ALBANY, New York, Jan. 15, 2018 (GLOBE NEWSWIRE) -- Several new opportunities are expected to occur for new companies in the thermoform packaging market as well as for the established players too, notes TMR in a newly published report. Businesses might invest a lot in research and development of newer thermoform packaging materials to be suitable for varied applications. According to the report, market players in the pharmaceutical and medicinal industries gain maximum profits by selling thermoform packaging materials. Some of the key companies in this market are Placon Corporation, Sonoco Products Company, Bemis Company Inc., Tray Pak Corporation, Display Pack Inc., and Anchor Packaging Inc.
As per the TMR report, the global thermoform market was valued at US$36.4 bn in 2016, and this valuation is further expected to rise up to US$56.6 bn by 2024. This rise is forecasted to occur at a robust CAGR of 5.9%. Regional domination due to a strong retail section is expected to occur in the North American countries.
Food Industry Sector a Major Booster for the Market
The food industry is the leading segment of the global thermoform packaging market, and this is expected to continue in the future too. This is mainly due to never ending demand of foodstuffs especially packaged meat, bakery items and confectionaries where thermoform packaging is used. Apart from this segment, the pharmaceutical sector is also anticipated to see a significant growth due to rising utilization of blister packaging for medicines and medical devices. This is because of the ability of blister packaging materials to prevent contamination of products, which is a high necessity for medicinal and pharmaceutical items. Apart from foods and pharmaceuticals, the thermoform covers are also extensively used for packing cosmetics, personal care items, industrial goods, and electronic devices.
Request a Sample PDF for Research Insights at https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=14120
From a regional perspective, the global thermoform packaging market is spread across North America, Latin America, the Middle East and Africa, Asia Pacific, Europe. As of current times, North America holds the top spot in this market. This is mainly due to the presence of large retail brands in the North American region. However, the Asia Pacific region is expected to show a robust market growth rate in the near future, according to TMR analysts. From an overall perspective, as the demand for food-based services rises, coupled with changing lifestyles, the thermoform packaging market is expected to grow too.
Preference for Lightweight Packaging Maintains Market Growth
The most prominent benefit of thermoform packaging products is that they are extraordinarily lightweight as compared to other packaging materials used. This benefit also forms a prime driver of the thermoform packaging market as businesses definitely prefer lightweight packaging solutions to enable better transport and handling. Another significant fueling trend of thermoform covers involves them being a cost effective solution for several brands, owners, and manufacturers.
Request for Custom Research at https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=14120
Rules and Regulations as a Dampener for Market Growth
Currently, there are several rules and regulations made by authorities around the globe with respect to the specific material used for producing thermoform packaging. These rules and regulations are a major restraint for the global thermoform packaging market. Another restraint involves the difficulty to make the covers with uniform wall thicknesses while packing products. However, with continuous innovations and developments occurring in this market, the restraints mentioned are expected to soon decrease over time. From an overall perspective, the demand for improved packaging of products is expected to propel the thermoform packaging market in the near future.
Buy Now this Report at https://www.transparencymarketresearch.com/checkout.php?rep_id=14120<ype=S
The information presented in this review is based on a TMR report, titled “Thermoform Packaging Market (Packaging - Blister Packaging, Clamshell Packaging, Skin Packaging, Tubs, and Cups; Material - PET, PVC, PP, PE, and PS; Application - Food (Meat Products, Bakery and Confectionary, Dairy, Snacks, and Food Service Products), Beverages, Pharmaceutical, Cosmetics and Personal Care, Industrial Goods, and Electronics) - Global Industry, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.