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 - Global Forecast to 2028

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 - Global Forecast to 2028

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.

By Company: Tier1: 40%, Tier 2: 25%, Tier3: 4: 35%

By Designation: C-Level: 35%, Director Level: 30%, Others: 35%

By Region: North America: 25%, Europe: 20%, Asia Pacific: 45%, South America: 5%, and Middle East & Africa: 5%.

Companies Covered: 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.

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.

Key Benefits of Buying the Report

The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall thermoform packaging market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Increasing e-commerce sales and growing demand from food sector), restraints (Lack of proper recycling infrastructure and not supportive to package heavy items), opportunities (Sustainable packaging solutions and investments in R&D), and challenges (Environmental impact of plastics) influencing the growth of the thermoform packaging market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the thermoform packaging market

Market Development: Comprehensive information about lucrative markets – the report analyses the thermoform packaging market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the thermoform packaging market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Amcor Limited (Australia), Sonoco Products Company (US), DS Smith (UK), Huhtamaki OYJ (Finland), and WestRock company (US), among others in the thermoform packaging market. The report also helps stakeholders understand the pulse of the thermoform packaging market and provides them with information on key market drivers, restraints, challenges, and opportunities.