Thermoform trays have become an essential part of the tray packaging market. The stability and protection of products are major factors that will boost the sales of thermoform trays. Thermoform trays, especially insert trays, match this function efficiently. These trays are widely used in several sectors such as electronics, healthcare, retail, food and beverage, shipping and logistics, and cosmetics.
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Data Bridge Market Research analyzes that the Global Thermoform Trays Market is expected to grow from 2023 to 2030 and is expected to reach USD 8,912.96 million by 2030. The rising demand for thermoform trays in the medical sector is expected to create new opportunities for market growth in the upcoming years.
Key Findings of the Study
Growing E-Commerce Industry
Thermoformed packaging products involve several plastic packaging products used in the industries for finished packaging goods. These products have high strength and are available in different shapes and sizes, increasing their demand in the market. They are easily sealable which prevent damage of items to trays that are formed from thermoformed material giving protection to finished goods in transit.
In the e-commerce industry, high-quality packaging is essential so that the goods should reach the customers' hands without any distortion in the quality of goods. E-commerce and courier service have also increased with the increase in online shopping apps, medical stores and online retail stores, leading to increased use of different types of thermoformed packaging products for pharmaceutical and personal care electronic items. In addition, several electronic stores have shifted to the digital platform, due to which the packaging in consumer electronics has increased. Several manufacturers of packaging products analyze the demand for finished goods on digital media and produce accordingly.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units
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Segments Covered
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By Product (PET Trays, Clamshells, Oxygen Ingress Barrier Trays, Standard Trays, Shelf Display Trays, Insert Trays, Dunnage Trays, Drip Trays, and Others), Barrier Material (PVDC (Polyvinylidene Chloride), Metallized Films, Aluminium Foil, EVOH (Ethylene Vinyl Alcohol), Acrylic Coatings, Silicon Oxide Coatings, and Others), Amount of Polymer (10-50 Grams, 50-100 Grams, 100-150 Grams, and Above 150 Grams), Material (Plastic, Paper & Paperboard, and Others), Thermoforming Process (Vacuum Forming, Pressure Forming, and Twin Sheet Forming), Shape (Rectangular, Round, and Others), Usage (Disposable and Non-Disposable), Distribution Channel (B2B and B2C), End-Use (Food, Healthcare, Electronics, Personal Care, Hotels, Restaurants & Cafes, Home Care, and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, rest of Europe, Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia, rest of Asia-Pacific, Brazil, Argentina, rest of South America, South Africa, Saudi Arabia, United Arab Emirates, Kuwait, and rest of Middle East and Africa
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Market Players Covered
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Amcor plc (Switzerland), Pactiv LLC (A subsidiary of Pactiv Evergreen Inc.) (U.S.), WestRock Company (U.S.), DS Smith (U.K.), Sonoco Products Company (U.S.), Prent Corporation (U.S.), Huhtamaki (Finland), Placon (U.S.), Nelipak Healthcare Packaging (U.S.), Lacerta Group LLC. (U.S.), EasyPak. (U.S.), Dordan Manufacturing Company (U.S.), HLP Klearfold (U.S.), Engineered Components & Packaging, LLC. (U.S.), and Universal Plastics Group, Inc. (U.S.) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, pipeline analysis, supply chain analysis, pricing analysis, and regulatory framework.
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Segment Analysis
The global thermoform trays market is segmented into nine notable segments based on product, barrier material, amount of polymer, material, thermoform processing, shape, usage, distribution channel, and end-use.
- On the basis of product, the market is segmented into PET trays, clamshells, oxygen ingress barrier trays, standard trays, shelf display trays, insert trays, dunnage trays, drip trays, and others. In 2023, the PET trays segment is expected to dominate the market with a market share of 23.24% and is expected to reach USD 2,150.27 million in 2030, growing with the highest CAGR of 5.0 % in the forecast period of 2023 to 2030
- On the basis of barrier material, the market is segmented into PVDC (Polyvinylidene Chloride), metallized films, aluminium foil, EVOH (Ethylene Vinyl Alcohol), acrylic coatings, silicon oxide coatings, and others. In 2023, the PVDC (Polyvinylidene Chloride) segment is expected to dominate the market with a market share of 29.69% and is expected to reach USD 2,698.88 million in 2030, growing with the highest CAGR of 4.8% in the forecast period of 2023 to 2030
- On the basis of amount of polymer, the market is segmented into 50-100 grams, 10- 50 grams, 100-150 grams, and above 150 grams.
In 2023, the 50-100 grams segment is expected to dominate the global thermoform trays market
In 2023, the 50-100 grams segment is expected to dominate the market due to cost-effective solution compared to trays made from larger amounts of polymer. In 2023, the 50-100 grams segment is expected to dominate the market with a market share of 33.35% and is expected to reach USD 3,049.88 million in 2030, growing with the highest CAGR of 4.9% in the forecast period of 2023 to 2030
- On the basis of material, the market is segmented into plastic, paper & paperboard, and others.
In 2023, the plastic segment is expected to dominate the global thermoform trays market
In 2023, the plastic segment is expected to dominate the market as it provides protection for the packaged products during handling, storage, and transportation. In 2023, the plastic segment is expected to dominate the market with a market share of 59.46% and is expected to reach USD 5,337.60 million in 2030, growing with the highest CAGR of 4.6 in the forecast period of 2023 to 2030
- On the basis of thermoforming process, the market is segmented into vacuum forming, pressure forming, and twin sheet forming. In 2023, the vacuum forming segment is expected to dominate the market with a market share of 49.51% and is expected to reach USD 4,461.85 million in 2030, growing with the highest CAGR of 4.7% in the forecast period of 2023 to 2030
- On the basis of shape, the market is segmented into rectangular, round, and others. In 2023, the rectangular segment is expected to dominate the market with a market share of 54.06% and is expected to reach USD 4,870.11 million in 2030, growing with the highest CAGR of 4.6% in the forecast period of 2023 to 2030
- On the basis of usage, the market is segmented into disposable and non-disposable. In 2023, the household/retail segment is expected to dominate the market with a market share of 55.74% and is expected to reach USD 5,024.63 million in 2030, growing with the highest CAGR of 4.7% in the forecast period of 2023 to 2030
- On the basis of distribution channel, the market is segmented into B2B and B2C. In 2023, the B2B segment is expected to dominate the market with a market share of 68.30% and is expected to reach USD 6,127.64 million in 2030, growing with the highest CAGR of 4.6% in the forecast period of 2023 to 2030
- On the basis of end use, the market is segmented into food, healthcare, electronics, personal care, hotels, restaurants & cafes, home care, others. In 2023, the food segment is expected to dominate the market with a market share of 44.54% and is expected to reach USD 4,075.19 million in 2030, growing with the highest CAGR of 4.9% in the forecast period of 2023 to 2030
Major Players
Data Bridge Market Research recognizes the following companies as the major major market players operating in the global thermoform trays market that include Amcor plc (Switzerland), Pactiv LLC (A subsidiary of Pactiv Evergreen Inc.) (U.S.), WestRock Company (U.S.), DS Smith (U.K.), Sonoco Products Company (U.S.), Prent Corporation (U.S.), Huhtamaki (Finland), Placon (U.S.), Nelipak Healthcare Packaging (U.S.), Lacerta Group LLC. (U.S.), EasyPak. (U.S.), Dordan Manufacturing Company (U.S.), HLP Klearfold (U.S.), Engineered Components & Packaging, LLC. (U.S.), and Universal Plastics Group, Inc. (U.S.) among others.
Market Development
- In February 2023, Pactiv LLC, a North American manufacturer of fresh food and beverage packaging, collaborated with AmSty, a North American polystyrene manufacturer and pioneer in circular polystyrene recycling. The company will soon offer customers innovative foam polystyrene packaging products derived from advanced recycling technologies by AmSty. This helped the company to expand its product portfolio
- In December 2020, Huhtamaki invested in further growth in Russia by setting up a new fiber packaging manufacturing plant at its existing site in Alabuga, Tatarstan. This development helps the company to increase revenue and production
- In October 2020, WestRock Company was recognized for packaging design excellence at the 77th Annual North American Paperboard Packaging Competition. The company won 18 awards, including two major awards: Rigid Box of the Year and Digital Application of the Year. This development helped the company to increase goodwill in the market
- In March 2020, EasyPak acquired Douglas Stephen Plastics to continue its growth strategy. EasyPak businesses will
- In January 2020, Sonoco Products Company announced the acquisition of Thermoform Engineered Quality, LLC and Plastique Holdings, LTD (collectively TEQ), global manufacturers of thermoformed packaging for the healthcare, medical device, and consumer markets, from ESCO Technologies, Inc. This will help the company to expand in the market and will also help to increase revenue
Regional Analysis
Geographically, the countries covered in the global thermoform trays market report are U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, rest of Europe, Japan, China, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia, rest of Asia-Pacific, Brazil, Argentina, rest of South America, South Africa, Saudi Arabia, U.A.E., Kuwait, and rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
Asia-Pacific is expected to dominate the global thermoform trays market during the forecast period of 2023-2030
In 2023, Asia-Pacific is expected to dominate the global thermoform trays market owing to the large number of manufacturers and suppliers operating in the region. Asia-Pacific will continue to dominate the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the growing R&D in this region. Additionally, the rising applications of thermoform trays in the food packaging industry are expected to further enhance the market growth rate in this region.
Asia-Pacific is estimated to be the fastest-growing region in the global thermoform trays market in the forecast period of 2023-2030
Asia-Pacific is expected to grow during the forecast period due to the presence of major market players in this region. In addition to this, the growing e-commerce industry in the region is expected to boost the market growth.
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