According to the Future Market Insights (FMI)’s latest market analysis on the global thermoform cups market for the forecast period of 2021-2031, the market is projected to be driven by continuous research & development activities in customization & modification, increasing shift in the ease & convenience while handling the product and the changing recycling technology in the disposable packaging.
The overall thermoform cups market is forecasted to expand at a value compound annual growth rate (CAGR) of ~5.5% from 2021-2031 and reach millions of units by 2031.
Global Thermoform Cups Market: Market Outlook
Thermoform cups are manufactured using the plastic sheet and by using the specific mould which then leads to the formation of the thermoform cups. The plastic sheet is heated up to the high temperature up to its stretchability limit and then moulded with the use of vacuum and finally cooled to the finished shape to a cup.
These thermoform cups are used to serve hot and cold drinks in various end-use applications like restaurants, hotels, cafes, food stalls, etc. Various thermoplastics materials such as low-density polyethylene (LDPE), high-density polyethylene (HDPE), polypropylene (PP), Polystyrene (PS), etc. are used in the manufacturing of the thermoform cups. The thermoform cups are extremely flexible and cost-effective.
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What are the Key Trends Impacting Growth of the Thermoform Cups Market?
The thermoform cups are viewed in the 3D vision system/imaging to check for the dimensional defects in the model of the cup before the process of moulding and finishing. The thermochecker machine uses a 3D smart sensor to inspect the thermoform cups.
The changing technology in the recycling of the plastic in the water separating system owing to the advanced manufacturing process is also impacting the growth of the thermoform cups market.
How is the Demand for Thermoform Cups Increasing as Compared to Paper Cups?
The thermoform cups are very easy to manufacture as compared to the paper cups in terms of the process, cost of the machinery and the number of cups produced per batch are comparatively high as compared to the paper cups.
The thermoform cups can be used for serving both hot and cold drinks and are available in various shapes, sizes, and colours according to the requirement. The thermoform cups are widely used in various applications in the beverages industry while serving the customers.
The thermoform cups can be easily recycled as they are manufactured using thermoforming plastics, which can be stretchable and mouldable into the new cup again without generation of the waste.
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What are the Key Challenges that may Restrain the Growth of the Thermoform Cups Market?
The negligence and improper moulding process and handling while manufacturing the thermoform cups may lead to the defective manufacturing of the cups with uneven texture, spots, and shapes. The thermoforming process is strictly related to the thin-walled plastics and cannot be performed with the thick-walled thermoform cups.
The thermoforming process involves the process of blow moulding which is costly as compared to the other plastic moulding methods like injection moulding.
Key Asian players manufacturing thermoform cups are
Prime Packaging
Rajshree Polypack Ltd.
Sirius Plastics
Taizhou Fuling Plastics Co. Ltd.
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What strategies are the Key Players Adopting for Increasing their Market Share in the Thermoform Cups Market?
The manufacturers involved in the manufacturing of thermoform cups are involved in investing in the new technology which will boost the production of thermoform cups. Also, the increase in the demand for thermoform cups by the end-user industries is encouraging new entrants to operate the market.
In May 2021, Greiner Packaging supplied new light-weight K3 thermoformed cups, which use up to 33% less polypropylene (PP) than a conventional direct-printed, thermoformed cup to Olma, a leading producer of fresh milk in the Czech market for the packaging of dairy products.
In June 2020, Serac started manufacturing blow PET cups on its SBL machines with the same quality level as bottles.
What are the Key Opportunities for Thermoform Cups Market?
The majority of the manufacturers involved in the manufacturing of the thermoform cups are customizing the cups according to the end user’s requirements. The customization and modification in the thermoform cups are encouraging the new entrants to manufacture the thermoform cups. Customization and modification in the thermoform cups not only enhance the customer experience but also boosts the sales of the thermoform cups.
Why is India a Big Market for Thermoform Cups Market?
The majority of the key players manufacturing thermoform cups have their presence in India which is the key factor driving the growth of the thermoform cups market.
Adding to this, also the ease & convenience in the handling of the cups along with the customization and modification in the thermoform cups is propelling the demand for the thermoform cups market.
How has the COVID-19 Pandemic Impacted the Thermoform Cups Market?
The COVID-19 pandemic has moderately to highly affected the thermoform cups market owing to the coronavirus pandemic wherein the manufacturing practices were slowed down owing to the rules and regulations imposed by the regulatory bodies.
In the later part of the pandemic, the manufacturing practices were allowed to operate within the limited facilities and a limited number of workers. After the slight reduction of the coronavirus severity and decrease in the infection and thereby cases, the delivery and parcel services made the most use of the thermoform cups.
Also, the upliftment in the restrictions framed by the regulatory bodies and government is forecasted to boost the market for thermoform cups owing to their use in different applications like restaurants, hotels, cafes, food stalls, etc.
Key Segments of Thermoform Cups Market Covered in the Report
