The global Thermoform Packaging market size is expected to be worth around US$ 74.21 billion by 2030, according to a new report by Vision Research Reports.
The global Thermoform Packaging market size was valued at US$ 42.86 billion in 2020 and is anticipated to grow at a CAGR of 5.10% during forecast period 2021 to 2030.
High adoption of products, such as blisters & clamshell packaging, containers, and trays & lids, by the end-user industries including food & beverages, electronics, pharmaceuticals, and personal care & cosmetics, coupled with increased penetration of organized and e-retail, have been driving the market from the past several years.
In thermoforming, the thermoplastic sheet is heated up to its pliable temperature and then placed over a mold until it cools and takes shape of the mold. A thin-gauge sheet, which is usually less than 0.060 inches, is mainly used to produce rigid disposable products, such as trays, bowls, containers, plates, and others. Thermoforming plastic molding process offers several advantages over injection molding including lower tooling cost, less wastage of material, and less per-unit cost for short-run production, owing to which the end-use industries, primarily food & beverages, mainly prefer thermoformed packaging products.
The packaged food industry, wherein thermoformed trays, containers, and tubs are widely used for the packaging of meat, fruits, eggs, and ready meals, is rapidly expanding across the world. Increasing urbanization and penetration of retail networks coupled with changing lifestyles are majorly contributing to the growth of the global packaged food industry, and thereby augmenting the product demand. Moreover, the rising micro-family structure, which creates demand for single-serve packaging, is expected to favor the growth of the market.
Global electronic manufacturers are mainly focusing on the development of compact devices, as they are easy to carry, which, in turn, is expected to benefit the usage of products such as trays and containers. However, electronics and food manufacturers are gradually shifting towards sustainable products, such as molded pulp trays. This increasing availability of alternative solutions coupled with the growing awareness regarding sustainability among consumers is likely to limit the market growth over the forecast period.
Due to their effectiveness, thermoformed blisters are widely utilized for the packaging of pharmaceutical solid oral dose products, such as capsules and tablets. These benefits of blisters along with their low cost and ease of usage are attracting North American pharmaceutical companies to switch from the traditional bottle packaging for solid oral doses, thereby supporting market growth. Moreover, the rising prevalence of chronic diseases coupled with the growing aging population has been driving the global pharmaceutical industry, which in turn, is expected to increase the product application scope in the pharmaceutical industry.
Asia Pacific is estimated to be the largest as well as the fastest-growing regional market from 2021 to 2028. This growth is credited to the rapid penetration of organized and e-retail sectors coupled with increased spending on processed food and consumer products, which drive the product demand in the regional market. Market participants across the globe compete on the basis of product differentiation and services offered. Pactiv LLC emerged as the market leader in 2020 on account of its wide-scale product offerings, especially for food & beverage applications.
The Polyethylene Terephthalate (PET) segment led the market and accounted for more than 44% of the global revenue share in 2020. Properties of PET material including high strength, low weight, and recyclability boost its demand, thereby supporting the segment growth. Moreover, PET showcases low water absorption and does not react with food or beverages. These factors also make it an ideal choice for the packaging of consumable products.
A variety of PET graders including A-PET, C-PET, and R-PET are used to make thermoform packaging. Amorphous Polyethylene Terephthalate or A-PET is a crystal clear material and is ideal for producing containers for displaying various products, such as bakery products. Crystalline Polyethylene Terephthalate or C-PET can withstand extreme temperatures, making it ideal for packaging oven-ready as well as frozen foods.
Recycled Polyethylene Terephthalate or R-PET is being increasingly preferred by end-use companies due to the growing demand for sustainable solutions. Polyvinyl Chloride (PVC) is anticipated to experience significant CAGR from 2021 to 2028, as the material possesses robust barrier properties and is shatter-resistant, lightweight, and cheaper than High-Density Polyethylene (HDPE) and Polypropylene (PP).
Polypropylene (PP) is another popular material within the market mainly due to its toughness. Moreover, high tolerance at elevated temperatures makes it ideal for microwavable food product applications. Moreover, PP aids in retaining the freshness of food items, due to which, it is commonly used in food & beverage applications.
The containers product type segment dominated the global market with a revenue share of over 26% in 2020. Extensive application of thermoformed containers in the foodservice industry contributed largely to the segment’s high share. The segment will expand further at a steady rate over the coming years due to the increasing penetration of food delivery services, especially in the developing regions.
The blister is another popular product, which is widely utilized by the pharmaceutical, personal care, and electronics industries. A blister pack consists of a pocket or a cavity in which the product to be packed is placed and then sealed using paperboard or other materials, such as aluminum foil or even plastic.
The clamshell product segment is anticipated to witness the fastest CAGR of 5.9% from 2021 to 2028. High aesthetics appeal offered by clamshells boosts their demand in the retail segment. A clamshell is a container that consists of two halves joined by a hinge that assists in the closing of the container. Clamshells are primarily employed in the food & beverage and electronics industries.
Thermoformed trays are typically used in the food industry, especially in supermarkets, for displaying various products including meat, fruits, and vegetables among others. The increasing availability of frozen meat products in emerging countries due to rising penetration of cold chain and organized retail networks are anticipated to favor the growth of the trays product type segment over the forecast period.
The food & beverage end-user industry segment accounted for the highest revenue share of over 51% in 2020. Extensive utilization of various products, such as containers, trays, and clamshells, by packaged food manufacturers and foodservice outlets contributed to the higher share of this segment.
Increasing demand for convenience or packaged food products due to changing lifestyle is likely to increase the penetration of thermoform products in the food & beverage end-use industry segment over the forecast period. However, the shifting preference for sustainable packaging solutions, such as molded pulp products, is expected to hinder the segment growth.
The pharmaceutical end-user industry segment is estimated to register the highest CAGR of 5.9% from 2021 to 2028. The rapidly expanding global pharmaceutical industry, rising prevalence of chronic diseases, and growing geriatric population are the primary factors contributing to the growth of the segment. Pharmaceutical companies mainly prefer thermoformed blisters owing to their effective unit dose packaging.
Electronics is another key end-user industry segment wherein thermoform containers, clamshells, and blisters are used for packaging various electronics products including headphones, batteries, mobile accessories, and others. Increasing penetration of e-commerce has been significantly contributing to the expansion of the electronics industry, which, in turn, is anticipated to have a positive impact on the segment growth in the coming years.
North America dominated the market with a revenue share of 27.7% in 2020. The widespread presence of large-sized packaged food companies and strong penetration of organized retail contributed to the high share of the regional market in 2020. Moreover, the presence of large-sized thermoform packaging manufacturers that strive for a higher share within the market by introducing innovative products also supported the region’s growth. Other factors that contributed to the regional market include high consumption of frozen meat and packaged bakery products.
On the other hand, Asia Pacific is anticipated to be the largest as well as the fastest-growing regional market from 2021 to 2028. A rising number of nuclear families, which increases the demand for single-serve packaging, increasing geriatric population, and growing penetration of organized retail in countries such as China and India, are the key factors driving the regional market. Europe is expected to witness sluggish growth over the forecast period due to stringent regulations on the use of plastic products and rising awareness about sustainability, which is paving the way for paper- and pulp-based packaging, thereby hindering market growth.
Sonoco Products Company
Display Pack, Inc.
Dart Container Corp.
D&W Fine Pack
Lacerta Group, Inc.
RPC Group Plc
Silgan Holdings, Inc.
Sinclair & Rush, Inc.
Product Type Outlook
Trays & Lids
End-user Industry Outlook
Food & Beverage
Personal Care & Cosmetics
Central & South America
Middle East & Africa
The Thermoform Packaging market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Thermoform Packaging market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Thermoform Packaging market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Thermoform Packaging market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Thermoform Packaging market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Thermoform Packaging capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Thermoform Packaging by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Thermoform Packaging market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Thermoform Packaging market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Thermoform Packaging market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Thermoform Packaging industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Thermoform Packaging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Thermoform Packaging market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Thermoform Packaging market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Thermoform Packaging market. These factors have benefited the growth of the global market for Thermoform Packaging. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Thermoform Packaging. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Thermoform Packaging are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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