Albany, New York, Dec. 21, 2018 (GLOBE NEWSWIRE) -- The competition in the global thermoform packaging market is anticipated to increase as leading players are using new techniques to manufacture thermoform packaging. Leading players have increased the number of research and development activities and focusing on innovation to offer better and advanced products to their customers. They are also engaged in mergers and acquisitions to further expand their business and have a larger customer base. Players are also engaged in product differentiation and considered it one of the important strategy used by these players. Display Pack Inc., Bemis Company, Inc., D&W FINE PACK, Sonoco Products Company., HUHTAMAKI GROUP, and Anchor Packaging, Inc. are some of the prominent players operating in the market.
The global thermoform packaging market is projected to reach a valuation of US$ 57.61 bn by the end of 2024. The market is likely to progress at a steady CAGR of 5.90% during the forecast period 2017 to 2024. In 2017, the market earned US$ 38.6 bn. All the figures are presented in the report published by Transparency Market Research.
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Based on the packaging type, the blister-packaging segment is expected to outgrow other segments mentioned in the report. High demand for blister packaging is dependent on its high demand in the pharmaceuticals industry. On regional front, Asia Pacific and North America are two key regions driving demand in the thermoform packaging market. Presence of leading players in North America and increasing demand for packaged food and beverages in Asia Pacific are the key growth factor boosting demand in these regions.
High Demand for Thermoform Packaging in Food Industry to Fuel Market Growth
The demand for thermoform packaging is significantly seen in the food industry where it is used to pack meat, snacks, bakery and confectionary, and dairy products. Thermoforms are also used in manufacturing items such as blisters, trays, clamshells, and lids that are widely by the customer on regular basis. The demand for thermoformed clamshells and blisters is seen in the electronics and retail packaging industries.
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Moreover, the process of thermochromism provides benefits including low-cost molds and customization and less turnaround time. These factors are also expected to drive the demand in the global thermoform packaging market. Rapid use of advanced technology will further drive the market’s growth. In addition, using thermoform packaging can help in reducing packaging waste, as they are easy to dispose of. Considering these factors, the global thermoform packaging market is likely to grow significant is the near future.
Strict Government Regulations to Deter Demand in Thermoform Packaging Market
Even though the demand for thermoform packaging is rising relentlessly and its growing application in various sectors, few challenges can obstruct the market’s growth. Compliance with strict government regulations and thermoform packaging for heavy materials are some of the factors that can deter the growth in this market. However, rapid development in emerging economies where the demand for thermoform packaging is high can aid in overcoming these restraints. Rising research and development activities in the thermoform packaging market are also expected to accelerate this market.
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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 2017 - 2024.”
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The Global Thermoform Packaging Market has been segmented as presented below:
Global Thermoform Packaging Market, by Packaging
- Blister Packaging
- Clamshell Packaging
- Skin Packaging
- Tubs
- Cups
Global Thermoform Packaging Market, by Material
- PET
- PVC
- PP
- PE
- PS
Global Thermoform Packaging Market, by Application
- Food
- Meat Products,
- Bakery and Confectionary,
- Dairy,
- Snacks, and
- Food Service Products),
- Beverages,
- Pharmaceutical,
- Cosmetics and Personal Care,
- Industrial Goods, and
- Electronics
Global Thermoform Packaging Market: Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Italy
- Spain
- France
- Germany
- Rest Of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest Of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of South America
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
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