According to the report titled ‘Global Thermoforming Packaging Market Size study, By Material (PET, PVC, PS, PP, PE, and Others), By Product (Blister Packaging, Clamshell Packaging, Skin Packaging, Trays & Lids, Containers, Others), End-Use (Food & Beverage, Personal Care & Cosmetics, Pharmaceuticals, Electronics, Homecare, Others), and Regional Forecasts 2020-2027’, available with Market Study Report, global thermoforming packaging market was valued at USD 41.83 billion in 2019 and is expected to record a 4.9% CAGR during 2020-2027.
 

Emerging food sector and shifting preference for sustainable packaging are impelling global thermoforming packaging market growth. Inclination towards ready-to-eat food items and escalating demand for thermoformed items like containers, trays, and clamshells from food service operators will also stimulate the market expansion.
 

For those uninitiated, thermoforming is a method of plastic molding in which the plastic is heated to its pliable temperature and molded into the desired shape. Thermoforming process is split into two classes, thick gauge and thin gauge.
 

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Development of thermoforming technology has enabled custom packaging solutions that appeal to consumers at the point of sale and increase chances of purchase. Escalating demand for lightweight packaging items is also contributing to global thermoforming packaging industry outlook. To tackle cost-related problems across the supply chain, manufacturers have started using lightweight packaging materials.
 

Inclination towards using recyclable, bio-derived, and biodegradable polymers over conventional petroleum-based polymers among manufacturers will impel the industry size. The entry of new players into the production stream is beneficial for end-users with reference to the availability of high-quality as well as cost-effective thermoforming packaging products.
 

Citing the geographic terrain, worldwide thermoforming packaging market sphere is segmented into Asia Pacific, Europe, Latin America, North America, and Rest of the World. The report claims that Asia Pacific is poised to accrue notable gains over the estimated timeframe, owing to rapid urbanization and growing retail sector in China and India. The product demand is driven by increasing food distribution systems and outlets in developing economies. Moreover, development of inexpensive thermoforming machines and low costs of set-up are likely to increase suppliers of thermoforming packaging items.
 

Major players influencing global thermoforming packaging industry dynamics are Tray-Pak Corporation, Huhtamaki Group, Constantia Flexibles GmbH, Dart Container Corporation, Pactiv LLC, WestRock Company, Display Pack Inc., Placon Corporation, Sonoco Products Company, Amcor Limited, DS Smith plc, and Lacerta Group Inc.