Global Thermoform Packaging Market: Analyst’s Note
Packaging is of great essence for nearly every product that is manufactured at one location and then needs to be transported to another to meet its true end user. Even throughout the duration that the product sits with its end user, its packaging can go a long way towards making an impression while protecting the product. The packaging industry has always been seeking innovative methods to meet diverse demands and thermoforming has emerged as a process that can ideally meet the requirements. Thermoforms are ideal for the packaging of both consumable and non-consumable products, and the market for them same is flourishing. According to this business intelligence study, the demand in the global thermoform packaging market will expand at a CAGR of 5.9% during the forecast period of 2017 to 2024. Revenue-wise, the opportunities in this market are estimated to be worth US$57,615.9 mn by the end of 2024.
Pharmaceutical and Food Industries to Sustain Strong Demand
There are a number of factors that are providing traction to the global thermoform packaging market, but none bigger than the prosperity of the food and beverage industry. Radically expanding urban population in emerging economies is exhibiting eating habits that are highly fruitful for vendors who produce packaged food products and thermoforming is among their preferred methods. In addition to that, growth of the pharmaceutical industry, cost-effectiveness of the technology, and ease of disposal are some of the other factors driving the demand in the global thermoform packaging market. On the other hand, stringent government regulations that need to be complied with and limitations in packaging of heavy items are a few restraints challenging the thermoform packaging market from attaining its true potential. Nevertheless, the relentless research and development activities that are currently underway to harness further possibilities of thermoforming packaging are expected to boost the market in the near future.
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Blister Packaging to Remain Most Profitable Segment until 2024
On the basis of packaging type, the thermoform packaging market has been segmented into clamshell, blister, skin, tubs, and cups. Among these, the blister packaging segment is currently providing for the most prominent chunk of demand, which is a reflection of increasing usage of this packaging in the pharmaceutical industry. Thermoform packaging is ideal when it comes to compartmentalization and maintaining cleanliness. Owing to multiplying geriatric population, the demand for medicines and medical equipment is anticipated to expand profitably in the near future and it will in turn provide traction to the thermoform packaging market. The report also bifurcates the market in terms of material into poly vinyl chloride (PVC), polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), and polystyrene (PS) and application into pharmaceutical, food and beverages, industrial goods, electronics, and cosmetics and personal care. The food segment has been sub-segmented into meat products, dairy, bakery and confectionary, food service products, and dairy.
North America and Asia Pacific Most Lucrative Regions
Region-wise, North America and Asia Pacific are the two regions of primary focus for the players venturing in the global thermoform packaging market. While North America is currently providing for the most prominent chunk of demand, boosted by the presence of major retail brands in the developed country of the U.S., Asia Pacific is projected for the strongest growth rate during the forecast period of 2017 to 2024. The Asia Pacific thermoform packaging market is driven by increasing demand for packaged food and beverage products by the urban populations in the emerging economies of China, India, and South Korea.