Thermoform Packaging Market Growth, Demand & Competitive Landscape
The global thermoform packaging market size was valued at USD 48.50 billion in 2022. The market is anticipated to expand from USD 51.96 billion in 2023 to USD 88.50 billion by 2030, exhibiting a CAGR of 7.91% over the estimated period.
Thermoform packaging provides a protective barrier around the product, safeguarding it from external factors such as physical damage. The market is expected to ramp up due to the rising demand for sustainable and cost-effective packaging for electronics and electrical products such as batteries, electronic accessories, headphones, and mobiles.
Fortune Business Insights™ provides this information in its research report, titled “Thermoform Packaging Market, 2023-2030”.
Source: https://www.fortunebusinessinsights.com/thermoform-packaging-market-108736
COVID-19 Impact:
Surged Demand for Food & Beverage Products and Pharmaceutical Drugs Supported Market Growth
The COVID-19 pandemic had a significant impact on the thermoform packaging market growth. In the initial phase of the pandemic, strict lockdowns and business closures caused widespread supply chain disruptions led to shortages of raw materials and production bottlenecks in the packaging sector. However, thermoform product manufacturing experienced growth, primarily due to the heightened demand for food & beverage products and pharmaceutical drugs.
Segmentation:
Paper Segment to Dominate Due to its vast Array of Designs Options and Flexibility
In terms of material, the market is fragmented into plastic and paper. The plastic segment is expected to dominate as it offers an extensive array of design possibilities and flexibility. It helps manufacturers to choose the most suitable plastic-type based on the specific requirements of their products. This adaptability makes it a preferred choice, catering to a wide range of industries and applications.
Report Coverage:
The report delivers a comprehensive analysis of the key drivers poised to propel industry growth in the forthcoming years. It provides valuable insights into the latest market trends and underscores significant industry developments. Furthermore, the report assesses the impact of the COVID-19 pandemic on market growth.
