Dublin, April 26, 2024 (GLOBE NEWSWIRE) -- The "Global Thermoform Packaging Market by Material (Plastic, Aluminum, Paper & Paperboard), Heat Seal Coating (Water-Based, Solvent-Based, Hot-Melt-Based), Type (Blister Packaging, Clamshell Packaging, Skin Packaging), End-Use Industry - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Thermoform Packaging Market size is projected to grow from USD 52.2 billion in 2023 to USD 65.6 billion by 2028, at a CAGR of 4.7% from 2023 to 2028.
The thermoform packaging market is fueled by several drivers, with the growing demand for convenient packaging solutions being a primary force. This demand surge is propelled by advancements in materials and technology, allowing for the development of innovative packaging solutions that meet evolving consumer preferences and industry standards. Additionally, the versatility of thermoform packaging, which enables the creation of custom shapes and designs, further drives market growth by enhancing product visibility and shelf appeal. However, the market also faces several challenges, including stringent regulatory requirements and environmental concerns caused by plastics.
Rising raw material costs and environmental concerns, such as plastic pollution, pose additional restraints on market expansion. Despite these challenges, there are ample opportunities for growth and development in the thermoform packaging market. The adoption of eco-friendly materials, such as bioplastics and recycled plastics, presents a promising opportunity for sustainable packaging solutions. Moreover, expansion into emerging markets, where there is a growing demand for packaged goods, offers untapped growth potential for industry players. Overall, successfully navigating these challenges while capitalizing on opportunities will be crucial for industry players to maintain growth and competitiveness in the dynamic thermoform packaging market landscape.
By Type, Blister packaging segment to account for highest growth rate
Blister packaging segment stands out with the highest growth rate in the thermoform packaging market among blister packaging, clamshell packaging, skin packaging, and others. Blister packaging offers superior product protection and tamper resistance, ensuring the integrity of the packaged goods during transportation and storage. Its transparent design enhances product visibility, allowing consumers to inspect the contents easily, thereby influencing purchasing decisions. Additionally, blister packaging is highly versatile and suitable for a wide range of products, including pharmaceuticals, especially drug packaging, electronics, and consumer goods, contributing to its widespread adoption across various industries.
By Material, Plastic to account for highest growth rate during the forecast period
Plastic demonstrates the highest growth rate in the thermoform packaging market. Firstly, plastic offers unparalleled versatility and adaptability, enabling manufacturers to create innovative packaging solutions that meet evolving consumer preferences and industry trends. Its ability to be molded into various shapes and sizes facilitates the development of customized packaging designs tailored to specific product requirements, enhancing shelf appeal and brand visibility.
By heat seal coating, solvent-based heat seal coatings segment dominated the market in 2022
Solvent-based heat seal coating stands out as the dominant choice in the thermoform packaging market among solvent-based, water-based, and hot melt-based options. This preference is primarily attributed to its exceptional characteristics, including water and grease resistance, robust bonding properties, and versatility in processing at various temperatures. Solvent-based heat seal coatings provide an effective barrier against moisture and oils, ensuring the integrity and freshness of packaged products.
By End Use Industry, Pharmaceuticals segment to account for the highest CAGR during the forecast period
The pharmaceutical industry emerges as the fastest-growing end-use sector, driven by several key factors. Firstly, increasing global health concerns, and the prevalence of chronic diseases, propel rising demand for pharmaceutical products and medications. Furthermore, thermoform packaging, particularly blister packaging, plays a pivotal role in pharmaceutical medicine packaging. Blister packaging, a type of thermoform packaging, offers numerous benefits, including individual dose protection, tamper resistance, and ease of handling. Its ability to provide barrier protection against moisture, light, and oxygen ensures the integrity and stability of pharmaceutical medicines, safeguarding their efficacy and safety.
APAC to be the fastest growing region in the Thermoform packaging market
The Asia-Pacific (APAC) region is expected to exhibit the highest compound annual growth rate (CAGR) in the thermoform packaging market from 2023 to 2028. The Asia-Pacific (APAC) region is witnessing the fastest growth in the thermoform packaging market compared to North America, Europe, the Middle East and Africa (MEA), and South America. This growth is fuelled by factors such as the region's expanding population and rising disposable incomes, leading to increased demand for packaged goods. Additionally, rapid urbanization and industrialization in countries like China and India are driving greater manufacturing activities and, consequently, higher demand for packaging solutions.
Research Coverage
The market study covers the thermoform packaging market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on type, applications, end-use industry, and region.
The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the thermoform packaging market. Amcor Limited (Australia), Sonoco Products Company (US), DS Smith (UK), Huhtamaki OYJ (Finland), WestRock company (US), and others are covered in the thermoform packaging market.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 284 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $52.2 Billion |
| Forecasted Market Value (USD) by 2028 | $65.6 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Growing E-Commerce Industry Worldwide
- Rising Demand from Food Sector
- Increasing Demand from Pharmaceutical Industry
- Cost-Effectiveness
- Restraints
- Provides Limited Barrier Properties and Does Not Support Heavy Items
- Lack of Proper Recycling Infrastructure
- Compliance with Stringent Regulations
- Opportunities
- Investments in R&D Activities
- Sustainable Packaging Solutions to Meet Growing Consumer Demand and Preferences
- Challenges
- Environmental Impact of Plastics
- Highly Competitive Market
Technology Analysis
- Key Technologies
- Advanced Forming Techniques
- Bio-based and Recyclable Materials
- Molds, Plugs, and Inserts
- Complementary Technology
- Modified Atmosphere Packaging (Map) Technology
- Adjacent Technology
- Integration of Smart Technologies
Case Study Analysis
- Thermoform Packaging Manufacturer Helped Food Company in Its Brand Recognition Needs
- Major Thermoform Packaging Company Helped Brand Meet Its Sustainability Requirements
Companies Featured
- Amcor Limited
- Sonoco Products Company
- Ds Smith
- Huhtamaki Oyj
- Westrock Company
- Berry Global Group, Inc.
- Sealed Air Corporation
- Constantia Flexibles
- Greiner AG
- Faerch Group
- Anchor Packaging
- Display Pack Inc.
- Tekniplex
- Dart Container Corporation
- G. Mondini Spa: Company Overview
- Sinclair & Rush, Inc.
- Zed Industries, Inc.
- Chadpak Co. Inc.
- Winpak Ltd.
- Blisterpak, Inc.
- Formpak Industries Sdn. Bhd.
- Sulapac
- Tek Pak, Inc.
- Weprofab
- Genpak
For more information about this report visit https://www.researchandmarkets.com/r/97yjos
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