Thermoform Packaging Market: Pet Led The Material Segment Is Expected To Witness Significant Growth From 2021 To 2028

 Thermoform Packaging Industry Overview

The global thermoform packaging market size is expected to reach USD 64.21 billion by 2028 registering a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. 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.

 

Thermoform Packaging Market Segmentation

Grand View Research has segmented the global thermoform packaging market on the basis of material, product type, end-user industry, and region:

Based on the Material Insights, the market is segmented into PET, PVC, PS, PP, PE, and Others.

  • 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.


Based on the Product Type Insights, the market is segmented into Blister, Clamshell, Skin Packaging, Trays & Lids, Containers, and Others.

  • 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.


Based on the End-user Insights, the market is segmented into Food & Beverage, Personal Care & Cosmetics, Pharmaceuticals, Electronics, Homecare, and Others.

  • 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.

 

Thermoform Packaging Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market is highly competitive with the presence of both public as well as private players. The market participants compete primarily on the basis of product differentiation and cost and services offered. Pactiv LLC emerged as the market leader in 2020 owing to its robust product offering, particularly for the food & beverage industry, and strong presence in North America.

Companies operating in the market offer a wide range of products made from different materials that are available in a variety of shapes and sizes. Moreover, they also offer custom packaging products to suit specific customer requirements. Acquisition emerged as a key strategy preferred by industry players to expand their product portfolio, clientele, and geographic reach. For instance, in January 2020, Sonoco Products Company completed the acquisition of Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD., which was aimed at expanding its product portfolio and clientele across the globe. Some of the key companies in the global thermoform packaging market include:

  • Amcor
  • Sonoco Products Company
  • Placon Corp.
  • Display Pack, Inc.
  • Pactiv LLC
  • Dart Container Corp.
  • Constantia
  • Tray-Pak Corp.
  • D&W Fine Pack
  • Lacerta Group, Inc.
  • RPC Group Plc
  • Silgan Holdings, Inc.
  • Sinclair & Rush, Inc.
  • Rompa Group

 

Order a free sample PDF of the Thermoform Packaging Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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