The process of moulding material (plastic, aluminium, wood, and rubber) into a desired shape to create packaging containers is known as thermoforming. It is a low-cost process that allows for the moulding of large containers from sheets. Furthermore, thermoform packaging can be made in a variety of shapes and sizes. To make products more visually appealing, printing can be done after moulding.
Its low cost and ability to mass produce make it a popular choice in industries such as food and pharmaceutical. However, the environmental consequences of using plastic packaging pose a significant challenge to market growth. Furthermore, thermoformed material cannot withstand excess weight and cannot be used for heavy material packaging.
Skin packaging is gaining popularity due to properties such as high durability, toughness, improved aesthetics, and lower material use when compared to conventional blister packaging. Because of its wide availability and low material cost, plastic is widely used in the production of thermoform packaging. Consumer goods are packaged in clamshells. They are typically clear to allow the consumer to see the contents of the packaging. Blister cards, on the other hand, are used in the pharmaceutical industry and are made by heat sealing a sheet of foil. Because of its ability to customise to meet specific needs, the food and beverage industry is the largest end user of this market. Its durability ensures that the product is not damaged and that contamination is avoided.
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Market Outlook
Because of their high disposable incomes, North America and Europe are the largest markets for thermoformed packaging. Furthermore, a preference for packaged food and disposable products is driving market growth.
Asia Pacific is the fastest growing market, with India and China having the world's largest populations, which is increasing demand for food, beverages, pharmaceuticals, and electronics. Because of their low labour and raw material costs, these countries are also becoming manufacturing hubs for pharmaceuticals and electronics. According to the International Monetary Fund (IMF), the Asia Pacific region accounted for 50% of global GDP and is expected to become a key consumer hub during the forecast period.
Latin America's rising per capita income and high consumption of packaged foods and beverages are driving market growth.
The Middle East and Africa are the fastest growing regions in this market, owing to a large working migrant population in GCC countries and fast growing economies in Africa, which are driving market growth.
As an alternative to 3D printing, a new thermoforming technique known as 'Computational Thermoforming' has emerged. It was created in 2016 by Zurich-based Interactive Geometry Lab. This significantly reduces the time required to manufacture special purpose packaging. Adoption of this technology is expected to limit market growth over the forecast period.
Key Developments:
Amcor Limited, for example, paid $280 million for the assets of Sonoco's plastic blow moulding business in North America. Sonoco purchased businesses in flexible packaging, thermoforming rigid plastics, and temperature-assurance packaging.
Amcor Limited paid US$ 6.8 billion for Bemis Company, Inc. in June 2019. Amcor shareholders will own 71% of the new combined company, while Bemis shareholders will own 29%. This acquisition has aided Amcor Limited in strengthening its global market position.
Constantia Flexibles GmbH, for example, acquired Creative Polypack Limited, India's flexible packaging company, in March 2018. The acquisition of Creative Polypack Limited includes production sites in northern, eastern, and southern India, including Baddi, Kanpur, Kolkata, Assam, and Puducherry.
Anchor Packaging purchased Quad Graphics' 423,000 square foot manufacturing and warehousing facility in Jonesboro, Arkansas, in February 2013. Anchor Packaging has been able to expand its thermoforming packaging business in the North American market thanks to this acquisition.
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Key Players
Amcor Limited, Bemis Company, Inc., WestRock Company, G. Mondini S.p.A, E.I. du Pont de Nemours and Company, Tekni-plex Inc., DS Smith Plc., Anchor Packaging, Constantia Flexibles GmbH, Display Pack Inc. and Sonoco Products Company are key players in the thermoform packaging market.
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