Global Thermoformed Packaging Market 2016-2020

 The infographic below contains key findings from our analysis of the thermoformed packaging market   

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Overview of the thermoformed packaging market

According to the thermoformed packaging market research report, the thermoformed packaging market is anticipated to witness steady growth and will post a moderate CAGR of more than 5% over the forecast period. Thermoformed packaging finds extensive applications in food packaging, which is one of the major factors driving this market’s growth. The increasing demand for easy-to-use and convenient packaging has resulted in the increased need for barrier properties to keep the food fresh and enhance the shelf life. Thermoformed packaging is being increasingly used by packaging manufacturers for food products as it helps eliminate waste material. Moreover, thermoformed packages are easy to customize, so the amount of raw material that goes into the making of these packages is reduced by almost 50%. Moreover, thermoformed solutions used for food packaging contribute to reducing packaging costs for food products, leading to their augmented adoption.

One of the recent trends gaining significant traction in the market is the increasing demand for lightweight packaging products. Thermoforming is the most sought method for producing thinner and lighter plastic rigid packaging products. These packaging products find applications in various end-user industries including food and beverage, healthcare packaging, and electrical and electronics industries. Furthermore, in the recent years, the majority of manufacturers are looking to use lightweight packaging products to address the concerns regarding high costs throughout the supply chain and to minimize the packaging costs, which are susceptible to the volatile prices of crude oil.

Competitive landscape and key vendors

The global thermoformed packaging market is highly competitive because of the presence of several well-established vendors. Many established vendors are shifting toward bio-derived, biodegradable, and recyclable polymers as alternatives to the conventional petroleum-based polymers. Also, vendors are shifting from injection molding to thermoforming process due to low production costs and increased production speeds. The economic growth across the globe is leading to an increase in the demand for quality food packaging, which is driving the vendors toward thermoformed packaging.  Over the past few years, the packaging industry has undergone significant consolidation. Further consolidations can be expected in the market during the forecast period, with the growing acceptance of the use of thermoformed plastic and advanced technologies in this field. 

According to the thermoformed packaging market analysis report, the key vendors in this market are -

• Anchor Packaging
• Bemis
• RPC
• Sealed Air
• Silgan
• Sonoco Plastics

Other prominent vendors in the market include Genpak, Greiner Packaging, Pactiv, and Placon.

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Segmentation by raw materials and analysis of the thermoformed packaging market

• PET
• PVC
• ABS

During 2015, the PET segment accounted for the maximum market revenue shares and is likely to dominate the market during the predicted period. The growth of this segment is attributed to the augmented demand from end-users, especially the food and beverage industry. PET is widely used by manufacturers in the thermoformed packaging market as most manufacturers are looking for sustainability when it comes to materials used for packaging. PET is the most widely recycled plastic in the world, and its recycling rate is nearly 58% compared to all other plastics. Also, over the last few years, thermoformed packaging manufacturers have been increasingly replacing polystyrene resin with PET resin. This is because the energy needed to produce thermoformed containers with PET resin is less compared to that for polystyrene.

Geographical segmentation and analysis of the thermoformed packaging market

• APAC
• Europe
• North America

In terms of geography, North America was the leading revenue contributing region and is likely to continue its dominance over the next four years. The growth of this market in the region is owing to the fact that North America has the presence of many large plastic packaging industries such as Pactiv LLC, Sonoco Plastics, Berry Plastics, Winpak, and Anchor Packaging.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global thermoformed packaging market?
• What are the key market trends impacting the growth of the global thermoformed packaging market?
• What are the challenges to market growth?
• Who are the key vendors in the global thermoformed packaging market?
• What are the market opportunities and threats faced by the vendors in the global thermoformed packaging market?
• What are the trending factors influencing the market shares of APAC, Europe, and North America?
• What are the key outcomes of the five forces analysis of the global thermoformed packaging market?

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