Global Thermoforming Packaging Market - 2023-2030

Overview

Global Thermoforming Packaging Market reached US$ 47.6 billion in 2022 and is expected to reach US$ 70.5 billion by 2030, growing with a CAGR of 5.2% during the forecast period 2023-2030.

The market for thermoforming packaging has grown significantly thanks in large part to the food and beverage sector. Convenience and consumption patterns that emphasize being on the go have raised the demand for packaging options that maintain product freshness, mobility and protection. Thermoforming technology offers a flexible and effective way to make unique packaging for many kinds of food and drink items.

The market for thermoforming packaging has been greatly impacted by the increasing emphasis on sustainability on a global scale. The growing needs of consumers and regulations for more sustainable solutions are in line with thermoformed packaging, especially when recyclable materials are used. Thermoforming's capacity to create packaging with less material waste increases its allure in the context of sustainability, spurring its adoption across a range of sectors.

North America is among the growing regions in the global thermoforming packaging market covering more than 1/3rd of the market. Furthermore, developments in materials science and technology have been critical to the expansion of the thermoforming packaging industry in North America. Improved thermoforming equipment and high-barrier films are two examples of how ongoing material innovation has improved the functionality and performance of thermoformed packaging.

Dynamics

Growing Thermoforming Packaging Demand in the Electrical and Electronics Sector

The electrical & electronics business, another significant end-user industrial area, uses thermoform containers, clamshells and blisters to package a variety of electronics items, including headphones, batteries, mobile accessories and others. According to the India Brand Equity Foundation, the country's consumer electronics and home appliance market brought in US$9.84 billion in sales in 2021 and is projected to reach US$ 21.18 billion by 2025.

The globally electronics sector is expected to produce US$ 3,175.6 billion in 2021, 7% higher than in 2020, according to the Japan Electronics and Information Technology Industries Association (JEITA). According to the Ministry of Industry and Information Technology, the operational revenue for China's electronic information manufacturing sector reached around 14.1 trillion yuan (nearly US$2.2 trillion) in 2021, rising 14.7 percent from the previous year.

Increased Demand for Thermoforming Packaging in the Pharmaceutical Industry

The pharmaceutical industry in emerging countries is growing rapidly. The European Federation of Pharmaceutical Industries and Associations (EFPIA) reports that between 2014 and 2019, the pharmaceutical markets in Brazil, China and India grew by 11.2 percent, 6.9 percent and 11.1 percent, respectively. The pharmaceutical market in India is expected to grow to be valued at US$ 65 billion by 2024 and US$ 120 billion by 2030, according to Invest India.

According to Enterprise Ireland, UK pharmaceutical business is expected to grow by 19.3% to £25 billion or 3.6 percent, between 2018 and 2023. For the forecast period, the growth of the Thermoform Packaging market is anticipated to be driven by the rapid rise of pharmaceutical packaging, which is likely to result from the expansion of the pharmaceutical sector.

Increasing Prices for Raw Materials

The market for thermoforming packaging is also severely restricted by raw material price increases and instability. Many materials, including polymers, are needed for the thermoforming process and their prices are impacted by some variables, including supply chain interruptions, changes in geopolitical situations and oil prices. Manufacturers may face difficulties in planning their output and keeping prices competitive due to the unpredictability of raw material costs.

An impact on profit margins and market positioning may result from firms being under pressure to either absorb the rising costs of essential commodities or pass them on to customers. Manufacturers of thermoforming packaging must embrace cost-control measures and efficient supply chain management to offset the impact of growing raw material costs. Alternative material development is also essential.

Regulations and Environmental Problems

Environmental sustainability requirements and increased scrutiny are major obstacles for the globally thermoforming packaging industry. Plastic packaging, which is frequently used in thermoforming, has sparked worries about its environmental impact globally. Tight laws pertaining to waste management, recyclables and single-use plastics are having an impact on the sector.

Thermoforming packaging makers are under pressure to provide recyclable goods, make investments in recycling infrastructure and adjust to shifting market demands as governments and consumers seek more sustainable options. Complying with changing environmental regulations can be difficult for businesses that use a lot of conventional plastic materials, which can affect their competitiveness in the market and manufacturing methods.

Segment Analysis

The global thermoforming packaging market is segmented based on type, heat seal coating, material, process, end-user and region.

Increasing Demand for Flexible and Lightweight Packaging Solutions in the Plastic Industry

The plastic segment is among the growing regions in the global thermoforming packaging market covering more than 1/3rd of the market. The growing demand for flexible and lightweight packaging solutions is driving the expansion of the plastics industry. Packaging made of thermoformed plastic offers a compromise between economic effectiveness, environmental concerns and product protection.

Manufacturers are making use of developments in plastic materials to develop creative and sustainable packaging solutions that solve issues with environmental impact and recyclability. Furthermore, because plastic is so versatile, it can be used to create custom packaging that both fits particular product needs and improves shelf appeal. The helps to explain that the plastic section of the globally thermoforming packaging market continues to expand.

Geographical Penetration

Growing Demand for Packaging in the Food and Beverages Industry in North America

North America has been a dominant force in the global thermoforming packaging market. The market for thermoforming packaging has been mostly driven by the food and beverage sector in North America. The growing demand for packaging that prolongs product shelf life, preserves freshness and offers practical portion control has resulted from the convenience and on-the-go consumption trends.

Due to its adaptable design and capacity to accommodate various product kinds, thermoformed packaging is now recognized as a top option for food makers in search of creative and effective packaging solutions. Furthermore, developments in materials science and technology have been critical to the expansion of the thermoforming packaging industry in North America.

For example, U.S. retail and food services sales were estimated by U.S. Census Bureau to have reached US$682.8 billion in July 2022, up 10.3 percent from July 2021. Seasonal fluctuation, holiday variations and trading-day differences were all taken into account when adjusting these estimations; price movements were not. Compared to the same period last year, total sales climbed by 9.2% between May and July of 2022.

The U.S. Department of Agriculture (USA) reports that the food processing industry in Mexico is among the most active in the nation, with an average annual growth of 4.3 percent and a predicted US$39.4 billion GDP contribution to Mexico's economy in 2020. The market for thermoform packaging in North America grew quickly as a result of the region's expanding food and beverage sector and the corresponding rise in demand for thermoform packaging.

COVID-19 Impact Analysis

The coronavirus disease (COVID-19) pandemic has had a significant impact on the global thermoform packaging market. The early stages of the pandemic saw supply chain and manufacturing disruptions as many countries introduced lockdowns and restrictions to curb the spread of the virus. The has created problems in raw material sourcing, transportation bottlenecks and labor shortages, impacting the production capacity of thermoformed packaging manufacturers.

Additionally, changes in consumer behavior and preferences during the pandemic have impacted demand for certain types of packaging. With the increase in e-commerce activity and the shift to online shopping, there is a growing demand for suitable packaging materials to transport goods safely. Due to its versatility and ability to provide protective and tamper-evident solutions, thermoformed packaging has seen a surge in demand, especially for packaging essential goods such as food, pharmaceuticals and medical supplies.

Some segments of the thermoform packaging market experienced a downturn as sectors such as travel and hospitality suffered severe setbacks. Demand for packaging for non-essential consumer goods and industries, which were hit hard by the lockdown, decreased.

As the global economy gradually recovers from the effects of the pandemic, the thermoforming packaging market is expected to adapt to new consumer trends, sustainability considerations and evolving supply chain dynamics. Industry players must remain agile and responsive to changing market conditions even in the post-corona era.

Russia-Ukraine War Impact Analysis

Thermoformed packaging may be negatively impacted, among other businesses, if the conflict between Russia and Ukraine upsets international supply chains. Transportation delays, geopolitical unpredictability and higher expenses related to acquiring raw materials can all cause supply chain disruptions. Producers in the thermoform packaging industry can have trouble maintaining a steady supply of materials, including plastics or they might see price rises as a result of shifting market conditions.

Additionally, geopolitical tensions can impact consumer confidence, disrupt regional markets and lead to changes in demand for packaged products. Changes in consumer behavior due to economic uncertainty, trade restrictions and conflicts can create a complex and challenging environment for companies operating in the global thermoform packaging market.

It is important for industry players to closely monitor geopolitical developments and adapt their strategies to effectively navigate the evolving situation. For the most up-to-date and accurate information on the impact of the Russian-Ukrainian war on the thermoforming packaging market, we recommend referring to the latest industry reports and analysis.

By Type

• Blister Packaging
• Clamshell Packaging
• Skin Packaging
• Tray and Lids
• Containers
• Cups and Bottles
• Others

By Heat Seal Coating

• Water-based
• Solvent-based
• Hot Melt-based

By Material

• Plastic
  • Polycarbonate
  • Polyethylene
  • Polystyrene
  • Polypropylene
  • Polyethylene Terephthalate
  • Others
• Metal
• Paper & Paperboard

By Process

• Vacuum
• Pressure
• Mechanical
• Twin Sheet Forming
• Others

By End-User

• Food & Beverages
• Electrical & Electronics
• Personal Care & Cosmetics
• Medical & Pharmaceuticals
• Homecare and Toiletries
• Industrial Goods
• Automotive
• Consumer Goods
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On May 13, 2021, Sealed Air launched LID830R, a groundbreaking thermoforming packaging solution designed to defy the traditional heaviness of THF materials. The innovation allows food processors to achieve substantial weight reduction in packaging while still ensuring excellent protection and a glossy, clear top lid for optimal food presentation. The LID830R represents a significant leap forward in thermoforming applications, offering a more sustainable and efficient packaging option without compromising on visibility or product integrity.
• On January 02, 2020, Thermoform Engineered Quality, LLC and Plastique Holdings, LTD, together known as TEQ, is a global manufacturer of thermoformed packaging serving the healthcare, medical device and consumer markets. Sonoco, one of the most sustainable and diversified global packaging companies, announced today that it has completed the acquisition of TEQ for US$187 million in cash from ESCO Technologies, Inc...

Competitive Landscape

The major global players in the market include Amcor Limited, Sonoco Products Company, D&W Fine Pack LLC, Pactiv Evergreen Inc., Placon Corporation, Anchor Packaging LLC, Genpak LLC, Berry Global Inc., DS Smith Plc and Brentwood Industries, Inc.

Why Purchase the Report?

• To visualize the global thermoforming packaging market segmentation based on type, heat seal coating, material, process, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of thermoforming packaging market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global thermoforming packaging market report would provide approximately 78 tables, 84 figures and 207 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies