iCrowd Newswire – Jul 8, 2020
The global thermoform packaging market was valued at approximately $42.6 billion in 2019 and it is expected to grow with a healthy growth rate of more than 4.30% during the forecast period of 2020 to 2027.
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The global thermoform packaging market is driven by factors such as rapid growth in the food & beverage industry, growing demand for thermoform packaging by pharmaceutical industries and low production cost of thermoform as compared to rotational and injection molding. For instance, food processing units increased from $258 billion to $400 billion from 2015 to 2019 in India as per the India Brand Equity Foundation (IBEF) and in Canada, food & beverage manufacturing sales reached at $14.4 billion in 2017, witnessing a growth rate of 8.4% from 2016 to 2017, as per Statistics released by Alberta Highlights. However, strict rules and regulations framed by government regarding the use of plastic for packaging and various limitations on packaging of heavy items are key factors hampering the growth of the global thermoform packaging market. Furthermore, during the prevalence of lockdown, supply of essential products such as food and beverages were continued and hence it is expected to bring lucrative opportunities for the global thermoform packaging market to grow during the forecast period.
The global thermoform packaging market is segmented on the basis of material, type, heat sealing coating, end use industries, and region. By material, the global thermoform packaging market is sub-segmented into plastics, aluminum, paper and paperboard. By type, the global thermoform packaging market is sub-segmented into skin packaging, blister packaging, clamshell packaging, , and others. By heat sealing coating, the global thermoform packaging market is sub-segmented into hot melt-based, solvent-based and water-based. By end-use industries, the global thermoform packaging market is sub-segmented into pharmaceuticals, personal care & cosmetics, electronics, food & beverage, , , and others.
By geographical region, the global thermoform packaging market is studied among North America (US, Canada, Mexico), Europe (Germany, France, Italy, Spain, UK, rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, rest of Asia-Pacific) and LAMEA (Brazil, Saudi Arabia, South Africa, rest of LAMEA). Among which, North America is expected to lead the global thermoform packaging market in terms of market share during the forecast period. This is attributed to the rapid growth in healthcare industries in this region. On the other hand, Asia-Pacific is also expected to exhibit highest CAGR during the forecast period of 2020 to 2027 owing to the growth in the food & beverage industries across Asia-Pacific region.
Major market player included in research study of the global thermoform packaging market are Amcor Ltd., D&W Fine Pack LLC, Sinclair & Rush Inc., Tamarack Products Ltd., Placon Corporation, Anchor Packaging Inc., Display Pack Inc., Reynolds Group Holdings Ltd., Sonoco Products Company, and WestRock Company.
Recent Developments in the Global Thermoform Packaging Market
In 2018, D&W Fine Pack LLC introduced a new TamperSmart packaging product line to provide tamper-evident features to more products.
In 2020, Display Pack Inc. manufactured protective face shield to aid front line healthcare workers working at local hospitals and reporting a shortage of medical supplies.
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Keywords: Thermoform Packaging Market