September 26, 2024 20:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, Sept. 26, 2024 (GLOBE NEWSWIRE) -- The global thermoform packaging market is poised for significant growth, with its market size estimated at approximately USD 55.5 billion by 2024 and USD 76.1 billion by 2034. According to industry reports, the market is expected to exhibit a CAGR of 3.2% over the forecast period. In 2023, the thermoform packaging market generated USD 53.4 billion in revenue, reflecting its continued strength and expanding applications. disposable parfait cups
Thermoform packaging has gained widespread adoption due to its strength, durability, and tamper resistance, ensuring that products are not only protected but have an extended shelf life and enhanced accessibility. This is particularly crucial in the food packaging sector, where maintaining product integrity and safety is a top priority.
The rising demand for thermoform packaging is largely driven by its cost-effective benefits, such as lower production costs, rapid product development, and reduced tooling expenses compared to traditional methods like injection and rotational molding. Industry research suggests that thermoform packaging can be up to 15% less expensive than plastic injection molding, signaling its growing utility across various sectors over the next decade.
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Manufacturers have increasingly turned to thermoforming, a process that involves heating rigid plastic materials to make them moldable. This technique differs from pressure forming and vacuum forming, which use heated plastic sheets to create products by applying pressure or vacuum forces. Vacuum forming, for instance, is commonly used to produce durable items like roadway signs and protective covers.
Thermoform packaging is extensively used for a range of products, including unit dose packaging for medications, blister packs, over-the-counter medicines, health and beauty products, and plastic trays for food items. The packaging process is particularly relevant in sectors such as food and beverages, electronics, and pharmaceuticals, where precise pressure is required for the packaging process, often exceeding 15 pounds per square inch.
Market Value of Thermoform Packaging by Country
"Thermoform packaging offers a cost-effective, lightweight, and customizable solution for various industries. As sustainability and convenience drive consumer preferences, the market for thermoform packaging continues to expand rapidly." Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Thermoform Packaging Market
Leading producers in the thermoform packaging business are developing and introducing new products to market. The key goals are to expand geographically and merge with other organizations. Partnerships and collaborations for new product development with regional brands and start-up firms are increasingly common.
Because of the increased need for industrial facilities in promising areas, firms have made significant financial investments in these facilities. These are expected to open up many opportunities because they give environmentally responsible ways to protect items.
Key Segments of Market Report
The industry is segregated into blister packs, clamshells, containers, trays and lids, as well as cups and bottles.
In terms of material, the industry is divided into plastic, paper, and aluminium. The plastic material is further segmented into Polyethylene Terephthalate (PET), Polypropylene (PP), Polyethylene (PE), and other plastics.
The industry is trifurcated into vacuum, pressure, and mechanical, based on the process type.
Few of the leading end-used include food, beverages, pharmaceuticals, cosmetics and personal care, homecare and toiletries, industrial goods, electrical and electronics.
Key countries of North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, and the Middle East and Africa are covered.
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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The global thermoformed packaging market is poised for significant growth, with its market size estimated to be around USD 55.5 billion by 2024 and USD 76.1 billion by 2034. According to industry reports, the market is expected to witness a CAGR of 3.2% during the forecast period. In 2023, the thermoformed packaging market generated revenue of $53.4 billion, reflecting its continued strength and growing applications.
Thermoformed packaging has become widely used due to its strength, durability and tamper resistance, ensuring that products are not only protected but also have a longer shelf life and improved accessibility. This is particularly important in the food packaging sector, where maintaining product integrity and safety is a top priority.
The increasing demand for thermoformed packaging is mainly due to its cost-effective advantages such as: B. lower production costs, rapid product development and lower tooling costs compared to traditional processes such as injection molding and rotational molding. Industry research suggests that thermoformed packaging can be up to 15% cheaper than plastic injection molding, suggesting its utility will increase across various sectors over the next decade.
Manufacturers have increasingly turned to thermoforming, a process that heats rigid plastics to make them malleable. This technique is different from pressure forming and vacuum forming, which use heated plastic sheets to create products by applying pressure or vacuum forces. For example, vacuum forming is often used to create durable items such as roadway signs and protective covers.
Thermoformed packaging is used extensively for a range of products, including single-dose medication packaging, blister packs, over-the-counter medications, health and beauty products, and plastic food trays. The packaging process is particularly relevant in sectors such as food and beverage, electronics and pharmaceuticals, where precise printing is required for the packaging process, often exceeding 15 pounds per square inch.
"Thermoform packaging offers a cost-effective, lightweight and customizable solution for various industries. As sustainability and convenience drive consumer preferences, the thermoform packaging market continues to grow rapidly." Says a senior consultant Ismail Sutaria in packaging at Future Market Insights (FMI).
Key insights from the thermoforming packaging market
Leading manufacturers in the field of thermoformed packaging develop new products and bring them onto the market. The main goals are geographical expansion and merging with other organizations. Partnerships and collaborations for the development of new products with regional brands and start-up companies are becoming more and more common.
Due to the increased need for industrial facilities in promising areas, companies have made significant financial investments in these facilities. These are expected to open up many possibilities as they provide environmentally friendly ways to protect items.
Leading brands for thermoformed packaging
Key Segments of the Market Report
The industry is divided into blister packs, clamshells, containers, trays and lids as well as cups and bottles.
In terms of material, the industry is divided into plastic, paper and aluminum. The plastic material is further divided into polyethylene terephthalate (PET), polypropylene (PP), polyethylene (PE) and other plastics.
The industry is divided into vacuum, pressure and mechanical depending on the process type.
The leading end users include food, beverages, pharmaceuticals, cosmetics and personal care, household and hygiene products, industrial goods, electrical and electronic products.
thermoforming extrusion Major countries in North America, Latin America, East Asia, South Asia and the Pacific, Western Europe, Eastern Europe, and the Middle East and Africa are covered.