The need for freshness in packaged products is estimated to guide the Thermoform Packaging Market 2020. The packaging & transport industry reports are produced by Market Research Future, which highlights market choices for expansion. A CAGR of 5.72% is projected to motivate the market in the forecast period.
The boost in demand for a longer shelf life of products is estimated to guide the thermoform packaging market in the coming period. The popularity of prepared and processed foods & beverages is likely to create a promising scope for development in the forthcoming period.
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Segmentation
On the basis of the material, the Thermoform Packaging Market is segmented into aluminium, plastic, and paper & paperboard. The plastic accounted for the largest market share in 2016 as it provides high barriers, cost efficiency, temperature resistance, and durable packaging. Plastic in the form of PVC, PE, PP, and others are used largely in plastic thermoform packaging segment.
On the basis of the heat seal coating, the market is segmented into water-based, solvent-based, and hot melt-based. The solvent-based heat seal coating segment accounted for the largest market share of in 2016 due to its several advantages of strong bond strength that can be processed at different temperatures and resistance to water and grease. On the flip side, the water-based heat seal coating is estimated to grow at the highest CAGR during the forecast period due to providing a strong cohesive bond between corrugated and polyethylene skin pack films.
Based on the application, the market is segmented into food & beverage, personal care, pharmaceuticals, electronics, and others. The food & beverages segment accounted for the largest market share in 2016. Thermoformed products are largely used by the food industry for the packing of poultry, fruits, vegetables, meat, and fish in addition to prepared meals, and storage products. Pharmaceutical is another major application of the thermoform packaging.
Regional Analysis
European region accounted for the largest market share in 2016 due to the presence of a high industrial base such as automobiles, food and beverages, and pharmaceuticals. Germany, the U.K, and France are the major markets in the region. Consumption of processed foods is likely to drive the demand in the global thermoform packaging market.
North America is another major region the thermoform packaging market mainly due to the presence major retail chains such as Walmart Stores, and The Kroger Co. The U.S. accounts for a major share of the North American market. Recycling of plastic can work in favor of the market as the numbers of environmentally conscious consumers rises. Recently, Sonoco has decided to rely on recycled PET for manufacturing thermoformed packages for its clients.
Asia Pacific is projected to grow at the highest CAGR during the forecast period owing to booming e-commerce industry. High growth in population and increasing purchase power of consumers can boost the growth of the market. China, Thailand, and India are the vital contributors to the Asia Pacific market. China accounts for the largest market share in the region mainly due to fast growth in the urbanization and industrial development.
Competitive Analysis
The establishment of a definite competitive advantage is estimated to spur market development in the forecast period. The inducements offered by the government are expected to display a positive influence on the overall market development in the impending period. The reinvention of the supply chains by integrating robust technology in them is estimated to spur the development of the market in the coming period. The state of technological development is estimated to be staggered as the development of the global market is at a relative standstill. The effect of unpredictable events has created substantial barriers that will have to suitably addressed and overcome to achieve normalcy in the global market. The need to invest in building a robust consumer base is estimated to rank on the top priorities of market leaders for the upcoming period. The weakening of trade channels is projected to present new challenges that have to be overcome expediently in the coming years. The regulations in various regions can be relied upon to rebuild market clout gradually in the future.
The well-known contenders in the thermoform packaging are Amcor Limited (Australia), WestRock Company (U.S.), Sealed Air Corporation (U.S.), Sonoco Products Company (U.S.), Silgan Holdings Inc. (U.S.),E.I. du Pont de Nemours and Company (U.S.), Tekni-plex Inc. (U.S.), DS Smith Plc (U.K), Bemis Company Inc. (U.S.), Display Pack Inc. (U.S.), Tray Pack Corporation (U.S.), Lacerta Group (U.S.), RPC Group Plc (U.K), Anchor Packaging (U.S.), and Constantia Flexibles Group GmbH (Austria).
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Industry Updates:
April 2020 Waddington Europe, a European thermoforming packaging business has joined with old customer and associate Ricoh 3D, to supply supplies of Personal Protective Equipment (PPE) for the NHS.
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