Revenues in Thermoforming Packaging Market to Climb by 1.7X
- Uptake of blister packaging in pharmaceuticals and medical devices industries adds key growth momentum to thermoforming packaging market
- Demand for sustainable packaging for food manufacturers spur revenues; high-performance thermoform machines to play crucial role
ALBANY, New York, March 24, 2020 /PRNewswire/ -- Several end-use industries most notably pharmaceuticals and food have been utilizing the attractive characteristic of thermoform packaging. With availability of bevy of raw materials that can be thermoformed to intricate design and impart high-performance packaging, the thermoform packaging market is witnessing spate of opportunities. The global valuation stood at US$ 45.0 bn in 2018.
Future Outlook: Advent of cost-effective thermoform machines that can use variety of plastics has enabled manufacturers meet wide range of packaging needs in end-use industries. Rapid pace of demands for food and pharmaceutics from organized retails will continue to boost the revenue potential of the market. By 2027, the thermoform packaging market is estimated to increase by US$ 37.0 bn from the valuation in 2018, clocking a CAGR of 6.3% from 2019 to 2027.
Analysts at TMR opine that decreasing use of less raw material in packaging, increasing cost efficiency, and customization are the key trends that will shape the contours of the market through 2027.
Key Takeaways in Thermoforming Packaging Market Study
- Of the various end users, pharmaceutical industry is anticipated to rise at the leading CAGR during 2019 – 2027
- Among the various sub-segments of food industry, the demand for thermoform packaging in dairy, ready-to-eat meals, and bakery and confectionery is expected to expand at attractive growth rate
- Demand for blister packaging for pharmaceuticals and medical devices to offer sizable revenue share
- Asia Pacific is the leading consumer of thermoform packaging; vis-à-vis volume, it accounted for approximately 38% in 2018
- GCC countries expected to a promising emerging market
- North America is a key revenue generator; the U.S. estimated to hold a share of nearly 22% of the global market by 2027
Explore 251 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Thermoforming Packaging Market (Type - Blister Packs, Clamshells, Vacuum & Skin Packs, Containers, Trays & Lids, Cups & Bottles; Material Type - Plastic, Paper, Aluminum; Process Type - Vacuum, Pressure, Mechanical; Application - Food, Beverage, Pharmaceutical, Cosmetic & Personal Care, Homecare & Toiletries, Industrial Goods, Electrical & Electronics) - Global Industry, Size, Share, Growth, Trends, Forecast 2019 - 2027 at:
Thermoforming Packaging Market: Key Driving Factors and Avenues
The optimism in the thermoform packaging market is likely to be increasingly sustained by a few end-use industry trends. Some of these are worth noticing:
- Strides in food packaging industry are expected to spur demand for thermoform packaging.
- Wide scope of raw materials that can be thermoformed and the striking scope of customization that these materials offer to end-use industries of thermoform packaging constitute key drivers for demand in the market.
- Double-digit growth of the food industry, both in emerging and developed regions, increasingly contribute to the expansion of the demand for thermoform packaging.
- Strides in Industry 4.0 will offer rapid impetus to the demand for thermoform packaging across all end-use industries.
In coming few years, adoption of technologically advanced thermoform packaging equipment is expected to utilize these for high-performance packaging for the handling and storage of medical devices, pharmaceuticals, and cosmetics. The uptake of the packaging in these industries will define the future revenue potential of the market.
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Thermoforming Packaging Market: Region-wise Analysis
Of the various key regional markets, Asia Pacific has been emerging out as increasingly lucrative. Demand for inexpensive and high-performance thermoforming packaging products in key industrialized nations of the region accounts for the rapid expansion through 2027. Latin America is a promising market. Manufacturers in top markets particularly in Europe and North America have been increasing their stakes in Asia Pacific and Latin America. Among the various country markets, Brazil is expected to be the leading one, where packaging providers are capitalizing on the rise in consumer spending on retail products. Demand for packaging food products also help spur growth in Europe, particularly in Mexico.
Analyze thermoforming packaging market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Thermoforming Packaging Market Competition Landscape
Top players are tapping new revenue streams by launching new packaging products for food and pharmaceutical industries. Packaging manufacturers in top regions such as in North America are keen on strengthening their production capacities, with an aim to consolidate their geographic presence. Players who develop solutions based on flexible and rigid packaging materials are increasing their stakes in thermoform packaging market.
Some of the well-entrenched players in the thermoform packaging market are Merrill's Packaging, Sonoco Products Company, Amcor Limited, Dupont Teijin Films U.S. Limited Partnership, and Winpak Limited. A few aspiring ones are leveraging the competitiveness of post-consumer recycled PET plastic, instead of single-use plastics.
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