The global thermoform packaging market size is expected to reach USD 60.51 billion by 2027 registering a CAGR of 5.1%, according to a new report by Grand View Research, Inc. The demand for thermoform packaging is increasing on account of growing sales of retail products, such as electronics, personal care, and cosmetics. Incorporation of innovative packaging techniques, such as modified atmosphere packaging, by the food manufacturers to extend the shelf life of packaged food is likely to support market growth. Moreover, these products are lightweight, which makes them user-friendly and enables easy transportation.
The thermoform plastic molding process offers multiple advantages, such as extensive design options, less tooling as well as prototype development cost over the other plastic molding processes. Furthermore, the thermoforming allows minimum raw material wastage and easy product customization, due to which, food & beverage manufacturers prefer these packaging solutions. The increasing penetration of e-food delivery platforms is another factor driving the demand for thermoform packaging products, such as containers, trays & lids, and clamshells.
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In 2019, the pharmaceuticals application segment accounted for 20.9% of the overall revenue share
The segment is estimated to expand further at the fastest CAGR from 2020 to 2027 owing to the wide usage of thermoform blisters by pharmaceutical companies for the unit dose packaging
Containers product segment accounted for the major revenue share of over 26% in 2019, owing to high product adoption for the packaging of ready meals and processed foods & beverages
In 2019, PET led the materials segment with a revenue share of 45% on account of its low cost, versatility in molding, transparency, and ease of recycling
Asia Pacific is estimated to be the fastest-growing regional market from 2020 to 2027 owing to the robust food processing and pharmaceutical sectors in China, Japan, South Korea, and Japan
The market is highly competitive and the industry players compete on the basis of product differentiation and service offerings
Grand View Research has segmented the global thermoform packaging market on the basis of material, product, end-user industry, and region:
Thermoform Packaging Material Outlook (Revenue, USD Million, 2016 - 2027)
Thermoform Packaging Product Outlook (Revenue, USD Million, 2016 - 2027)
Trays & Lids
Thermoform Packaging End-user Industry Outlook (Revenue, USD Million, 2016 - 2027)
Food & Beverage
Personal Care & Cosmetics
Thermoform Packaging Regional Outlook (Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
List of Key Players of Thermoform Packaging Market
Sonoco Products Company
Display Pack, Inc.
Dart Container Corp.
Constantia Flexibles GmbH
D&W Fine Pack
Anchor Packaging, Inc.
Lacerta Group, Inc.
RPC Group Plc
Silgan Holdings, Inc.
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