Thermoform Packaging Market to Grow with a CAGR of 5.18% through 2028
Growing demand of thermoform packaging in electronics
industry is expected to drive the Global Thermoform Packaging Market growth in
the forecast period, 2024-2028.
According to TechSci Research report, “Thermoform
Packaging Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Thermoform Packaging Market
stood at USD 46.15 billion in 2022 and is anticipated to grow with a CAGR of 5.18%
in the forecast period, 2023-2028. The initiatives taken by government based on
Thermoform Packaging has led to favorable market conditions for the Global
Thermoform Packaging Market. Several factors contribute to the growth of
various Thermoform Packaging products.
In the United Kingdom, the government has proposed a
range of measures to address the issue of plastic packaging. One such measure
is the implementation of a tax on plastic packaging that is less than 30%
recyclable. This fiscal measure is designed to incentivize manufacturers to
prioritize the use of more eco-friendly materials in their packaging, thereby
reducing the environmental impact of plastic waste.
Additionally, the Packaging Reforms initiative,
announced in early 2019, encompasses four core initiatives aimed at promoting
responsible packaging practices and minimizing the environmental footprint of
the industry. These initiatives include stricter regulations on packaging design
and materials, increased support for research and development of sustainable
packaging solutions, enhanced recycling infrastructure, and public awareness
campaigns to encourage consumers to choose more sustainable packaging options.
By implementing these measures and initiatives, the
United Kingdom is taking proactive steps towards creating a more sustainable
and environmentally conscious packaging industry.
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Packaging Market”
In the electronics industry, thermoform packaging
plays a critical role in safeguarding sensitive components during transit,
mitigating the risk of damage, and ensuring products reach consumers in optimal
condition. Thermoform packaging offers numerous advantages to the electronics
sector. For instance, it facilitates a high level of customization, enabling
manufacturers to tailor packaging solutions to specific products. Additionally,
it provides robust protection, making it well-suited for delicate electronic
components. Moreover, thermoform packaging is lightweight, contributing to
cost-effective transportation. Furthermore, its transparency allows for
effortless product inspection without package opening, a particularly valuable
feature in the electronics industry where product visibility is paramount.
The Global Thermoform Packaging Market is segmented
into type, material, end user, regional distribution, and company
Based on its type, the Thermoformed Clamshell
Packaging segment held the largest share in the market. Clamshells have gained
significant popularity in the retail industry due to their high visual appeal
and practical design. A clamshell, characterized by its two halves connected by
a hinge, provides a secure and convenient packaging solution. This versatile
packaging format finds extensive use in various sectors, including food and
beverage as well as technology. In the food industry, thermoformed trays have become a
common choice, particularly in supermarkets, to showcase and preserve a wide
range of perishable items such as meats, fruits, and vegetables. These trays
not only enhance the presentation of products but also contribute to their
freshness and shelf life. Moreover, the increasing penetration of cold chain
infrastructure and the growth of organized retail networks in emerging nations
are expected to further drive the demand for tray products. With the expanding
reach of supermarkets and the rising demand for quality packaging, the trays
sector is poised for continuous growth throughout the projected period.
Based on region, North America segment is expected to
grow during the forecast period. This can be attributed to the extensive presence of
large-sized packaged food firms and the significant penetration of organized
retail. Additionally, the growth of the region was supported by the existence
of large-scale thermoform packaging producers that aimed to increase their
market share by introducing innovative products. Moreover, the high consumption
of frozen meat and packaged bread items further contributed to the growth of
the area market. These factors collectively played a crucial role in
establishing the region as a prominent player in the packaged food industry.
Major companies operating in Global Thermoform
Packaging Market are:
- Amcor PLC
- Sonoco Products Company
- Placon Corporation
- Display Pack Inc.
- Pactiv LLC
- Dart Container Corporation
- Constantia Industries AG
- Tray-Pak Corporation
- Anchor Packaging, Inc.
- Lacerta Group, Inc
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“Growing application of Thermoform Packaging in
various end user industries are key drivers of the Thermoform Packaging Market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of Thermoform
Packaging with every passing year are anticipated to register an impressive
growth to Global Thermoform Packaging Market in the forecast period.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Thermoform Packaging Market By Type (Thermoformed
Clamshell Packaging, Thermoformed Blister Packaging, Thermoformed Skin
Packaging, Others), By Material (Plastic, Aluminium and Paper & Paperboard),
By End User (Food & Beverage, Home & Personal Care Goods, Electronics, Pharmaceutical,
Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Thermoform Packaging Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global
Thermoform Packaging Market.
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