Rigid Thermoform Plastic Packaging Market Size, Share, & COVID-19 Impact Analysis, By Material (Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polystyrene (PS), Polypropylene (PP), Polyethylene (PE), and Others), By Product Type (Blisters, Clamshells, Containers, Trays & Lids, and Others), By Application (Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, Electrical & Electronics, and Others), and Regional Forecast, 2024-2032

Rigid thermoform plastic packaging is the packaging of products that involves heating a plastic sheet till it is flexible and form any required shape to fulfill the packaging purpose. Rigid thermoform plastic packaging products are cost-effective, versatile, robust, reusable, and lightweight, due to which they have attained extensive demand in the food & beverages, electronics, and pharmaceutical industries. The proliferating growth in the pharmaceutical sector due to the increasing chronic illness and aging population is also contributing to the market growth. In addition, the increasing usage of clamshells, blisters, and trays for packaging electronic products such as batteries, headphones, & mobile accessories thrives the market growth worldwide. Major manufacturers' potential innovations and investments drive the rigid thermoform plastic packaging market and are projected to create lucrative opportunities for the market in the forthcoming years.

• For instance, in April 2021, Amcor announced the trial for a recyclable polyethylene (PE) based thermoform blister packaging solution named AmSky blister system. Launching these blisters will enhance the sustainability of several healthcare & pharmaceutical brands.

Compared to plastic packaging, thermoformed plastic packaging products' high efficiency and strength thrives the growth of the global rigid thermoform plastic packaging market. These versatile products have promoted demand in the food & beverages and pharmaceutical sectors to enhance product visibility, retain customers, and boost brand awareness. The rising e-food delivery demand and growth in the platforms providing such services are also generating huge demand for rigid thermoform plastic packaging products. Increasing organized retail and the growing geriatric population are propelling the demand for blister packaging in retail & pharmaceutical industries, further enhancing the market growth.

The high upfront costs of the raw materials required to manufacture rigid thermoform plastic packaging products are the key factors inhibiting market growth. The stringent government rules & regulations on the usage of plastics in several regions, such as Europe, also limit the growth of the rigid thermoform plastic packaging market. In addition, the change in consumer shift from rigid to flexible packaging products is also projected to impede market growth in the forthcoming years.

IMPACT OF COVID-19 ON THE RIGID THERMOFORM PLASTIC PACKAGING MARKET

The unexpected outbreak of the novel coronavirus led to a halt in the production of varied products across industries worldwide. The impact of lockdowns and business shutdowns by government bodies has also been observed in the packaging industry. The unavailability of raw materials and the fear of viruses among the laborers caused a slowdown in manufacturing activities of rigid thermoform plastic packaging products. The industry experienced decreased sales due to the shutdowns of hotels, restaurants, and retail chains. However, with the growing inception of the virus, the pharmaceutical industry boomed. It led to a rapid demand for blisters and clamshell packaging to prevent the damage of pharmaceutical drugs from external factors such as air and moisture. Such a rise in demand is subsequently projected to enhance the market’s growth in the post-pandemic phase.

SEGMENTATION

KEY INSIGHTS

The report will cover the following key insights:

• Recent Advancements in the Rigid Thermoform Plastic Packaging Market


• Key Industry Trends


• Regulatory Landscape for the Rigid Thermoform Plastic Packaging Market


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

ANALYSIS BY MATERIAL

Based on material, the market is segmented into polyethylene terephthalate (PET), polyvinyl chloride (PVC), polystyrene (PS), polypropylene (PP), polyethylene (PE), and others. Polyethylene terephthalate (PET) dominates the material segment of the global rigid thermoform plastic packaging market. The augmenting demand for PET material owing to its key properties such as high strength, lightweight, high resistance to solvents, and ease in recyclability to develop rigid thermoform packaging solutions is driving the segment’s growth. Moreover, its grades such as CPET, RPET, & APET are also crucial for manufacturing, further boosting segmental growth.

ANALYSIS BY PRODUCT TYPE

Based on product type, the market is segmented into blisters, clamshells, containers, trays & lids, and others. Clamshell is the leading product type segment of the global rigid thermoform plastic packaging market. Containers are gaining huge traction among several food & food service sectors for packaging bakery & confectionery, fresh fruits, on-the-go, and processed food products. The segment is expected to continue its dominance due to this increasing demand.

ANALYSIS BY APPLICATION

Based on application, the market is segmented into food & beverages, personal care & cosmetics, pharmaceuticals, electrical & electronics, and others. Food & beverage holds the largest application share and will experience essential demand over the projected timeframe. Extensive usage of several rigid thermoformed plastic packaging products such as clamshells, cups & bowls, and trays by the food & beverage manufacturers are contributing to the segment’s growth. Moreover, the single-serve & on-the-go food trend is also boosting segmental growth.

REGIONAL ANALYSIS

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The rigid thermoform plastic packaging market has been studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the dominating region of the global rigid thermoform plastic packaging market. The presence of leading manufacturers and the manufacturers' continuous product innovations drive market growth in North America. The manufacturers also provide custom packaging services to meet customer requirements for applications such as food & beverages, retail, and pharmaceuticals, further enhancing market growth. The rising mergers and acquisitions in the past few years, along with the growth of the pharmaceutical sector, are driving the rigid thermoform plastic packaging market in Asia Pacific. The increasing demand for rigid thermoformed plastic packaging products such as trays, clamshells, cups, and others from the food service industry in Europe is fostering market growth in this region. The sudden shift of consumers toward blister packaging is estimated to drive the Latin American rigid thermoform plastic packaging market. The Middle East & Africa will experience moderate growth over the forecast period.

KEY PLAYERS COVERED

The report will include profiles of key players such as Huhtamaki, Amcor plc, Anchor Packaging, DS Smith Plc, Sealed Air Corporation, Berry Global Inc., Sonoco Products Company, EasyPak, CJK Packaging, WestRock Company, among others.

KEY INDUSTRY DEVELOPMENTS:

• January 2023 - Lacerta Group, a U.S.-based thermoformed packaging manufacturer, declared the acquisition of Portage Plastics & PPC Investments for an unrevealed sum. Along with acquiring Portage Plastics, the company expects to expand its geographic presence around the North American region to serve its customers.


• January 2020 - A U.S. diversified packaging manufacturer, Sonoco, declared the acquisition of Thermoform Engineered Quality & Plastique Holdings (TEQ) from ESCO Technologies. The acquisition was completed for USD 187 million in cash. TEQ manufactures molded-pulp-fiber, recyclable, and thermoformed plastic packaging for several European consumer products.