Global Thermoform Packaging Market: Analyst’s Note
Packaging is of great essence for nearly every product that is manufactured at one location and then needs to be transported to another to meet its true end user. Even throughout the duration that the product sits with its end user, its packaging can go a long way towards making an impression while protecting the product. The packaging industry has always been seeking innovative methods to meet diverse demands and thermoforming has emerged as a process that can ideally meet the requirements. Thermoforms are ideal for the packaging of both consumable and non-consumable products, and the market for them same is flourishing. According to this business intelligence study, the demand in the global thermoform packaging market will expand at a CAGR of 5.9% during the forecast period of 2017 to 2024. Revenue-wise, the opportunities in this market are estimated to be worth US$57,615.9 mn by the end of 2024.
Pharmaceutical and Food Industries to Sustain Strong Demand
There are a number of factors that are providing traction to the global thermoform packaging market, but none bigger than the prosperity of the food and beverage industry. Radically expanding urban population in emerging economies is exhibiting eating habits that are highly fruitful for vendors who produce packaged food products and thermoforming is among their preferred methods. In addition to that, growth of the pharmaceutical industry, cost-effectiveness of the technology, and ease of disposal are some of the other factors driving the demand in the global thermoform packaging market. On the other hand, stringent government regulations that need to be complied with and limitations in packaging of heavy items are a few restraints challenging the thermoform packaging market from attaining its true potential. Nevertheless, the relentless research and development activities that are currently underway to harness further possibilities of thermoforming packaging are expected to boost the market in the near future.
Blister Packaging to Remain Most Profitable Segment until 2024
On the basis of packaging type, the thermoform packaging market has been segmented into clamshell, blister, skin, tubs, and cups. Among these, the blister packaging segment is currently providing for the most prominent chunk of demand, which is a reflection of increasing usage of this packaging in the pharmaceutical industry. Thermoform packaging is ideal when it comes to compartmentalization and maintaining cleanliness. Owing to multiplying geriatric population, the demand for medicines and medical equipment is anticipated to expand profitably in the near future and it will in turn provide traction to the thermoform packaging market. The report also bifurcates the market in terms of material into poly vinyl chloride (PVC), polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), and polystyrene (PS) and application into pharmaceutical, food and beverages, industrial goods, electronics, and cosmetics and personal care. The food segment has been sub-segmented into meat products, dairy, bakery and confectionary, food service products, and dairy.
North America and Asia Pacific Most Lucrative Regions
Region-wise, North America and Asia Pacific are the two regions of primary focus for the players venturing in the global thermoform packaging market. While North America is currently providing for the most prominent chunk of demand, boosted by the presence of major retail brands in the developed country of the U.S., Asia Pacific is projected for the strongest growth rate during the forecast period of 2017 to 2024. The Asia Pacific thermoform packaging market is driven by increasing demand for packaged food and beverage products by the urban populations in the emerging economies of China, India, and South Korea.
Global Thermoform Packaging Market: Overview
This report provides forecast and analysis of the thermoform packaging market on the global and regional level. The study provides historic data of 2015 along with forecast from 2017 to 2024 based on volume (‘000’ KT) and revenue (US$ Mn). It includes drivers, restraints and the ongoing trend of the retort packaging market along with their impact on demand during the forecast period. The report also comprises the study of opportunities available in the market for thermoform packaging on the global and regional level. It includes value chain analysis with list of raw material & technology suppliers, thermoform packaging manufacturers, distributor & suppliers and end users in the value chain.
In order to provide the users of this report with comprehensive view of market, we have included detailed competitiveness analysis and company players. The competitive dashboard provides detailed comparison of thermoform packaging manufacturers on parameters such as company’s revenue, unique selling propositions and key strategic developments. The study encompasses market attractiveness analysis, by packaging type, material type, application type, and by geographic region.
Global Thermoform Packaging Market: Scope
Market statistics have been estimated based on average consumption and weighted average pricing of thermoform packaging by packaging type and the revenue is derived through regional pricing trends. Market size and forecast for each segment have been provided in the context of global and regional markets. The thermoform packaging market has been analyzed based on expected demand. Prices considered for the calculation of revenue are average regional prices obtained through primary quotes from numerous thermoform packaging manufacturers, suppliers, and distributors. All key end users have been considered and potential applications have been estimated on the basis of secondary sources and feedback from primary respondents.
Global Thermoform Packaging Market: Regional Outlook
Regional demand patterns have been considered while estimating the market for various end users of thermoform packaging in different regions. Top-down approach has been used to estimate the thermoform packaging market by regions. Market numbers for global packaging type, material type and application segments have been derived using the bottom-up approach, which is cumulative of each region’s demand. The market has been forecast based on constant currency rates.
Global Thermoform Packaging Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, World Bank, Packaging Digest, Plastic Manufacturers Association, Society of the Plastics Industry, Plastics Europe, and Hoover’s, and company annual reports and publications.
Global Thermoform Packaging Market: Vendors Landscape
In the final section of the report, thermoform packaging market competitive landscape has been included to provide a dashboard view of companies that manufacture and provide case packers. The report contains company profiles of some of the players in the thermoform packaging market.
The report positions all the major players according to their presence in different regions of the world and recent key developments initiated by them in the thermoform packaging market. The comprehensive thermoform packaging market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the market's growth.