Thermoform packaging market has been witnessing significant technological advancements and increasing consumer demand worldwide, in recent years. Thermoforming refers to the process of manufacturing plastic sheets using heat to form specific shapes in molds, thereby making them usable. The manufacturing process involves stretching of a film or sheet to achieve the desired shape. Some of the common thermoformed items include clamshells, blisters, trays, and lids. Thermoformed blisters and clamshells find application in the electronics industry retail packaging among others. Trays and lids offer as an ideal solution for a wide range of custom set of items and tools. The process of thermochromism offers benefits such as cost-effective customization, quick turnaround time, and production of low-cost molds. Typically, clear and rigid formed covers qualify for an ideal package.
The end-user segments pertaining to the market include pharmaceuticals, food & beverages, electronics, and consumer goods among others. The pharmaceutical segment accounts for the fastest growth in the market backed by increasing need for compartmentalization and cleanliness as required by pharmaceutical products. The employment of thermoform packaging offers external protection to medical products while holding the internal ingredients/parts safely.
The food & beverages segment also offers significant growth opportunities for the global thermoform packaging market. The versatility of thermoform packaging coupled with retention of flavor and aroma of food & beverages has augmented demand for thermoform packaging and trend is expected to continue over the forecast period. In addition, growing consumer preference with regard to fresh and packaged food has had a positive impact on the market. Rising need for lightweight packaging coupled with advancements in thermoforming packaging technology has been a major driving factor in the market.
Geographically, North America is expected to dominate the thermoform packaging market owing to rapidly increasing demand for packaged food in countries such as the US. The typical American thermoform packaging consumer is frugal in approach and focuses more on expanding the retail network. This has further contributed to the increase in demand for thermoform packaging in the region. Furthermore, rising consumer demand owing to an aging population has provided impetus to the thermoform packaging market in North America to cater to rising concerns regarding health issues in the region.
However, Asia-Pacific is expected to account for the fastest growth over the forecast period. One of the prominent factors augmenting demand for thermoform packaging in Asia-Pacific is ongoing liberalization of the pharmaceutical market in the region with countries such as Vietnam offering impetus to the market. The constantly changing pharmaceutical sector has not only offered a greater appeal to the industry, but has strengthened the need for packaging in the region.
Prominent players in the global thermoform packaging market include Anchor Packaging, Sonoco Products Company, Bemis Company, Inc., Placon Corporation, and Amcor Limited. Key players have been focusing more on employing cutting-edge techniques to manufacture thermoform packaging while ensuring efficient and economical production. Product differentiation has also been a decisive factor in determining the rate of success from a vendor’s standpoint. In this regard, the key players focus on improving the formability of thermoforming operations to extend their product portfolio to novel application areas.
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