Thermoform Packaging Market Size & Share Analysis - Growth Trends & Forecasts (2023–2028)

 Thermoform Packaging Market Analysis:

The thermoform packaging market is projected to experience a compound annual growth rate (CAGR) of 9% during the forecast period from 2021 to 2026. Thermoforming is utilized in the production of various products including lids, trays, blisters, clamshells, and others.

The thermoforming process offers several advantages over other molding processes such as injection and rotational molding. These benefits include lower production costs for smaller quantities, rapid product development and prototyping, as well as reduced tooling expenses.

In May 2018, Oman Oil Refineries & Petroleum Industries Company (Orpic) introduced a new thermoforming grade called Luban HP1151K. This grade is designed to enhance the productivity and overall performance of transparent thermoformed cups, trays, and containers.

According to SouthPack, thermoformed packaging can be up to 15% more cost-effective compared to packaging produced through plastic injection molding. Such instances indicate that the market is expected to witness increased adoption throughout the forecast period.

The growing trend towards sustainable packaging is anticipated to drive market players to develop products that meet the rising demand. SouthPack reports that approximately 52% of consumers base their purchasing decisions on the eco-friendly nature of the packaging material.

In February 2019, Quinn Packaging, a manufacturer of rigid and flexible thermoformed food packaging, launched fully recyclable black plastic food trays.

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