The global thermoformed containers market is poised for significant growth, as per the latest research conducted by Future Market Insights (FMI). The market is projected to record a compound annual growth rate (CAGR) of 4.6% during the forecast period from 2023 to 2033. In 2023, the market size is expected to reach USD 19.9 billion, and by 2033, it is anticipated to achieve a valuation of USD 31.6 billion.
Thermoformed containers are manufactured through a thermoforming process that involves heating rigid plastics or closed-cell foams to a pliable temperature, allowing them to be molded into various shapes using pressure and vacuum forming techniques.
These containers are witnessing growing adoption across multiple industries due to their notable attributes, including lightweight, durability, water resistance, cost-effectiveness, and reusability. Products such as clamshells, blisters, trays & lids, and bowls are in high demand, contributing to the market’s growth trajectory.
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Challenges Faced by the Thermoformed Containers Market:
- Environmental Concerns: Increasing pressure to reduce plastic waste and environmental pollution has led to rising demand for sustainable packaging solutions. Thermoformed containers, often made from plastic, face challenges in meeting eco-friendly standards and consumer expectations for biodegradable or recyclable materials.
- Fluctuating Raw Material Prices: The cost of raw materials like PET, PVC, and polypropylene, used in thermoforming, is subject to market fluctuations, impacting profit margins. Price volatility, driven by supply chain issues or crude oil prices, poses a significant challenge for manufacturers.
- Competition from Alternative Packaging: The market faces growing competition from alternative packaging solutions such as flexible packaging, molded pulp, and paper-based containers, which are often viewed as more sustainable and lightweight, capturing market share.
- Regulatory Compliance: Stricter regulations on plastic usage, especially single-use plastics, create compliance challenges for thermoformed container manufacturers. Meeting various regional regulations regarding packaging materials can complicate production processes and increase costs.
- Limited Customization Flexibility: While thermoforming is a cost-effective solution for mass production, it may lack the design flexibility that other packaging methods provide, such as injection molding. This can limit the appeal of thermoformed containers in sectors requiring more complex or custom designs.
Key Takeaways from Thermoformed Containers Market:
- The global thermoformed containers market exhibited a Compound Annual Growth Rate (CAGR) of 4.4% during the historical period.
- In 2023, North America is expected to represent a significant portion of the market, with the United States accounting for approximately 37.8% of the total market share.
- China is predicted to capture a notable share of the Asia Pacific (excluding Japan) thermoformed containers market by 2033, with Asia Pacific holding around 33.6% of the market share in 2023.
- The growing use of thermoformed blisters in Germany will drive the European market, which is projected to account for 28% of the global market share.
Competitive Landscape
Manufacturers have made large investments in such facilities as a result of the rising demand for manufacturing facilities in high-potential regions. Because they provide an environmentally benign method of safeguarding white goods, they are expected to open up a variety of alternatives. Sonoco will open a new factory in Turkey in November 2022 to increase Sonoplast Cornerpost production.
Key Players
- DS Smith
- Berry
- Sonoco
Recent Development
- In December 2022, Sonoco was ranked gold by EcoVadis in 2022 for a second consecutive year.
- In January 2023, Berry and Coca-Cola collaborated to implement tethered caps in the EU market
The Thermoformed Containers Market Segmentation
By Material Type:
- Polypropylene
- Polyethylene
- Polyvinyl Chloride
- Polystyrene
By Product Type:
- Blisters
- Clamshells
- Cups & Bowls
- Trays & Lids
By End-Use:
- Food & Beverages
- Pharmaceuticals
- Cosmetics & Personal Care
- Home Care Products
- Electronics & Electrical
By Region:
- North America
- Latin America
- Europe
- Asia Pacific excluding Japan
- Japan
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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