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PACKAGING

Thermoform Packaging Market Segmentation By Material (Plastics (Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), Polyethylene (PE), Polystyrene (PS), Polypropylene (PP), Acrylonitrile Butadiene Styrene (ABS) and Others), Paper & Paperboard, Aluminium and Others); By Heat Steel Coating (Water based, Hot Melt based and Solvent based); By Packaging Type; By Process Type; By End User – Global Demand Analysis & Opportunity Outlook 2027

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Thermoform Packaging Market Overview

Thermoforming is referred to a process in which a plastic sheet is heated to a pliable forming temperature, to form a specific shape in a mold and trimmed accordingly to create a usable product. Then, the sheet or film is heated in the oven over a high enough temperature so that it can be stretched into a mold and cooled to be in a final shape. The simplified version of thermoforming is vacuum forming. In other words, a small machine which is of laptop or tabletop size is used to cut heat small sections of a sheet and it is stretched over a mold using vacuum.   

Market Size and Forecast

The thermoform packaging market is anticipated to record a CAGR of around 6% over the forecast period i.e. 2019-2027. The market is segmented by material, heat steal coating, packaging type, process type and end users. By end users, the food & beverages segment is anticipated to have significant growth on account of the versatility of thermoform packaging coupled with retention of flavor and aroma of food & beverages.

Besides food and beverage, pharmaceuticals segment is also expected to grow at a high pace on the back of increasing need for compartmentalization and cleanliness as required by the pharmaceutical products. The employment of thermoform packaging offers external protection to medical products while holding the internal ingredients safely.

The thermoform packaging market is segmented by material, heat steal coating, packaging type, process type and end user. On the basis of material, the market is segmented into plastics, paper & paperboard, aluminium and others.  On the basis of heat steel coating, the market is segmented into water based, hot melt based and solvent based. On the basis of packaging type, the market is segmented into blister card packaging, clamshell packaging, skin packaging and others. Based on the process type, the market is segmented into vacuum, pressure and mechanical. Further, on the basis of end user, the market is segmented into pharmaceuticals, food & beverages, electronics, consumer goods and others. The plastics segmented is further sub segmented into polyvinyl chloride (PVC), polyethylene terephthalate (PET), polyethylene (PE), polystyrene (PS), polypropylene (PP), acrylonitrile butadiene styrene (ABS) and others. Blister card packaging segment is further sub segmented into full face steel, trapped blister, face seal and others. 

Thermoform Packaging market Graph

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Growth Drivers

Increase the shelf life of the product

The consumers have started to prefer more of fresh and packaged food as they retain the flavor and aroma of food & beverages. Thermoform packaging helps to store the food & beverages in their original form which provides them a longer shelf life which is expected to boost the growth of the thermoform packaging market.

Rise in Application in food & beverage packaging industry

Application of thermoform is rising in the food & beverages industry owing to the versatility of thermoform packaging coupled with retention of flavor and aroma of food & beverages, rising demand for light weight packaging and growing consumer preferences with regard to fresh and packaged food which is expected to boost the growth of the thermoform packaging market.

Preferred over wood & glass

Thermoform packages are preferred over wood and glass as they are light, flexible, odor-free and moisture free which helps to keep the product in its original form for a long time which is expected to boost the growth of the thermoform packaging market.

Changing consumer preference

With changing lifestyle and improvement in standard of living, consumers are switching their preferences to packaged and fresh food. Moreover, advancements in thermoform manufacturing technology, shift toward lightweight packaging and rise in use of polylactic acid (PLA) films is expected to boost the growth of the thermoform packaging market.

Restraints

Limitations in Packaging of Heavy Items

Thermoform packaging is known for its feature of light weight packaging. Therefore, heavy items cannot be packaged with the help of thermoform packaging which is expected to hinder the growth of the thermoform packaging market.

Segmentation

Our-in depth analysis of the thermoform packaging market includes the following segments:

By Material

  • Plastics 
  • Polyvinyl Chloride (PVC)
  • Polyethylene Terephthalate (PET)
  • Polyethylene (PE),
  • Polystyrene (PS)
  • Polypropylene (PP)
  • Acrylonitrile Butadiene Styrene (ABS)
  • Others 
  • Paper & Paperboard
  • Aluminium
  • Others

By Heat Steal Coating

  • Water based
  • Hot Melt based
  • Solvent based

By Packaging Type

  • Blister Card Packaging 
  • Full Face Steal
  • Trapped Blister
  • Face Seal
  • Others
  • Clamshell Packaging
  • Skin Packaging
  • Others

By Process Type

  • Vacuum
  • Pressure
  • Mechanical

By End User

  • Pharmaceuticals
  • Food & beverages
  • Electronics
  • Consumer goods
  • Others

By Region

On the basis of regional analysis, the thermoform packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

Asia Pacific market is expected to grow significantly on the back of the accessibility of cost-proficient thermoforming machines, low setup cost and increasing retail businesses. Besides this, the market is also expected to expand attributing to the expanding pharmaceutical and the food & beverages sector. North America is expected to grow significantly owing to increasing demand for packaged food in the region.

The thermoform packaging market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC,  Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

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