The thermoformed trays market is predicted to experience positive growth during the forecast period. A new forecast by FMI predicts that the thermoformed trays sales will increase during 2022-2032 and is projected to generate an incremental growth opportunity of US$ 7.8 Bn.
According to FMI research, during the forecasted period, the global thermoformed trays market is predicted to reach a valuation of US$ 6.8 Bn in 2022 and is expected to grow at a CAGR of 4.4% and anticipated to reach a valuation of US$ 10.4 Bn till the year 2032.
Competitive Landscape
The key players working in the thermoformed trays market are trying to focus on increasing their sales and revenues by escalating their capabilities to meet the rising demand. The key players are trying to adopt a merger & acquisition strategy to expand their resources and are developing new products to meet customer needs. Also, the players are focusing on improving their facilities to cater to the demand. Some of the recent key developments by the leading players are as follows –
- In May 2022, NEFAB GROUP launched a range of sustainable plastic packaging, including thermoformed trays.
- In April 2022, Amcor plc declared an investment to expand thermoforming capabilities in its Sligo and Ireland facilities for medical packaging.
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Key Companies Profiled
- Dordan Manufacturing
- Nelipak Corporation
- Universal Plastics Group, Inc.
- PLACON Corporation
- UFP Technologies, Inc.
- Brentwood Industries, Inc.
- Blisterpak, Inc.
- Lacerta Group, Inc.
How does Thermoforming offer Cost and Time Advantage as Compared to Injection Molding?
Thermoformed shallow trays offer manufacturers and customers the benefit of lower costs and shorter lead times as compared to injection-molded trays. Apart from material and other production expenses, thermoforming differs heavily from injection molding in terms of tooling costs and lead times. Tooling forms a substantial part of manufacturing costs for smaller to moderate volumes.
Though tooling amounts to a one-time expenditure, high-tooling costs discourage purchase decisions with multiple design requirements. Tooling cost incurred in thermoforming is on average 15%-45% cheaper than tooling in injection-molded process. Further, lead times in injection molding are 2-3 times longer than thermoforming. Thermoforming practices are observed to enhance the order-fulfilling capacities of packaging manufacturers.
Thermoformed tray manufacturers work collaboratively with their customers to ensure that the production process and material selection result in the best value offering when integrated with the choice of technology implemented.
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Historic Market Outlook for Thermoformed Trays
The global thermoformed trays market recorded a CAGR of 3.6% during the historic period between 2015 and 2021 with a market valuation of US$ 6.5 Bn in 2021.
Thermoformed trays have become a significant portion of the tray packaging market. The protection and stability of products are major factors driving the sales of thermoformed trays. Thermoformed trays, specially insert trays, match this function efficiently. Delicate products like ampoules, vials, and electronics can be easily transported and stored using this function of thermoformed trays.
Thermoformed Trays Market by Category
By Product Type, Thermoformed Trays Market is Segmented as:
- Plastic Insert Trays
- Dunnage Trays
- POP Display Trays
- Medical Handling Trays
By Material Type, Thermoformed Trays Market is Segmented as:
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate Glycol (PETG)
- High-density polyethylene (HDPE)
- High Impact Polystyrene (HIPS)
- Recycled Polyethylene Terephthalate (rPET)
By End Use, Thermoformed Trays Market is Segmented as:
- Food & Beverage
- Electronics
- Pharmaceutical
- Cosmetics
By Region, Thermoformed Trays Market is Segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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