The Thermoform packaging market size was US$ 43.48Bnin 2019 and expected to reach US$ 66.59Bn by 2027; this converts into a compounded annual growth rate (CAGR) of 5.5% for the forecast period.
Molded products that are obtained by thermoforming process and are used for packaging are referred to as thermoform packaging. Properties such as lightweight, cost-effectiveness, and reusability render these suitable for widespread applications. This form of packaging finds its applications in the automotive, food & beverages, electronics, cosmetics, pharmaceuticals, and many more industries.
2019 witnessed a slowdown in manufacturing activity that in turn impacted the packaging industry. However, it gained momentum during pandemic times. The surge in demand from the food, medical and industrial sectors strengthened the industry. Moreover, benefits such as hygiene, extended shelf life as well as in some cases portion control drove it even during testing times. The rising demand for sustainable packaging products is predicted to shape the industry while improved functionality with minimum waste will push it forward. Therefore, on an overall basis, the packaging industry has been positively affected since the pandemic.
Thermoform packaging is widely used in industries such as food & beverages, electronics, pharmaceutical, cosmetics and so on. The rising suitability and growing demand for these packaging is expected to drive the growth of the market.
Soaring demand from the food & beverage as well as the pharmaceuticals industry is projected to lead to the substantial growth of the thermoform packaging market. The development of convenient and easy-to-use products will further influence the global thermoform packaging market.
Light-weight packaging significantly reduces material wastage and addresses the cost-related concern. The resulting high demand for light-weight packaging is expected to fuel the thermoform packaging market.
Rising concerns regarding the disposal of thermoform packages have given rise to the need for sustainable and recyclable solutions. Even though PET-based packaging is recyclable, the use of adhesives for labels renders it non-recyclable. Therefore, the major restraining factor for the thermoform packaging market is the non-recyclability and sustainability of these products.
Increasing land and water pollution created due to the use of thermoform packaging has resulted in the implementation of various stringent government regulations that severely hamper the thermoform packaging market growth.
Shifting focus towards innovative packaging solutions and the advancements in machinery may provide opportunities for the growth of the thermoform packaging market.
1) In order to expand its portfolio, Sonoco through ESCO Technologies Inc. acquired Thermoform Engineered Quality LLC and Plastique Holdings Ltd. in January 2020.
2) In October 2019, Charpak Ltd. launched a new thermoform packaging tub that is 100% recyclable as well as tamper-evident.
3) COEXPAN launched CorePET, a 100% rPET sheet specifically formulated for the thermoform packaging market, in October 2019.
4) In June 2019, Mondi Group developed a fully recyclable polypropylene film. This film was intended for use in Modified Atmosphere Packaging (MAP) and vacuum packaging.
Segmented based on material, the plastic-based thermoform packaging captured the largest market share of more than 80% in 2019 while the segment is also estimated to expand at a compound annual growth rate of over 5%, the highest in its category.
The blister packaging segment led the thermoform packaging market in 2019, accounting for close to 50% of the market and is anticipated to witness a high growth rate of around 5.5% over the forecast period.
The increasing use of consumer packaging has led to the dominance of the solvent-based thermoform packaging market. The segment garnered over half of the market in 2019. However, the hot melt-based segment is projected to grow at around 6% during the forecast timeline.
Growing demand from the food and beverage industry has resulted in its dominance of the thermoform packaging market share. It accounted for nearly 40% of the market share while the pharmaceutical sector is predicted to expand at the highest rate of more than 6% over the forecast period.
North America dominated the thermoform packaging market in 2019 and is envisaged to continue this trend throughout the forecast period. The presence of significant companies in the region will be the major driving factor for the regional thermoform packaging market.
The European thermoform packaging market is expected to witness moderate growth during the forecast period owing to the rising demand from the established pharmaceutical and food & beverage sectors. On the contrary, the thermoform packaging market in the LAMEA region is projected to expand at a lower rate.
The thermoform packaging market in Asia–Pacific is anticipated to witness the highest growth rate between 2020 and 2027. This can be attributed to the surge in investments in the food and beverage, electronics, and pharmaceutical industries.
Some of the key players operating in the thermoform packaging market include, but not limited to:
Anchor Packaging Inc.; Amcor Ltd.; Display Pack Inc.; D&W Fine Pack LLC; Placon Corporation; Reynolds Group Holdings ltd; Sinclair & Rush Inc.; Sonoco Products Company; Tamarack Products Ltd.; WestRock Company.
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