Market Size of Thermoform Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players/thermoform-packaging-market---growth,-trends,-and-forecast-(2020---2025)_Picture1.webp)
*Disclaimer: Major Players sorted in no particular order |
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Thermoform Packaging Market Analysis
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.
