottles are examples of thermoformed packaging that has been utilized to accommodate changing dietary habits and also the consumer preferences. The global need for the thermoformed trays for the food packaging is expanding.

The expansion of the food sector is driving the worldwide thermoformed packaging market. The rise in demand for meat and poultry, as well as seafood, is likely to drive the thermoformed packaging market throughout the forecast period. Consumers are more likely to favour the brand with which they are more likely to be linked.

Market Restraints

As an alternative to typical petroleum-based polymers, manufacturers are increasingly turning to biodegradable, bio-derived, and recyclable polymers. As a result, increased concern about the disposal of plastic packaging goods, as well as stringent government restrictions surrounding the disposal of plastic products, are likely to have a negative influence on the thermoform packaging market revenue growth throughout the forecast period. Although the Polyethylene Terephthalate (PET) can be recyclable, the use of the strong adhesive on a surface of the PET packaging renders it in non-recyclable, and to the increasing use of the multiple resins in plastics production raises the cost of the recycling thermoformed packaging, that is expected to slow market growth.

Market Opportunities

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.

Market Challenges

Most sectors throughout the world have been badly impacted in recent months. The worldwide Thermoforming Packaging market is no exception. Furthermore, consumers are subsequently decreased owing to lockdown and increasing awareness about the biomaterials-based bioplastics. These major factors are probable for to weigh on the revenue trajectory of the worldwide thermoforming packaging market. On the other hand, as the individual regulatory body begins to relax the imposed restrictions, the worldwide thermoforming packaging market is likely to rebound.

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Recent Developments

• Sealed Air Corporation said in May 2021 that it has created a thermoforming film that outperforms standard thermoforming films in terms of packing weight reduction, abrasion resistance, and anti-fog lids, all of which increase sustainability and efficiency.

• Sonoco Product Company announced in February 2020 that it has reached an agreement to acquire TEQ Thermoform Engineered Quality, a global maker of thermoformed packaging and medical equipment servicing the healthcare and consumer industries.

Market Segmentation

By Material

• PET

• PVC

• PS

• PP

• PE

• Others

By Product

• Blister

• Clamshell

• Skin Packaging

• Trays & Lids

• Containers

• Others

By Heat Seal Coating

• Hot Melt-Based

• Solvent-Based

• Water-Based
  
  

By End User

• Food & Beverage

• Personal Care & Cosmetics

• Pharmaceuticals

• Electronics

• Homecare

• Others

By Geography

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa (MEA)
  
  

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