Portland, OR, May 28, 2020 (GLOBE NEWSWIRE) — 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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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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