According to the latest market research study released by Technavio, the global thermoformed packaging market is expected to grow at a CAGR of more than 5 % during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global thermoformed packaging market based on raw materials:
Global thermoformed packaging market share by raw materials 2015
|
PET |
45% |
|
PVC |
32% |
|
ABS |
12% |
|
Others |
11% |
Source: Technavio
The top three revenue contributing raw materials segments are discussed below:
Global thermoformed packaging market by PET
In 2015, PET accounted for around 45% share of the global thermoformed packaging market and is anticipated to generate impressive revenue during the forecast period. The high demand from the end-users especially in the food and beverage industry, determines the growth in this market.
“PET is extensively used by manufacturers and is the most widely recycled plastic in the world. PET thermoformed packaging manufacturers are using recycled PET for manufacturing and packaging as it is sustainable. They have been increasingly replacing polystyrene resin with PET resin as the energy needed to produce thermoformed containers with PET resin is less compared to that for polystyrene,” says Sharan Raj, a lead analyst at Technavio for research on packaging.
The major revenue generating region to the global market for thermoformed packaging is North America, with the US and Canada being key contributors.
Global thermoformed packaging market by PVC
PVC films is used for thermoformed packaging mainly due to its durability and aesthetic appeal. The major end-users of PVC film-based thermoformed packaging are the food and beverage, consumer goods, and pharmaceutical industries. PVC films accounted for 32% of the market in 2015, and the demand for PVC for thermoformed packaging is expected to increase during the forecast period.
Most packaging manufacturers use three types of graded PVC films for thermoformed packaging, such as virgin grade, utility/recycled grade, and food and pharmaceutical grade. In virgin thermoforming grade, the thermoformed packaging is done using virgin homopolymer rigid PVC. It greater packaging durability and structural integrity during complex mold configurations. The PVC film used for utility/recycled grade is mainly manufactured with 15% recycled PVC content. These PVC films have a silicone coating and are mostly used for consumer goods packaging. Rigid PVC films are used for the manufacturing of food and pharmaceutical based thermoformed packaging. Rigid PVC films have high barrier properties and clearness; therefore, they are used for food and pharmaceutical packaging.
Global thermoformed packaging market by ABS
The demand for ABS used for thermoformed plastic packaging is anticipated to increase during the forecast period as ABS is tougher and more rigid compared to other plastics. Thermoformed packaging producers use ABS as it is easy to thermoform compared to PET, PE, and PVC because it has very low critical forming temperature. ABS resin has the high tensile strength of over 6000 pounds per square inch and has a mold shrinkage of 0.3%-0.6%. The forming temperature of ABS resin is between 140 degrees Celsius and 180 degrees Celsius. The major end-user for ABS resin for thermoformed packaging is Asia, with China accounting for around 48% of the market in terms of consumption. North America and Europe will together account for around 23% of the market share. The global consumption of ABS resin is expected to increase at a steady rate during the forecast period.
The top leading vendors operating in the global thermoformed packaging are:
- Anchor Packaging
- Bemis
- RPC
- Sealed Air
- Silgan
- Sonoco Plastics
Other prominent vendors in the market include Genpak, Greiner Packaging, Pactiv, and Placon.
A more detailed analysis is available in the Technavio report titled, ‘Global Thermoformed Packaging Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Thermoformed Plastics Market 2016-2020
- Global Blister Packaging Market 2016-2020
- Global Molded Plastic Packaging Market 2016-2020
- Global Recycled Plastics Market 2016-2020
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