Thermoform Packaging Market demand is set to expand at a CAGR of 5.9% during the forecast period | Know the top growth drivers

The global market for thermoform packaging is competitive in nature with a high level of fragmentation and is expected to remain in the similar scenario in the next few years, states a new market research study by Transparency Market Research. The increasing number of applications and the growing focus of the key players on innovations are projected to accelerate the growth of the overall market in the next few years.

In addition to this, the rising number of research and development activities is estimated to enhance the market penetration for the market players and further support the growth of the market in the near future.

The increasing mergers and acquisitions is further predicted to offer growth opportunities in the near future.

Some of the key players operating in the thermoform packaging market across the globe are Bemis Company, Inc., Display Pack Inc., D&W FINE PACK, HUHTAMAKI GROUP, Sonoco Products Company., Anchor Packaging, Inc., Tray-Pak Corporation, Amcor Limited, and PACTIV LLC.

As per the market research study by Transparency Market Research, in 2017, the global market for thermoform packaging was worth US$38,603.9 mn and is likely to reach a value of US$57,615.9 mn by the end of 2024. The market is estimated to register a healthy 5.90% CAGR between 2017 and 2024.

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Asia Pacific to Offer Potential Growth Opportunities for Market Players

The global market for thermoform packaging has been categorized on the basis of geography among which, North America is holding a large share of the market and is projected to remain in the leading position in the next few years. The presence of several leading players is estimated to enhance the growth of the market in the near future. On the other hand, Asia Pacific is likely to exhibit a high growth rate in the next few years, thanks to the rising contribution from India, China, and South Korea. In addition to this, the growing demand for thermoform packaging from the food and beverages sector and the rising urban population are further projected to encourage the growth of the market in the near future.

The global thermoform packaging market has been categorized on the basis of packaging type into blister, clamshell, skin, cups, and tubs. Among these, the blister segment is expected to lead the global thermoform packaging market with a large share in the next few years. The rising use of this packaging in the pharmaceutical industry is one of the key factors that is estimated to encourage the growth of this segment in the next few years. Furthermore, advancements in the technology is projected to support the growth throughout the forecast period.

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Rising Research and Development Activities to Encourage Market Growth

The rising demand from the food sector and the increasing use of thermoform packaging from the pharmaceuticals are considered as some of the key factors that are estimated to accelerate the growth of the global thermoform packaging market in the next few years. In addition to this, the reduced packaging waste and the cost-effectiveness are projected to enhance the growth of the overall market in the coming few years.

On the flip side, the constraints of thermoform packaging for heavy items and the compliance with the strict regulations are estimated to hamper the growth of the market in the near future. Nonetheless, the rising investments in the research and development activities and the rising opportunities in the developing economies are predicted to generate potential growth opportunities for the market players in the coming few years.

This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Thermoform Packaging Market (Packaging – Blister Packaging, Clamshell Packaging, Skin Packaging, Tubs, and Cups; Material – PET, PVC, PP, PE, and PS; Application – Food (Meat Products, Bakery and Confectionary, Dairy, Snacks, and Food Service Products), Beverages, Pharmaceutical, Cosmetics and Personal Care, Industrial Goods, and Electronics) – Global Industry, Size, Share, Growth, Trends, and Forecast 2017 – 2024.”

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Key Takeaways:

Global thermoform packaging market to register healthy growth rate with rising number of applications in diverse industries.
Technological advancements and innovations and rising opportunities in developing economies to encourage growth of the global thermoform packaging market in the near future.

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