The
global
market for thermoform packaging
is competitive in nature with a high level of fragmentation and is
expected to remain in the similar scenario in the next few years,
states a new market research study by Transparency Market Research.
The increasing number of applications and the growing focus of the
key players on innovations are projected to accelerate the growth of
the overall market in the next few years.
In
addition to this, the rising number of research and development
activities is estimated to enhance the market penetration for the
market players and further support the growth of the market in the
near future. The increasing mergers and acquisitions is further
predicted to offer growth opportunities in the near future. Some of
the key players operating in the thermoform packaging market across
the globe are Bemis Company, Inc., Display Pack Inc., D&W FINE
PACK, HUHTAMAKI GROUP, Sonoco Products Company., Anchor Packaging,
Inc., Tray-Pak Corporation, Amcor Limited, and PACTIV LLC.
As per the market research study by Transparency
Market Research, in 2017, the global market for thermoform packaging
was worth US$38,603.9 mn and is likely to reach a value of
US$57,615.9 mn by the end of 2024. The market is estimated to
register a healthy 5.90% CAGR between 2017 and 2024.
Asia
Pacific to Offer Potential Growth Opportunities for Market Players
The global market for thermoform packaging has
been categorized on the basis of geography among which, North America
is holding a large share of the market and is projected to remain in
the leading position in the next few years. The presence of several
leading players is estimated to enhance the growth of the market in
the near future. On the other hand, Asia Pacific is likely to exhibit
a high growth rate in the next few years, thanks to the rising
contribution from India, China, and South Korea. In addition to this,
the growing demand for thermoform packaging from the food and
beverages sector and the rising urban population are further
projected to encourage the growth of the market in the near future.
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The global thermoform packaging market has been
categorized on the basis of packaging type into blister, clamshell,
skin, cups, and tubs. Among these, the blister segment is expected to
lead the global thermoform packaging market with a large share in the
next few years. The rising use of this packaging in the
pharmaceutical industry is one of the key factors that is estimated
to encourage the growth of this segment in the next few years.
Furthermore, advancements in the technology is projected to support
the growth throughout the forecast period.
Rising Research and Development Activities
to Encourage Market Growth
The rising demand from the food sector and the
increasing use of thermoform packaging from the pharmaceuticals are
considered as some of the key factors that are estimated to
accelerate the growth of the global thermoform packaging market in
the next few years. In addition to this, the reduced packaging waste
and the cost-effectiveness are projected to enhance the growth of the
overall market in the coming few years.
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