Moulded products that are obtained by the thermoforming process and are used for packaging are referred to as thermoform packaging. The thermoform process is relatively cheaper than plastic moulding and forming. 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.
The thermoform packaging market size was US$ 43.48Bn in 2019 and expected to reach US$ 66.59 Bn by 2027; this converts into a compounded annual growth rate (CAGR) of 5.5% for the forecast period.
2019 witnessed a slowdown in manufacturing activity which, in turn, impacted the packaging industry. However, it gained momentum during the pandemic. 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. Many manufacturers such as Sonoco provided personal protective equipment which helped reduce the dearth of these supplies. The market may further grow post-lockdown due to the resumption of manufacturing activities. Therefore, on an overall basis, the packaging industry has been positively affected since the pandemic.
Segmented based on material, the plastic-based thermoform packaging captured the largest market share of more than 80% in 2019. The increasing use of plastic thermoform packaging by various industries especially the food & beverage industry is largely driving the segment forward. 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 market in 2019. Extensive use of this product in the pharmaceutical industry contributed significantly to its market share. The segment is also anticipated to witness a high growth rate of around 5.5% over the forecast period while accounting for close to 50% of the market share in 2019.
The increasing use of consumer packaging has led to the dominance of the solvent-based thermoform packaging segment. It accounted over half of the market in 2019. In terms of revenue, the solvent-based segment accumulated approximately USD 25 billion. 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 market. It accounted for nearly 40% of the market share and collected under USD 20 billion in revenue by the end of 2019. Dairy and related industries have been major contributing factors. 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. It accounted for nearly 30% of the global market share in terms of revenue. This region 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 market. Extensive R&D activities coupled with numerous mergers and acquisitions are creating lucrative opportunities for the regional market growth.
The European 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 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.
1. Extensive applications
Thermoform packaging is widely used in industries such as food & beverages, electronics, pharmaceuticals, cosmetics and so on. The rising suitability and growing demand for these packaging is expected to drive the growth of the market.
2. Growing demand from the food & beverage industry
Soaring demand from the food & beverage as well as the pharmaceuticals industry is projected to lead to the substantial growth of the market. Development of convenient and easy-to-use products will further influence the global thermoform packaging market.
3. Demand for Light-weight packaging
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 market.
1. Growing demand for sustainable and recyclable products
Rising concerns regarding disposal of thermoform packages has 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 market is non-recyclability and sustainability of these products.
2. Government Norms
Increasing land and water pollution created due to the use of thermoform packaging have resulted in the implementation of various stringent government regulations that severely hamper the market growth.
Shifting focus towards innovative packaging solutions and the advancements in machinery may provide opportunities for the growth of the market.
1) A fully-recyclable polypropylene film was developed by the Mondi Group in June 2019. This film was intended for use in Modified Atmosphere Packaging (MAP) and vacuum packaging.
2) In October 2019, COEXPAN launched CorePET. CorePET is a 100% rPET sheet specifically formulated for the thermoform packaging market.
3) Charpak Ltd. launched a new thermoform packaging tub that is 100% recyclable as well as tamper-evident in October 2019.
4) In January 2020, Sonoco from ESCO Technologies Inc. acquired Thermoform Engineered Quality LLC and Plastique Holdings LTD to expand its portfolio.
How big is the thermoform packaging market?
The market size was US$ 43.48Bnin 2019 and expected to reach US$ 66.59Bn by 2027.
What is the estimated growth?
The market is expected to grow at a compounded annual growth rate (CAGR) of 5.5% during the forecast period.
Which geography accounted for the largest market share?
In the base year, North America held the largest geographic share in thermoform packaging market.
Which geography is lucrative for an investment in thermoform packaging market?
With the highest growth rate, APAC is the most lucrative region for investments.
By material segmentation, which is the fastest-growing sub-segment?
Plastics is the fastest-growing sub-segment when analyzing the market by material.
Who are the key players in the thermoform packaging market?
Key players 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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Chapter 1. Research Objective
1.1 Objective, Definition & Scope
1.2 Methodology
1.2.1 Primary Research
1.2.2 Secondary Research
1.2.3 Market Forecast - Estimation & Approach
1.2.4 Assumptions & Assessments
1.3 Insights and Growth - Relevancy Mapping
1.3.1 FABRIC Platform
1.4 Data mining & efficiency
Chapter 2. Executive Summary
2.1 Thermoform Packaging Market Overview
2.2 Interconnectivity & Related markets
2.3 Ecosystem Map
2.4 Thermoform Packaging Market Business Segmentation
2.5 Thermoform Packaging Market Geographic Segmentation
2.6 Competition Outlook
2.7 Key Statistics
Chapter 3. Strategic Analysis
3.1 Thermoform Packaging Market Revenue Opportunities
3.2 Cost Optimization
3.3 Covid19 aftermath - Analyst view
3.4 Thermoform Packaging Market Digital Transformation
Chapter 4. Market Dynamics
4.1 DROC
4.1.1 Drivers
4.1.1.1 Extensive applications of thermoform packaging
4.1.1.2 High demand for packaged food & beverage products
4.1.1.3 Increase in demand for lightweight packaging products
4.1.2 Restraints
4.1.2.1 Rise in concerns regarding recyclability and disposal of plastic
packaging products
4.1.2.2 Government regulations regarding plastic packaging products
4.1.3 Opportunities
Chapter 5. Market Segmentation
5.1 The Thermoform Packaging Market Segmentation by Material - Forecast till 2027
5.1.1 Plastics
5.1.2 Aluminum
5.1.3 Paper & Paperboard
5.2 The Thermoform Packaging Market Segmentation by Type - Forecast till 2027
5.2.1 Clamshell Packaging
5.2.2 Blister Packaging
5.2.3 Skin Packaging
5.2.4 Others (Windowed Packaging and Tubs & Cups)
5.3 The Thermoform Packaging Market Segmentation by Heat Seal Coating - Forecast till 2027
5.3.1 Water-based
5.3.2 Solvent-based
5.3.3 Hot Melt-based
5.4 The Thermoform Packaging Market Segmentation by End-use Industry - Forecast till 2027
5.4.1 Food & Beverage
5.4.2 Electronics
5.4.3 Personal Care & Cosmetics
5.4.4 Pharmaceuticals
5.4.5 Others (Industrial Goods and Automotive & Aerospace)
Chapter 5A. Regional Forecast
North America Thermoform Packaging Market Segmentation
By Material - Forecast till 2027
By Type - Forecast till 2027
By Heat Seal Coating - Forecast till 2027
By End-use Industry - Forecast till 2027
Europe Thermoform Packaging Market Segmentation
By Material - Forecast till 2027
By Type - Forecast till 2027
By Heat Seal Coating - Forecast till 2027
By End-use Industry - Forecast till 2027
APAC Thermoform Packaging Market Segmentation
By Material - Forecast till 2027
By Type - Forecast till 2027
By Heat Seal Coating - Forecast till 2027
By End-use Industry - Forecast till 2027
Latin America (LATAM) Thermoform Packaging Market Segmentation
By Material - Forecast till 2027
By Type - Forecast till 2027
By Heat Seal Coating - Forecast till 2027
By End-use Industry - Forecast till 2027
**The Regions are further studied to analyze the major countries within the respective regions. The coverage of the country level data is dynamic and is updated regularly based on the market movements. Normally, the countries covered in the report include:
North America - United States, Canada, Mexico; Europe - United Kingdom, France, Italy, Germany, Spain, Rest of Europe; Asia Pacific - China, India, Japan, South Korea, Rest of APAC; Middle East & Africa - South Africa, GCC Countries, Rest of MEA; LatAm - Brazil, Argentina, Rest of LatAm;
Chapter 6. Market Use Case Studies
Chapter 7. KOL Recommendations
Chapter 8. Investment Landscape
8.1 Thermoform Packaging Market Investment Analysis
8.2 Market M&A
8.3 Market Fund Raise & Other Activity
Chapter 9. Thermoform Packaging Market - Competitive Intelligence
9.1 Company Positioning Analysis
9.1.1 Positioning - By Revenue
9.1.2 Positioning - By Business Score
9.1.3 Legacy Positioning
9.2 Competitive Strategy Analysis
9.2.1 Organic Strategies
9.2.2 Inorganic Strategies
Chapter 10. Key Company Profiles
*The Thermoform Packaging Market Report profiles companies based on the material impact they have on the market ecosystem. These are hence, to be read as 'Key Players' and not necessarily 'Market Leaders'.
Companies are typically profiled to include:
10.x.1 Company Fundamentals
10.x.2 Performance Overview
10.x.3 Product Overview
10.x.4 Recent Developments
The Companies profiled in this Report include:
Chapter 11. Appendix
11.1 About AllTheResearch
11.2 Service offerings
11.3 Author details
11.4 Terms & Conditions
11.5 Contact us
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