The report “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 2021″, The Thermoform Packaging Market size is projected to grow from USD 32.26 Billion in 2015 to reach USD 44.55 Billion by 2021, at a CAGR of 5.61%
Browse 192 market data tables with 62 figures spread through 236 pages and in-depth TOC on “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 2021”
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The global thermoform packaging market is driven by factors such as cost effectiveness of thermoform packaging, minimal packaging waste, strong growth in the food & beverage industry, and increase in the spending by consumers for packaged products. The growing pharmaceuticals industry and increasing demand for packed products present a great opportunity for this market to grow in future. The thermoform packaging market is witnessing demand owing to the rise in manufacturing activities.
Pharmaceuticals segment is estimated to be the fastest-growing segment in 2016
The pharmaceuticals segment is estimated to be the fastest-growing segment in 2016. The demand from the pharmaceuticals sector is expected to experience a higher growth rate than the food & beverage and electronics industries, mainly because of rising disposable incomes and aging population. Thermoform packaging provides cleanliness and compartmentalization required by medical products that can safely hold parts in place and provide external protection.
Solvent-based heat seal coating is projected to be the largest segment during the forecast period
Thermoform packaging market, on the basis of heat seal coating, is classified into water based, solvent based, and hot melt based. The solvent-based heat seal coating segment accounted for the largest share in 2015 due to its numerous benefits such as resistance to water and grease and strong bond strength that can be processed at different temperatures.
Europe projected to account for the largest share in the thermoform packaging market in 2021
Europe, with developed economies such as Germany and U.K., is expected to drive the thermoform packaging market. Germany is projected to account for the largest market share and dominate the European thermoform packaging market in 2021. The growing pharmaceuticals and food & beverage industries are likely to drive the demand for thermoform packaging in Germany. In addition to this, the country’s large consumer base, overall positive economic environment, and increase in manufacturing activities will drive demand in the packaging industry.
The major players include Amcor Limited (Australia), Bemis Company, Inc. (U.S.), E.I du Pont de Nemours and Company (U.S.), WestRock Company (U.S.), DS Smith Plc (U.K.), and Sonoco Products Company (U.S.). Companies have adopted strategies such as mergers & acquisitions to cope with the increasing demand in the emerging markets.