CHICAGO, March 8, 2024 /PRNewswire/ — The report “Thermoform Packaging Market by Material (Plastic, Aluminium, Paper & Paperboard), Heat Seal Coating (Water-Based, Solvent-Based, Hot-Melt-Based), Type (Blister Packaging, Clamshell Packaging, Skin Packaging), End-Use Industry – Global Forecast to 2028″, size is projected to grow from USD 52.2 billion in 2023 to USD 65.6 billion by 2028, at a CAGR of 4.7% from 2023 to 2028.
In the thermoform packaging market, the increasing demand for convenient packaging solutions in the food and beverage sector and e-commerce sector acts as a significant driver, propelled by increasing demand from pharmaceuticals. However, challenges such as stringent regulatory requirements and environmental concerns pose notable restraints. Opportunities arise from the adoption of eco-friendly materials, expansion into emerging markets, and ongoing innovation in design and functionality. Successfully navigating these challenges while capitalizing on opportunities will be essential for industry players to sustain growth and competitiveness in the thermoform packaging market.
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370 – Tables 55 – Figures 298 – Pages
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The blister packaging segment dominated the thermoform packaging market in 2022.
Blister packaging dominated the market among blister packaging, clamshell packaging, skin packaging, and others in the thermoform packaging market. Its superior product protection, transparent design for enhanced visibility, excessive usage in pharmaceutical medicine packaging, versatility across various industries, and compatibility with automated processes drive its rapid expansion. Technological advancements further enhance its performance and efficiency, catering to evolving market demands effectively.
The plastic segment dominated the thermoform packaging market in 2022.
Plastic emerges as the dominant material choice in the thermoform packaging market due to several key factors. Firstly, plastic offers unparalleled versatility, allowing for the creation of a wide range of packaging solutions tailored to diverse product requirements and industry needs. Its inherent flexibility enables the production of intricate shapes and designs, enhancing product visibility and shelf appeal. Additionally, plastic boasts excellent barrier properties, effectively protecting contents from moisture, oxygen, and other external factors, thereby extending shelf life, and maintaining product freshness. Moreover, plastic packaging is lightweight, making it cost-effective for transportation.
The heat seal coating segment is estimated to be the largest heat seal coating segment in the thermoform packaging market in the forecast period.
Solvent-based heat seal coatings are the preferred choice in the thermoform packaging market due to their exceptional attributes, such as water and grease resistance, strong bonding, and adaptability to different temperatures. They effectively shield against moisture and oils, preserving product freshness, while their robust seals endure handling and transportation, enhancing product protection. Their versatility in processing at varying temperatures adds manufacturing flexibility, meeting diverse packaging requirements. With their superior performance, solvent-based coatings remain dominant in thermoform packaging, meeting stringent industry demands and ensuring packaged goods’ reliability.
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The Food & Beverages segment is estimated to be the largest end-use industry segment in the thermoform packaging market in the forecast period.
The food and beverage industry maintains its dominant position among food and beverages, electronics, home and personal care goods, pharmaceuticals, and other sectors due to its indispensable role in meeting essential consumer needs. With diverse product offerings and evolving consumer preferences, including convenience and health-conscious options, the sector experiences consistent demand. Factors such as population growth, urbanization, and rising disposable incomes further drive market expansion. Additionally, thermoform packaging solutions such as clamshells and skin packaging play a crucial role in preserving food freshness and safety. Clamshells provide secure containment and protection, preventing contamination and prolonging shelf life, while skin packaging utilizes a vacuum-sealed film to tightly adhere to food products, enhancing freshness and minimizing oxidation.
Asia Pacific is estimated to be the largest region in the thermoform packaging market.
The Asia-Pacific (APAC) region emerges as the largest market in the thermoform packaging industry among APAC, North America, Europe, the Middle East, and Africa (MEA), and South America, primarily due to several key factors. APAC boasts a massive population base and robust economic growth, fostering a thriving consumer market with high demand for packaged goods across various sectors. Rapid urbanization, industrialization, and expanding middle-class populations in countries like China, India, and Southeast Asian nations contribute significantly to the region’s dominance in the market. Furthermore, increasing urbanization has led to changes in lifestyle and consumption patterns, driving the need for convenient and efficient packaging solutions. Additionally, the rise of e-commerce and the increasing adoption of online retail platforms in APAC further stimulate demand for thermoform packaging solutions.
Key Players
Amcor Limited (Australia), Sonoco Products Company (US), DS Smith (UK), Huhtamaki OYJ (Finland), WestRock company (US), amongst others, are the key players operating in the thermoform packaging market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the thermoform packaging market.
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