Impact Assessment of COVID-19 Outbreak on Thermoforming Films Market- Structure Analysis, Demand and Supply Chain Analysis, Forecasts To 2027

TMR

4 years ago

Thermoforming films provide long shelf life, strong sealing capability, printability, and lightweight packaging. These films are easier to carry. They also incur less expenses for transportation of beverages vis-à-vis rigid packaging.

Globalization has led to rapid growth of imports and exports across the globe. This has resulted in large supply chains and increased role of logistics, with companies adopting flexible packaging to optimize packaging systems for efficient and effective delivery. This is driving the demand for thermoforming films across the globe.
Low cost, lightweight, and damage-resistant features of packaging are boosting the demand for thermoforming films in the transportation industry. Rigid packaging is being rapidly replaced by flexible packaging, due to the latter’s characteristics such as enhanced barrier resistance, resealable closures, cost efficiency, and light weight. Among several variants of flexible packaging, shrink films are used extensively throughout the supply chain. Demand for thermoforming films has been increasing significantly in the packaging sector since the last few years.
Players operating in the e-commerce sector have been increasingly adopting thermoforming films since the last few years, considering advantages offered by these films over stretch films and other films. Key features of thermoforming films such as high barrier resistance and damage control packaging prove beneficial for players in the e-commerce sector to ensure convenient and efficient delivery of products.

Demand for thermoforming films made of polyethylene is anticipated to increase at a rapid pace in the beverage packaging industry during the forecast period. Thermoforming films offer sustainable packaging solutions, as they reduce the weight of packaging. Thus, they prove to be a useful solution in view of regulations concerning less waste and lower weight of packaging. Additionally, thermoforming films possess good shelf-appeal and are cost effective.
Polyethylene thermoforming films help save upon hidden costs of pre-labeled products and expenses on the Universal Product Code (UPC). These films also limit the use of adhesives and the need for secondary sleeves for branding. Demand for thermoforming films has been rising in the beverage packaging industry, as these films provide a one-stop solution for companies that require sustainable and low-cost packaging options with good shelf-appeal.

Availability of alternative materials for films can be a major factor restraining the global thermoforming films market. The cost of thermoforming films is higher than that of regular plastic films that are used for packaging of products. This is anticipated to hamper the demand for thermoforming films during the forecast period.

The thermoforming films market in Asia Pacific is expected to expand significantly during the forecast period, led by the rise in consumption of alcoholic beverages and increase in demand for ready-to-drink fruit juices in the food & beverage packaging industry. Asia Pacific is the most populated region in the world. Demand for ready-to-eat food is high in the region.
The thermoforming films market in Europe is projected to expand at a moderate pace during the forecast period. Demand for thermoforming films in the region is likely to rise in the next few years, due to increase in usage of canned food products.
Demand for thermoforming films in Middle East & Africa and Latin America is estimated to rise significantly in the near future. In terms of demand, these regions accounted for low share of the global thermoforming films market in 2018. However, Middle East & Africa and Latin America are projected to create lucrative opportunities for the thermoforming films market during the forecast period.