Thermoform Packaging Market

Updated on : March 19, 2024

Thermoform Packaging Market

The global thermoform packaging market was valued at USD 52.2 billion in 2023 and is projected to reach USD 65.6 billion by 2028, growing at 4.7% cagr from 2023 to 2028. Thermoforming packaging is a versatile and widely used method for creating custom packaging solutions across various industries. This process involves heating a plastic sheet until it becomes pliable, then forming it into the desired shape using moulds or dies, and finally cooling it to create the final package. Thermoformed packaging offers numerous benefits, including cost-effectiveness, lightweight construction, and the ability to create intricate shapes and designs. It is commonly used for packaging food products, electronics, pharmaceuticals, and consumer goods.

Attractive Opportunities in the Thermoform Packaging Market

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Thermoform Packaging Market Dynamics

Driver: Increasing demand for thermoformed packaging solutions for food industry

The increasing demand from the food industry stands as a major driver propelling the growth of the thermoform packaging market. As consumers continue to seek convenient, on-the-go food options and manufacturers strive to meet stringent safety and regulatory requirements, thermoform packaging emerges as a preferred choice. Thermoformed packaging offers numerous advantages for the food industry, including enhanced shelf life, efficient protection against contamination, and customizable designs that cater to diverse product offerings. Additionally, thermoform packaging's lightweight nature and cost-effectiveness contribute to its widespread adoption by food manufacturers. With the food industry's ever-growing need for efficient and reliable packaging solutions, the demand for thermoform packaging is expected to continue rising in the foreseeable future.

Restraint: Lack of proper recycling infrastructure

The lack of proper plastic recycling facilities presents a significant restraint for the thermoform packaging market. While thermoformed plastic packaging offers numerous benefits such as versatility, durability, and cost-effectiveness, the limited availability of recycling infrastructure poses challenges for its sustainability. Without adequate facilities to collect, sort, and process thermoformed plastic waste, much of it ends up in landfills or incinerated, contributing to environmental pollution and resource depletion. Additionally, the complex composition of some thermoformed plastics may pose challenges for recycling, further exacerbating the issue. Addressing this restraint requires investment in infrastructure and technology to improve plastic recycling capabilities, as well as initiatives to promote the use of recyclable and biodegradable materials in thermoform packaging.

Opportunity: Sustainable packaging solutions

Sustainable packaging options represent a significant opportunity for the thermoform packaging market. As environmental concerns continue to grow and consumers demand more eco-friendly products, there is a pressing need for sustainable packaging solutions. Thermoform packaging, with its versatility and adaptability, can play a crucial role in meeting this demand. By utilizing recycled materials, biodegradable plastics, and innovative manufacturing processes, thermoform packaging manufacturers can offer environmentally friendly alternatives to traditional packaging materials.

Challenge: Competitive market

The thermoform packaging market faces the major challenge of operating in an extremely competitive environment. With numerous players competing for market share and constant pressure to innovate and differentiate, competition within the industry is fierce. Companies must contend with factors such as pricing pressures, evolving consumer preferences, and technological advancements, all of which contribute to the intense competition. Additionally, globalization has further intensified competition, as companies from different regions compete for market dominance. To thrive in this competitive landscape, thermoform packaging manufacturers must focus on enhancing product quality, optimizing manufacturing processes, and continuously innovating to stay ahead of competitors.

Thermoform Packaging Market Ecosystem

By Material, Plastic to have the highest market share in the forecast period.

Plastic dominates the thermoform packaging market due to its versatility. It seamlessly adapts to diverse shapes, sizes, and branding needs. Additionally, plastic boasts exceptional barrier properties, safeguarding products from external elements. Furthermore, its lightweight nature translates to reduced transportation costs and emissions. Notably, advancements in technology and growing investments in sustainable options, such as recycled and biodegradable plastics, are fuelling further market growth. With its unmatched combination of adaptability, protection, and increasing sustainability efforts, plastic remains poised for continued dominance in the thermoform packaging landscape.

By Type, blister packaging to have the highest market share in the forecast period.

Within the thermoform packaging market, blister packaging exhibits the most significant growth trajectory, surpassing clamshell, skin, and other alternatives. This dominance is primarily driven by its widespread adoption in pharmaceutical drug packaging. Blister packaging offers a multitude of advantages that make it the preferred choice for pharmaceutical companies. These include superior product protection against physical damage, tamper-evident seals that ensure product integrity, and ease of handling throughout the supply chain. Furthermore, the transparent design allows for visual inspection of the contents, fostering consumer confidence in product safety.

By heat seal coating, solvent-based segment led the market in 2022.

Solvent-based heat seal coatings reign supreme in the thermoform packaging market. Their dominance stems from a trifecta of unbeatable advantages. Firstly, solvent-based coatings boast superior water and grease resistance, creating an impenetrable barrier for packaged goods, especially crucial in food and beverage applications. Secondly, their bond strength is unparalleled, ensuring secure seals that withstand even challenging conditions.

By end-use industry, the pharmaceuticals segment to register the highest CAGR in the forecast period

Among various end-use industries, the pharmaceutical sector reigns supreme in driving the thermoform packaging market's growth. This dominance can be attributed to several factors. Firstly, the aging population and rising healthcare awareness globally lead to increased demand for packaged medicines. Secondly, blister packaging, a type of thermoform packaging, offers unparalleled advantages for pharmaceutical applications. Its superior product protection, tamper-evident seals, and transparent design ensure medication safety and integrity, making it the preferred choice for pharmaceutical companies. Beyond blister packs, thermoform clamshell trays also play a crucial role in the pharmaceutical sector, providing secure and sterile packaging for medical devices.

Asia Pacific dominated the market in 2022.

Asia-Pacific dominated the thermoform packaging market in 2022 and is expected to dominate the market in the forecast period as well. This explosive growth is fuelled by a potent combination of factors. Firstly, a booming population and rising disposable incomes across the region lead to surging demand for packaged goods in diverse sectors like food, healthcare, and consumer goods. Secondly, rapid urbanization and industrialization, particularly in China, India, and Southeast Asia, translate to more manufacturing activities, further driving the need for effective packaging solutions. Finally, the e-commerce explosion in the region creates a pressing need for efficient and protective packaging, further boosting the market's growth.

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Key Market Players

The Thermoform packaging market comprises key manufacturers such as Amcor Limited (Australia), Sonoco Products Company (US), DS Smith (UK), Huhtamaki OYJ (Finland), and WestRock company (US), and others. Expansions, collaborations, and deals were some of the major strategies adopted by these key players to enhance their positions in the thermoform packaging market. A major focus was given to the expansions and deals.

Thermoform Packaging Market Report Scope

This research report categorizes the Thermoform packaging market based on type, material, heat-seal coating, end-use industry, and region.

Thermoform Packaging Market, By Type

• Blister packaging
• Clamshell packaging
• Skin packaging
• Others

Thermoform Packaging Market, By Material

• Plastic
  • PVC
  • PET
  • PE
  • PP
  • Polystyrene
  • Others
• Aluminum
• Paper & Paperboard

Thermoform Packaging Market, By End-Use Industry

• Food & Beverages
• Pharmaceuticals
• Electronics
• Home & Personal care goods
• Others

Thermoform Packaging Market, By Heat-seal coating

• Solvent-based heat seal coating
• Water-based heat seal coating
• Hot-melt-based heat seal coating

Thermoform Packaging Market, By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Recent Developments

• In November 2022, Amcor launched Amcor HealthCare OrthoSecure thermoformed trays that are designed medical trays.
• In January 2020, Sonoco finalized the acquisition of Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD (collectively known as TEQ), a global manufacturer of thermoformed packaging.
• In February 2020, Sonoco’s Alloyd division unveiled its all-paper retail blister package, the EnviroSense PaperBlister.
• In August 2023, DS Smith revealed its intention to acquire Bosis doo, an esteemed packaging company based in Serbia.

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