According to the report published by Allied Market Research, the global thermoform packaging market generated $42.6 billion in 2019, and is estimated to reach $60.5 billion by 2027, registering a CAGR of 4.3% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Rising adoption of thermoform packaging, high demand for
thermoform packaging in food & beverage industry, and increase in demand
for lightweight packaging products drive the growth of the global thermoform
packaging market. However, surge in the awareness about recyclability and
disposal of packaging products and strict government regulations regarding
plastic packaging products hamper the market growth. On the other hand,
changing preference towards innovative packaging products and technological
advancements in thermoformed equipment creates new opportunities in the coming
years.
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Covid-19 scenario:
- During
the coronavirus pandemic, the revenue generated from plastics will be
reduced for few months, however, will rebound quickly.
- During
the lockdown, the sale of packaged food has been decreased .
- Manufacturers
have stopped the production of packaging products to curb the transmission
of coronavirus.
- Economic
crisis occurring due to lockdown across the world affects the end use
industries greatly.
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The report offers a detailed segmentation of the global
thermoform packaging market based on material, type, heat seal coating, end use
industry, and region. Based on material, the plastic segment contributed to the
largest share and fastest growing segment in 2019, accounting for more than
four-fifths of the total share, and is estimated to maintain its dominant
position during the forecast period. This segment is also expected to maintain
the highest CAGR of 4.5% from 2020 to 2027.
Based on type, the blister packaging segment accounted for the
largest share in 2019, holding more than two-fifths of the total share, and is
expected to maintain the largest share throughout the forecast period.
Moreover, this segment would grow at the highest CAGR of 4.7% during the
forecast period.
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Based on region, North America contributed the highest share,
accounting for more than one-third of the total market share in 2019, and will
maintain its dominance throughout the forecast period. However, Asia-Pacific is
expected to grow at the highest CAGR of 4.9% from 2020 to 2027.
Leading market players analyzed in the research include Anchor
Packaging Inc., Display Pack Inc., Amcor Ltd., Placon Corporation, D&W Fine
Pack LLC, Sinclair & Rush Inc., Reynolds Group Holdings Ltd., Tamarack
Products Ltd., Sonoco Products Company, and WestRock Company.
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various companies and this helps us in digging out market data that helps us
generate accurate research data tables and confirms utmost accuracy in our
market forecasting. Each and every data presented in the reports published by
us is extracted through primary interviews with top officials from leading
companies of domain concerned. Our secondary data procurement methodology
includes deep online and offline research and discussion with knowledgeable professionals
and analysts in the industry.
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