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PACKAGING

Thermoformed Trays Market Analysis by Product Type (Standard, Insert, Dunnage, Shelf Display and Others); by Material type (Plastics, Aluminum, Wood, Plaster of Paris and Others); by Packaging type (Blister Pack, Clamshell and Others); and by End User Industry (FMCG, Healthcare, Electronics, Pharmaceuticals and Others) – Global Demand Analysis & Opportunity Outlook 2029

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Extensive insights into the Growth of Thermoformed Trays Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • On April 22, 2020, Thermoform Engineered Quality (TEQ) LLC, which is a subsidiary of Sonoco Products Company Resources, Inc., pledged to deliver a range of medical packaging solutions for healthcare providers to address critical health needs related to COVID’19
  • On April 29, 2020, HLP Klearfold, the US based plastic folding carton manufacturer, announced that it had supplied up to 6,00,000 PPE face shields per day for healthcare workers to fight against the COVID’19 pandemic.

Introduction to Thermoformed Trays

Thermoforming is a manufacturing process in which plastic sheet or film is subjected to high temperature to make it pliable, which can then be shaped using a mold, and later trimmed to form a suitable product, such as trays or bottles. In other words, thermoforming is defined as “formed by heating at suitable temperatures”. The trays which are made using such processes are called to be thermoformed trays.

In the recent era, plastic has become the new raw material for any sort of packaging. Besides the question of non-biodegradability, the durability and reusability of plastic is very high. The thermoformed trays are usually made from different grades of plastic, such as, polypropylene (PP), polyethylene terephthalate (PET), polyvinyl chloride (PVC), low density polyethylene (LDPE), high density polyethylene (HDPE), and polystyrene (PS) among others. These thermoformed trays find themselves in packaging items such as processed foods, beverages, consumer electronics, pharmaceutical and medical equipment, among others.

Market Size and Forecast

The increasing demand for different end use products across the end user industries, such as FMCG, healthcare, consumer electronics and others, which require flexible packaging for enhanced product shelf life, is anticipated to promote the growth of the global thermoformed trays market. The market is projected to gain a significant CAGR throughout the forecast period of 2021-2029. The global thermoformed trays market is segmented by packaging type into blister pack, clamshell and others. Among these segments, the blister pack segment is anticipated to gain a remarkable market share during the forecast period. Blister packaging is used widely in the pharmaceutical industry. It possesses numerous benefits, such as, it is easy to use, avoids double-dosing, are advantageous for people who are vision-impaired, keeps the product fresh, and others. Moreover, blister packaging offers the manufacturer numerous options for branding and for creating visually appealing and texturally pleasing experience.

Global-Thermoformed-Trays-Market

Growth Drivers

Growing Demand for Packaged Food Products

The changing lifestyles of the consumers is one of the primary factors that can be attributed to the growing demand for packaged foods. Packaged foods are available in a variety of shapes and sizes. The manufacturers of packaged foods try to create lucrative packaging for greater consumer visibility and to increase their sales volume. As a result, these packaged foods require different forms of thermoformed trays, which is anticipated to drive the market growth.

Numerous Benefits Associated with Thermoformed Trays to Drive Market Growth

Thermoformed trays possess several added advantages over other packaging methods. These trays are rigid and are resilient to damage, which is why they are found to be used widely to pack electronics and medical equipment. On the other hand, the cost of thermoforming process is lower by around 15% as compared to the packaging made through injection molding process. Manufacturers which manufacture packaging goods via thermoforming process, also has a quick turnaround time, which helps them to produce large quantities at a minimal time, and also save on the labor costs. Thermoform packaging also provides the manufacturer numerous design options, allowing them to incorporate different branding types into the packaging. Such factors are therefore anticipated to drive the market of thermoformed trays during the forecast period.

Restraints

New and Improved Alternative Packaging Materials to Hamper Market Growth

New and improved alternative packaging materials, such as poly(methyl methacrylate) (PMMA), which are known to be dimensionally stable and have high gloss and hardness when modified, possess numerous benefits over thermoformed plastic. Moreover, with the increasing research and developments, several new alternative packaging materials are being developed which costs low to the manufacturers. Such a factor is anticipated to hamper the market growth during the forecast period.

Market Segmentation

Our in-depth analysis of the global thermoformed trays market includes the following segments:

By Product type:

  • Standard trays
  • Insert Trays
  • Shelf display trays
  • Dunnage trays
  • Others

By Material type

  • Plastics
    • Polypropylene
    • PET
    • PS
    • others
  • Wood
  • Aluminum
  • Plaster of Paris
  • Others

By Packaging Type

  • Blister Pack
  • Clamshell
  • Others

By End user Industry

  • FMCG
  • Healthcare
  • Electronics
  • Pharmaceuticals
  • Others

By Region

On the basis of regional analysis, the global thermoformed trays market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for thermoformed trays in North America is anticipated to hold the largest share in the market on account of the availability of well-established pharmaceutical and food & beverage sectors, followed by the increasing adoption of the manufacturers towards advanced technologies. Additionally, the market in Europe is anticipated to gain a significant market share on account of the growing demand for thermoformed trays from the pharmaceutical industry, backed by the growing geriatric population, who needs intensive medical care.

The global thermoformed trays 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

Top Featured Companies Dominating the Market

  • Thermoform Engineered Quality LLC (TEQ)
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis

 


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