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

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

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.

Key Highlights

• 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.

Key Market TrendsFood & 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.

North America is Expected to Hold the Largest Share

• North America is expected to dominate the market over the forecast period, owing to the presence of some significant players in the region such as Anchor Packaging Inc., Sonoco Products Company, D&W Fine Pack, amongst others. This, coupled with the extensive research & development activities, have resulted in the wide-scale adoption of the thermoformed packaging in the region.
• In May 2018, Canada-based good natured Products Inc. signed an agreement to supply a US industry leader in thermoformed packaging. Plant-based packaging solutions for both food and general merchandise markets are covered under this agreement.
• The market in the region is witnessing mergers and acquisitions, thereby offering lucrative opportunities to the companies that enable them to boost market growth over the forecast period.
• In November 2019, Sonoco products company announced that it had signed a definitive agreement to acquire Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD, from ESCO Technologies, Inc. for approximately USD 187 million in cash.

Competitive Landscape

The competitive rivalry in the thermoform packaging market is high owing to the presence of some key players such as Amcor, Mondi group and many more. The thermoforming market has witnessed mergers and acquisitions by the players that enables them to not only the market footprint but also fuel the market growth. Also through continuous research and development activities, the players in the market have been able to bring about innovations in their offerings that allow them to provide sustainability to its consumers.

• October 2019 - COEXPAN launched CorePET, the new 100% rPET sheet specifically formulated for the thermoform packaging market.
• June 2019 - Mondi Group developed a fully-recyclable polypropylene film for usage in thermoforming of flexible films for modified atmosphere packaging (MAP) and vacuum packaging, with the ability to extend the shelf life of products such as meat and cheese. The development offers a 23% reduction in carbon footprint compared to existing packaging, top and bottom web, with an internal barrier layer that comprises less than 5% of the entire structure, making it fully recyclable in existing waste streams.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Amcor PLC
Sonoco Products Company
DS Smith
Placon Corporation
Display Pack Inc.
WestRock Company
Tekni
Plex, Inc.
Anchor Packaging, Inc.
D&W Fine Pack
Sealed Air Corporation

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