The global Thermoform Packaging Market experienced strong growth in 2020 and is projected to maintain a steady revenue compound annual growth rate (CAGR) throughout the forecast period. Factors such as increasing demand for improved shelf-life and freshness of food products, rising investment in research and development (RD) by key players, and technological advancements are expected to drive market revenue growth. This packaging method is cost-effective and lightweight, making it a popular choice for various industries such as food and beverage, electronics, personal care, pharmaceutical, and automotive.
The global thermoform packaging market report includes an analysis of the impact and changes resulting from the COVID-19 pandemic and its various variants. The pandemic and subsequent lockdowns had negative impacts on the manufacturing sector due to reduced demand and supply. Complete country-wide lockdowns and partial lockdowns resulted in a slowdown in production, employment loss, and significant economic disruption. Small businesses and retailers were particularly hard hit, while healthcare infrastructure faced severe challenges due to a shortage of crucial supplies and medical equipment. To manage operations in the "new normal," companies continue to deploy stringent safety measures for their workforce and personnel. While it remains unclear whether the situation and challenges will clear up in the future, the emergence of new variants and potential outbreaks are expected to remain on the horizon for some time.
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Major Companies:
WestRock, Amcor Limited, Tray Pak Corporation, and Lacerta Group, Inc.
Drivers:
- Rising demand in pharmaceutical and food and beverage industries.
- Increasing demand for improving shelf-life and freshness of food products.
- Technological advancements in the packaging sector.
- Rising investments in RD by key players to develop innovative packaging solutions.
- Cost-effectiveness and reusability of thermoform packaging containers.
- Lightweight and protective nature of thermoform packaging.
Restraints:
- The high cost of thermoform packaging equipment and machinery.
- The availability of substitutes such as paper-based packaging.
- Environmental concerns due to the use of plastics in thermoform packaging.
- Government regulations and restrictions on the use of certain types of plastics in packaging.
- Limited customization options compared to other plastic molding methods.
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