According to the Vision Research Reports, The Thermoform Packaging market revenue share is set to grow at a yearly rate of 5.10% during 2021-2030, while its valuation is Projected to jump from $ 42.86 Bn in 2020 to $74.21 Bn in 2030.
Growth Factors
High adoption of products, such as blisters & clamshell packaging, containers, and trays & lids, by the end-user industries including food & beverages, electronics, pharmaceuticals, and personal care & cosmetics, coupled with increased penetration of organized and e-retail, have been driving the market from the past several years.
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In thermoforming, the thermoplastic sheet is heated up to its pliable temperature and then placed over a mold until it cools and takes shape of the mold. A thin-gauge sheet, which is usually less than 0.060 inches, is mainly used to produce rigid disposable products, such as trays, bowls, containers, plates, and others. Thermoforming plastic molding process offers several advantages over injection molding including lower tooling cost, less wastage of material, and less per-unit cost for short-run production, owing to which the end-use industries, primarily food & beverages, mainly prefer thermoformed packaging products.
The packaged food industry, wherein thermoformed trays, containers, and tubs are widely used for the packaging of meat, fruits, eggs, and ready meals, is rapidly expanding across the world. Increasing urbanization and penetration of retail networks coupled with changing lifestyles are majorly contributing to the growth of the global packaged food industry, and thereby augmenting the product demand. Moreover, the rising micro-family structure, which creates demand for single-serve packaging, is expected to favor the growth of the market.
Global electronic manufacturers are mainly focusing on the development of compact devices, as they are easy to carry, which, in turn, is expected to benefit the usage of products such as trays and containers. However, electronics and food manufacturers are gradually shifting towards sustainable products, such as molded pulp trays. This increasing availability of alternative solutions coupled with the growing awareness regarding sustainability among consumers is likely to limit the market growth over the forecast period.
Due to their effectiveness, thermoformed blisters are widely utilized for the packaging of pharmaceutical solid oral dose products, such as capsules and tablets. These benefits of blisters along with their low cost and ease of usage are attracting North American pharmaceutical companies to switch from the traditional bottle packaging for solid oral doses, thereby supporting market growth. Moreover, the rising prevalence of chronic diseases coupled with the growing aging population has been driving the global pharmaceutical industry, which in turn, is expected to increase the product application scope in the pharmaceutical industry.
Asia Pacific is estimated to be the largest as well as the fastest-growing regional market from 2021 to 2028. This growth is credited to the rapid penetration of organized and e-retail sectors coupled with increased spending on processed food and consumer products, which drive the product demand in the regional market. Market participants across the globe compete on the basis of product differentiation and services offered. Pactiv LLC emerged as the market leader in 2020 on account of its wide-scale product offerings, especially for food & beverage applications.
Report Highlights
The Polyethylene Terephthalate (PET) segment led the market and accounted for more than 44% of the global revenue share in 2020. Properties of PET material including high strength, low weight, and recyclability boost its demand, thereby supporting the segment growth. Moreover, PET showcases low water absorption and does not react with food or beverages. These factors also make it an ideal choice for the packaging of consumable products.
A variety of PET graders including A-PET, C-PET, and R-PET are used to make thermoform packaging. Amorphous Polyethylene Terephthalate or A-PET is a crystal clear material and is ideal for producing containers for displaying various products, such as bakery products. Crystalline Polyethylene Terephthalate or C-PET can withstand extreme temperatures, making it ideal for packaging oven-ready as well as frozen foods.
Recycled Polyethylene Terephthalate or R-PET is being increasingly preferred by end-use companies due to the growing demand for sustainable solutions. Polyvinyl Chloride (PVC) is anticipated to experience significant CAGR from 2021 to 2028, as the material possesses robust barrier properties and is shatter-resistant, lightweight, and cheaper than High-Density Polyethylene (HDPE) and Polypropylene (PP).
Polypropylene (PP) is another popular material within the market mainly due to its toughness. Moreover, high tolerance at elevated temperatures makes it ideal for microwavable food product applications. Moreover, PP aids in retaining the freshness of food items, due to which, it is commonly used in food & beverage applications.
The containers product type segment dominated the global market with a revenue share of over 26% in 2020. Extensive application of thermoformed containers in the foodservice industry contributed largely to the segment’s high share. The segment will expand further at a steady rate over the coming years due to the increasing penetration of food delivery services, especially in the developing regions.
The blister is another popular product, which is widely utilized by the pharmaceutical, personal care, and electronics industries. A blister pack consists of a pocket or a cavity in which the product to be packed is placed and then sealed using paperboard or other materials, such as aluminum foil or even plastic.
The clamshell product segment is anticipated to witness the fastest CAGR of 5.9% from 2021 to 2028. High aesthetics appeal offered by clamshells boosts their demand in the retail segment. A clamshell is a container that consists of two halves joined by a hinge that assists in the closing of the container. Clamshells are primarily employed in the food & beverage and electronics industries.
Thermoformed trays are typically used in the food industry, especially in supermarkets, for displaying various products including meat, fruits, and vegetables among others. The increasing availability of frozen meat products in emerging countries due to rising penetration of cold chain and organized retail networks are anticipated to favor the growth of the trays product type segment over the forecast period.
The food & beverage end-user industry segment accounted for the highest revenue share of over 51% in 2020. Extensive utilization of various products, such as containers, trays, and clamshells, by packaged food manufacturers and foodservice outlets contributed to the higher share of this segment.
Increasing demand for convenience or packaged food products due to changing lifestyle is likely to increase the penetration of thermoform products in the food & beverage end-use industry segment over the forecast period. However, the shifting preference for sustainable packaging solutions, such as molded pulp products, is expected to hinder the segment growth.
The pharmaceutical end-user industry segment is estimated to register the highest CAGR of 5.9% from 2021 to 2028. The rapidly expanding global pharmaceutical industry, rising prevalence of chronic diseases, and growing geriatric population are the primary factors contributing to the growth of the segment. Pharmaceutical companies mainly prefer thermoformed blisters owing to their effective unit dose packaging.
Electronics is another key end-user industry segment wherein thermoform containers, clamshells, and blisters are used for packaging various electronics products including headphones, batteries, mobile accessories, and others. Increasing penetration of e-commerce has been significantly contributing to the expansion of the electronics industry, which, in turn, is anticipated to have a positive impact on the segment growth in the coming years.
North America dominated the market with a revenue share of 27.7% in 2020. The widespread presence of large-sized packaged food companies and strong penetration of organized retail contributed to the high share of the regional market in 2020. Moreover, the presence of large-sized thermoform packaging manufacturers that strive for a higher share within the market by introducing innovative products also supported the region’s growth. Other factors that contributed to the regional market include high consumption of frozen meat and packaged bakery products.
On the other hand, Asia Pacific is anticipated to be the largest as well as the fastest-growing regional market from 2021 to 2028. A rising number of nuclear families, which increases the demand for single-serve packaging, increasing geriatric population, and growing penetration of organized retail in countries such as China and India, are the key factors driving the regional market. Europe is expected to witness sluggish growth over the forecast period due to stringent regulations on the use of plastic products and rising awareness about sustainability, which is paving the way for paper- and pulp-based packaging, thereby hindering market growth.
Key Players
Market Segmentation
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