According to a newly published report by Research Nester on “Global Thermoform Packaging Market Outlook: Industry Insights & Opportunity Assessment 2016–2024” delivers detailed overview of the global thermoform packaging market in terms of market segmentation by material, by heat steal coating, by packaging type, process type, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Application of thermoform is rising in the food & beverages industry owing to the versatility of thermoform packaging coupled with retention of flavor and aroma of food & beverages, rising demand for light weight packaging and growing consumer preferences with regard to fresh and packaged food is estimated to boost the growth of the global thermoform packaging market with a CAGR of 6% over the period 2019-2027.
The thermoform packaging market is segmented by material, heat steal coating, packaging type, process type and end users. By end users, the food & beverages segment is anticipated to have significant growth on account of the versatility of thermoform packaging coupled with retention of flavor and aroma of food & beverages. The pharmaceuticals segment is also expected to grow at a high pace on the back of increasing need for cleanliness as required by pharmaceutical products. Thermoform packaging offers external protection to medical products while holding the internal ingredients safely.
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The thermoform packaging market is segmented by material, heat steal coating, packaging type, process type and end user. On the basis of material, the market is segmented into plastics, paper & paperboard, aluminium and others. On the basis of heat steel coating, the market is segmented into water based, hot melt based and solvent based. On the basis of packaging type, the market is segmented into blister card packaging, clamshell packaging, skin packaging and others. On the basis of process type, the market is segmented into vacuum, pressure and mechanical. Further, on the basis of end user, the market is segmented into pharmaceuticals, food & beverages, electronics, consumer goods and others. The plastics segmented is further sub segmented into polyvinyl chloride (PVC), polyethylene terephthalate (PET), polyethylene (PE), polystyrene (PS), polypropylene (PP), acrylonitrile butadiene styrene (ABS) and others. Blister card packaging segment is further sub segmented into full face steel, trapped blister, face seal and others.
Changing consumer preferences-With changing lifestyle and improvement in standard of living, consumers are switching their preferences to packaged and fresh food. Moreover, advancements in thermoform manufacturing technology, shift toward lightweight packaging and rise in use of polylactic acid (PLA) films are expected to boost the growth of the thermoform packaging market.
Preferred over wood & glass- Thermoform packages are preferred over wood and glass packaging as they are light, flexible, odor and moisture free which helps to keep the product in its original form for a long time. This would boost the market growth in the next few years.
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Asia Pacific region is expected to grow significantly on the back of the accessibility of cost-proficient thermoforming machines, low setup cost and increasing retail businesses. North America is expected to grow significantly owing to increasing demand for packaged food in the region and high percentage of both the consumers as well as the manufacturers of thermoform packages.
Besides this, heavy items cannot be packaged with the help of thermoform packaging which is expected to inhibit the growth of the thermoform packaging market.
This report also provides the existing competitive scenario of some of the key players of the global thermoform packaging market which includes company profiling of Display Pack Inc., Sonoco Products Company, Anchor Packaging Inc., Constantia Flexibles GmbH, El du Pont de Nemours & Co., DS Smith Plc., West Rock Company, Amcor Ltd., Bemis Company and Tekni- Plex Inc.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global thermoform packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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