Thermoform Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The thermoform packaging market is expected to grow at a CAGR of 9% over the forecast period (2021-2026). Thermoforming is used in the manufacturing of lids, trays, blisters, clamshells, and other products.

• The thermoforming process offers benefits such as low production cost for smaller production quantities, quick product development, prototyping, and lower tooling costs, over other molding processes such as injection and rotational molding.
• In May 2018, a new thermoforming grade called Luban HP1151K had launched Oman Oil Refineries & Petroleum Industries Company (Orpic) that would increase both productivity and the overall performance of transparent thermoformed cups, trays and containers.
• According to SouthPack, thermoformed packaging can cost up to 15% less than packaging made from plastic injection molding. Such instances are indicative of the fact that the market is expected to witness increased adoption over the forecast period.
• The rising trend for the development of sustainable packaging is expected to propel the players in the market to come up with product developments that enable them to meet the increasing demand. According to SouthPack, about 52% of consumers make decisions regarding the purchase based on the eco-friendly nature of the packaging material.
• In February 2019, Quinn Packaging that manufacturers rigid and flexible thermoformed food packaging and supplies launched fully recyclable’ black plastic food trays.

Scope of the Report

Thermoform packaging involves the heating of plastic until it reaches a pliable state, and then forming the plastic into various shapes. This report segments the market by Material(Plastic, Paperboard, Aluminium), by Product Type(Blisters, Clam-shell, Trays & Lids), End-user Industry(Pharmaceutical, Food & Beverage, Electronics) and Geography.

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Key Market Trends

Food & Beverage is Expected to Hold the Largest Share

• Packaging of food products requires the packaging solution to have good oxygen/moisture barriers, physical stress, temperature, contamination protection, and tamper resistance, all while incorporating the innovative, functional design. 
• As thermoform packaging owing to its durability, resilience, tamper-resistance, enhanced sealing capabilities not only protects the products but also extend the product’s shelf life or allow easy access. Players in the industry are increasingly adopting thermoform packaging products.
• In October 2019, GEA s launched a FoodTray created in collaboration with the Roba Group, Schur Flexibles Germany and Van de Velde Packaging, which combines thermoforming technology with cardboard and film.
• The players in the food industry are increasingly looking for packaging solutions that enable them to reduce the carbon footprint. As thermoformed packaging are increasingly being manufactured using 100% recyclable products, the demand is expected to grow over the forecast period.
• In October 2019,  Charpak Ltd. designed and launched a new thermoformed packaging tub that is 100% recyclable, tamper-evident, that can be used for ambient, chilled or frozen sectors, food, and non-food products.

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