The thermoform packaging market focuses on the manufacturing and distribution of packaging solutions created through the thermoforming process. Thermoform packaging involves heating a plastic sheet until it becomes pliable, forming it into a specific shape using a mold, and then cooling it to maintain the shape. This method results in packaging with tailored designs and functionalities, making it suitable for a wide range of applications across different industries.
The global thermoform packaging market, which was valued at USD 53.4 billion in 2023, is expected to grow to approximately USD 55.5 billion in 2024. Over the forecast period from 2024 to 2034, the market is projected to expand at a compound annual growth rate (CAGR) of 3.2%, reaching an anticipated value of USD 76.1 billion by 2034.
Anticipated market growth is poised to be driven by an upswing in the availability of convenience foods, with a particular focus on ready-to-eat meals and packaged meat and fish offerings. This momentum is further propelled by the global expansion of organized retail and e-commerce channels, creating a favorable landscape over the projected period. In the thermoforming process, manufacturers subject thermoplastic sheets to elevated temperatures, inducing softening, followed by molding using casts. The iterative application of heat, suction, and compression shapes these sheets into the final products.
Research findings underscore the potential of thermoform packaging to yield cost reductions of up to 15% compared to packaging produced through plastic injection molding. This revelation indicates a promising trajectory for widespread industry adoption in the foreseeable future, signaling positive prospects for the thermoform packaging segment.
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Market Trends:
- Rise in Food Packaging: Thermoform packaging is extensively used in the food industry for packaging items such as fresh produce, deli products, and ready-to-eat meals due to its versatility and protective qualities.
- Demand for Convenience Packaging: Thermoform packaging is well-suited for creating convenient and easy-to-use packaging, aligning with consumer preferences for on-the-go and single-serving products.
- Advancements in Technology: Ongoing technological advancements in thermoforming equipment and processes contribute to improved efficiency, reduced waste, and enhanced design capabilities in the thermoform packaging market.
- Focus on Sustainable Practices: There is a growing emphasis on sustainable practices, with an increasing number of manufacturers adopting recyclable materials and eco-friendly initiatives in thermoform packaging.
Key Takeaways from Thermoform Packaging Market
- In 2022, the Polyethylene Terephthalate (PET) segment accounted for more than 51% of the market share.
- By Product, the Containers Segment dominated the market from 2023 to 2033, with a share of 27%.
- Between 2023 and 2033, the Food & Beverage Sector had a 52% Share of the End User Market for Thermoform Packaging.
- By 2033, the thermoform packaging market in the United States is projected to be worth over US$ 26.200 Mn, expanding at a CAGR of 6%.
- Germany’s thermoforming packaging market is anticipated to see one of the quickest rates of growth in Europe, rising at a CAGR of 5.6% during the forecast period.
- By 2033, the thermoform packaging market in China is projected to be worth US$ 15.250 Mn, expanding at a CAGR of 7%.
- Japan’s thermoform packaging market is anticipated to reach US$ 1.420 Mn in value, growing at a CAGR of 5% over the forecast period.
- By 2033, the thermoform packaging market in South Korea is anticipated to be worth US$ 14.3 Mn, growing at a CAGR of 3.3%.
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Competitive Landscape
Competitors have merged with and acquired other companies in the thermoforming sector, which has helped them boost their market share. Through continual research and development projects, market participants have also been able to incorporate improvements in their goods that allow them to provide sustainability to their clients.
Some of the significant participants that are included in the report are Mondi Group, Placon Corp., Display Pack, Inc., Pactiv LLC, Amcor, Sonoco Products Company, 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.
Recent Developments in the Thermoform Packaging Market
- In October 2019, COEXPAN unveiled CorePET, a brand-new 100% rPET sheet developed exclusively for the thermoform packaging industry.
- The Mondi Group created a polypropylene film that is 100% recyclable for use in thermoforming flexible films for modified atmosphere packaging (MAP) and vacuum packaging to extend the shelf life of products like meat and cheese. The device offers a 23% reduction in carbon footprint compared to conventional packaging and is completely recyclable in existing waste streams. The internal barrier layer accounts for less than 5% of the whole structure.
- Pactiv LLC took the lead in the market in 2020 as a result of its wide range of products, particularly for the food and beverage industry, and strong North American presence.
Segmentation
By Material:
- PET
- PVC
- PS
- PP
- PE
- Others
By Product:
- Blister
- Clamshell
- Skin Packaging
- Trays & Lids
- Containers
- Others
By Heat Seal Coating:
- Hot Melt-Based
- Solvent-Based
- Water-Based
By End User:
- Food & Beverage
- Personal Care & Cosmetics
- Pharmaceuticals
- Electronics
- Homecare
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Eastern Europe
- Western Europe
- Japan
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