Global Thermoform Packaging Market to Reach US$ 76.4 Billion by 2032, Stimulated by Escalating Demand for Lightweight and Versatile Packaging Solutions

July 10, 2023 | Packaging

According to the latest report by IMARC Group, titled “Thermoform Packaging Market Report by Material (PET, PVC, PS, PP, PE, and Others), Product (Blister Packaging, Clamshell Packaging, Skin Packaging, Trays and Lids, Containers, and Others), End Use (Food and Beverages, Personal Care and Cosmetics, Pharmaceuticals, Electronic Products, Homecare Products, and Others), and Region 2024-2032,” the global thermoform packaging market size reached US$ 50.5 Billion in 2023. Thermoform packaging is designed using a forming machine to heat the plastic sheet and mold it into a specific shape. It includes trays and lids, clamshells, display, and blister packaging, and cups and containers. It allows producing packaging solutions in different sizes and configurations to accommodate various products. It is durable, resilient, resistant to tampering and chemicals, offers optimal protection, and ensures product visibility. It is extensively used in several industries, including pharmaceuticals, electronics, cosmetics, and consumer goods. Besides this, as it is lightweight and offers versatility, cost-effectiveness, and customization, the demand for thermoform packaging is increasing worldwide.

Global Thermoform Packaging Market Trends:

Rapid urbanization and the increasing consumer preference for convenience and on-the-go products represent one of the key factors driving the market. Additionally, the increasing working population, busy lifestyles of individuals, and the rising demand for ready-to-eat (RTE) food products are catalyzing the demand for portable, lightweight packaging solutions. Along with this, the inclination towards online food delivery services is contributing to the increased demand for thermoform packaging in the food and beverage (F&B) industry. Apart from this, the rising adoption of thermoform packaging solutions in the healthcare industry to maintain the sterility of medical devices and pharmaceuticals is offering lucrative opportunities to manufacturers. Furthermore, the development of innovative packaging solutions with enhanced barrier properties, improved heat resistance, and better aesthetics is favoring market growth. Additionally, the growing use of modified atmosphere packaging (MAP) and oxygen barrier films in thermoform packaging helps extend the shelf life of perishable products and reduces food waste. Moreover, the incorporation of technologically advanced machinery, automation, and software is improving the overall efficiency and productivity of thermoforming processes and resulting in faster production speeds, higher precision, and greater customization. Looking forward, the market value is projected to reach US$ 76.4 Billion by 2032, expanding at a CAGR of 4.6% during 2024-2032.

Market Summary:

Based on the material, the market has been segmented into PET, PVC, PS, PP, PE, and others. PET currently represents the widely used thermoform packaging material.
On the basis of the product, the market has been divided into blister packaging, clamshell packaging, skin packaging, trays and lids, containers, and others. At present, containers account for the majority of the market share.
Based on the end use, the market has been segmented into food and beverages, personal care and cosmetics, pharmaceuticals, electronic products, home care products, and others. Food and beverages hold the largest market segment.
Region-wise, the market has been categorized into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italay, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
The competitive landscape of the market has also been examined, with some of the key players being Amcor Plc, Anchor Packaging LLC (Hermann Companies Inc.), Archer-Daniels-Midland Company, BASF SE, D&W Fine Pack Holdings LLC, Dart Container Corporation, Display Pack Inc., DS Smith Plc, Huhtamäki Oyj, Lacerta Group Inc., Pactiv LLC, Placon Corporation, Sonoco Products Company, Tekni-plex Inc. (Genstar Capital LLC) and WestRock Company.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Material, Product, End Use, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Amcor Plc, Anchor Packaging LLC (Hermann Companies Inc.), Archer-Daniels-Midland Company, BASF SE, D&W Fine Pack Holdings LLC, Dart Container Corporation, Display Pack Inc., DS Smith Plc, Huhtamäki Oyj, Lacerta Group Inc., Pactiv LLC, Placon Corporation, Sonoco Products Company, Tekni-plex Inc. (Genstar Capital LLC) and WestRock Company
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Global Thermoform Packaging Market to Reach US$ 76.4 Billion by 2032, Stimulated by Escalating Demand for Lightweight and Versatile Packaging Solutions

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