A fresh business and commerce publication by Transparency Market Research (TMR) notifies that the global thermoform packaging market is poised for a prosperous future, gaining impetus from the flourishing food and beverage industry. If the projections of the TMR report are to be believed, the demand in the global thermoform packaging will multiply at a CAGR of 5.9% during the forecast period of 2017 to 2024. In terms of revenue, the market is poised to attain a valuation of US$57,615.9 mn by the end of 2024, substantially more than its evaluated worth of US$38,603.9 mn as of 2017.
As for the competitive landscape, the analysts of the TMR report have detected that the value chain is distributed among a large pool of players that includes raw material suppliers, regulatory bodies, research and development institutes, and manufacturers. To stay ahead of the curve in a largely fragmented scenario, stockholders are concentrating on harnessing technology that can meet the diverse requirements. One of the areas of innovation for the thermoform packaging market players is to enhance the formability of co-extruded thermoforming webs that are ideal for medical device packaging.
Formability is highly essential when it comes to maintaining thickness at the corners of the package and reducing the chances of pinholing and splitting during transportation. Moreover, there is potent demand for thermoform packaging that are high on gloss and offer clear transparency. In the near future, the vendors of thermoforming packaging market are expected to develop products that offer robustness along with enhanced appearance to gain ground over their competitors. Moreover, market leaders are expected to expand into the emerging economies such as China and India, wherein rapid expansion of urban population is fueling the food and beverage industry.
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Based on packaging, the TMR report segments the thermoforming packaging market into blister packaging, skin packaging, clamshell packaging, cups, and tubs, whereas on the basis of material, the market has been bifurcated into polyethylene terephthalate (PET), poly vinyl chloride (PVC), polypropylene (PP), polyethylene (PE), and polystyrene (PS). Application-wise, the analysts of the report have evaluated the potential of demand that can be expected out of the industries of food and beverages, cosmetics and personal care, pharmaceuticals, electronics, and industrial goods. Geographically, while North America has been identified as the region that is providing for the most prominent chunk of demand, Asia Pacific has been highlighted as the region that is primed for a stronger growth rate.
There are a number of benefits that are driving the adoption of thermoform packaging in the food and beverage industry. For instance, thermoforms are puncture resistant, can withstand moderate moisture, and are able to retain their structure even when engulfed with freezing temperature. Thermoforms are ideal for the packaging of dairy products, vegetables and fruits, and meat and sea foods, and are a good option for both soft and hard food products. But not only the food and beverage industry, the thermoform packaging market is gaining further traction from the pharmaceutical industry, which requires medicines and equipment to be cocooned from the environment. In addition to these two primary end-use industries, the thermoform packaging market is also driven by its cost effectiveness and flexibility.
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