The global thermoformpackaging market size was valued at USD 48.50 billion in2022. The market is anticipated to expand from USD 51.96 billion in2023 to USD 88.50 billion by 2030, exhibiting a CAGR of 7.91% over theestimated period.
Thermoformpackaging 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 risingdemand 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”.
COVID-19Impact:
Surged Demand for Food & Beverage Products and Pharmaceutical DrugsSupported Market Growth
The COVID-19 pandemic had a significant impacton the thermoform packaging market growth. In the initial phase of the pandemic, strictlockdowns 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 theheightened demand for food & beverage products and pharmaceutical drugs.
Segmentation:
Paper Segmentto 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 segmentis 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.
ReportCoverage:
The report delivers a comprehensiveanalysis 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.
