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Global Thermoform Packaging Market Will Reach USD 51.5 Billion by 2024
Zion Market Research has published a new report titled “Thermoform Packaging Market by Material (Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polyethylene (PE), Polystyrene (PS), Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS), and Others), Paper & Paperboard, Aluminum, and Others); by Heat Seal Coating (Water Based, Hot Melt Based, and Solvent Based); by Packaging Type (Blister Card Packaging (Full Face Seal, Trapped Blister, Face Seal, and Others), Clamshell Packaging, Skin Packaging, and Others); by End-user (Pharmaceuticals, Food and Beverages, Electronics, Consumer Goods, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024’’. According to the report, global was valued at around USD 35,536.12 million in 2017 and is expected to reach approximately USD 51,510.00 million in 2024, growing at a CAGR of slightly above 5.45% between 2018 and 2024.
The process of manufacturing of thermoplastic sheets with the application of pressure and heat in a mold is called as thermoforming. The packaging material made by the thermoforming process is known as thermoform packaging.
Increase in the application of thermoform packaging in pharmaceutical and food & beverages packaging industry compel the growth of the global thermoform packaging market. Thermoform packages are odor-free, light, moisture-free, and flexible, and therefore it is preferred over glass and wood. The thermoform packaging is cost effective in nature and also reduces the packaging waste as they are easy to dispose of. Due to these greater superior properties, the demand for thermoform packaging is anticipated to grow in the coming years. Moreover, growing urbanization in developing economies and increase in consumer preference towards fresh and packaged food is expected to accelerate the growth of thermoforming packaging market globally.
However, the thermoform packaging is not supportive efficient for heavy packaging, this may hamper the growth of the overall market. Moreover, fluctuation in raw material cost, increasing concern regarding disposal, and recycling of plastic may affect the growth of thermoform packaging market over the forecast period.
The continuous advancement in thermoformed technology, growing demand for lightweight packaging, and growing investment in R&D activities are expected to generate immense opportunity opportunities for thermoform packaging market in the future years.
The thermoform packaging market can be segmented as material, heat seal coating, packaging type, end user, and by region. By type, the thermoforming packaging market is segmented into plastics, paper & paperboard, aluminum, and others. In 2017, the plastic accounted for the major share in the global thermoform packaging market by material in terms of value and volume.
By heat seal coating The global thermoform market by heat seal coating is segmented into the water-based coating, hot melt based, and solvent based. Among the coating type, the water-based heat seal coating segment is expected to register high CAGR in the forecast period coming years. By forming a film bond between the polyethylene skin pack and corrugated films, the water-based coating reduces adhesion challenges of thermoform packaging, and hence the demand for such coating is growing at a rapid pace.
The water-based coating reduces adhesion challenges of thermoform packaging by forming a film bond between polyethylene skin pack and corrugated films.
North America is expected to account for the largest share in the global thermoform packaging market in terms of revenue generation and in terms of volume due to the increasing adoption of thermoform packaging for various purposes. The high demand for packaged food in the region and high disposable income are the key factors that contributed towards the growth of the thermoform packaging market in North America in 2017. Moreover, the presence of top manufacturers and rise in the consumers of thermoform plastic in the U.S. is significantly contributing towards the growth of the region in the global market. The growing demand for thin gauge thermoform packaging products from - food and beverages industry for packaging of food and from- healthcare industry for packaging of the medical devices such as trays is anticipated to augment the expansion of the global thermoform packaging market over the forecast period.
After North America, Europe contributed a good market share in the year 2017 and is expected to grow at significant growth rate during the forecast period in global thermoform packaging market. European countries including Germany, France, the UK, and Nordic are among the leading nations where thermoform packaging is witnessing exponential growth in the region. This is expected to entice growth of thermoform packaging in the region across various verticals.
The Asia Pacific is projected to be the fastest growing region during the forecast period, owing to growing investments in the technology and development sectors. The increasing consumers of thermoform plastic in the region owing to developing economies such as China and India and growing population are the key factors contributing towards the high growth of thermoform packaging market in the Asia Pacific. Moreover, the rising demand for pharmaceutical and food and beverages products, in turn, is increasing the demand for the thermoform plastics in the region. The presence of large manufacturing base of electronics and pharmaceuticals owing to the low cost of raw material and labor charges are contributing towards the market growth in the regions such as China and India over the forecast period.
Latin America and the Middle East and Africa are likely to register moderate growth for the global thermoform packaging market during the forecast timeframe. Shifting technological preferences coupled with increasing disposable income and cost-effective packaging material is expected to fuel the thermoform packaging market technologies in the forecast period.
Prominent players in the global thermoform packaging market are Bemis Company, Inc., Amcor Limited, WestRock Company, DS Smith Plc., E.I. du Pont de Nemours and Company, Constantia Flexibles GmbH, Anchor Packaging, Constantia Flexibles GmbH, Sonoco Products Company, G. Mondini S.p.A, Tekni-Pplex Inc., and Display Pack Inc., among others.
The report segments global thermoform packaging market as follows:
Global Thermoform Packaging Market: Material Segment Analysis
Global Thermoform Packaging Market: Heat Seal Coating Segment Analysis
Global Thermoform Packaging Market: Packaging Type Segment Analysis
Thermoform Packaging Market: End-User Segment Analysis
Thermoform Packaging Market: Regional Segment Analysis
Source: GLOBE NEWSWIRE
» Publication Date: 22/06/2018
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