Thermoform Packaging Market Growth, Analysis and Demand with Forecast to 2023
The environmental benefits of thermoform packaging over other conventional forms of packaging foods are likely to be a major driver for the global Thermoform Packaging Market Growth over the forecast period. Due to the precise nature of the process, an exact amount of raw materials is utilized in producing thermoform packaging, resulting in little to no wastage. Carbon emissions during the process are also much lower compared to other forms of packaging. The stability of thermoform packaging when presented with reactive materials as well as physical impacts is also a major boost for the global Thermoform Packaging Market Growth, as this provides it an advantage over other packaging materials such as metals (which can easily react with environmental elements) and glass (which can shatter upon impact).
The global Thermoform Packaging Market Growth is expected to rise at a CAGR of 5.72% over the forecast period (2017-2023).
Segmentation
The Thermoform Packaging Market Growth has been segmented based on material, type, heat seal coating, and application. On the basis of the material, the market is segmented into plastic, paper & paperboard, and aluminum. The plastic segment accounted for the largest market share in 2016, as it provides benefits such as effective barrier properties, cost efficiency, temperature resistance, and durable packaging. Plastics such as PVC, PE, PP, and others are majorly used in plastic thermoform packaging.
On the basis of the heat seal coating, the Thermoform Packaging Market Growth is segmented into water-based, solvent-based, and hot melt-based coating. The solvent-based heat seal coating segment accounted for the largest market share in 2016 due to its several advantages, including strong bond strength.
Based on the application, the Thermoform Packaging Market Growth is segmented into food & beverage, pharmaceuticals, electronics, personal care, and others. The food & beverages segment accounted for the largest market share in 2016.
Based on type, the Thermoform Packaging Market Growth is segmented into blister packaging, skin packaging, clamshell packaging, and others.
Regional Analysis
The global Thermoform Packaging Market Growth is segmented into North America, Europe, Asia Pacific, and the Middle East and Africa.
Europe is expected to be the major regional Thermoform Packaging Market Growth over the forecast period due to the strong presence of the food & beverage and pharmaceuticals industries in the region. Growing demand for packaged food is likely to drive the Thermoform Packaging Market Growth in the region over the forecast period.
Competitive Landscape
Leading players in the global Thermoform Packaging Market Growth include Bemis Company Inc., Sealed Air Corporation, E.I. du Pont de Nemours and Company, Tray Pack Corporation, Display Pack Inc., RPC Group Plc, Anchor Packaging, Constantia Flexibles Group GmbH, Tekni-Plex Inc., Silgan Holdings Inc., Lacerta Group, DS Smith Plc, WestRock Company, Sonoco Products Company, and Amcor Limited.
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