Several new opportunities are expected to occur for new companies in the thermoform packaging market as well as for the established players too, notes TMR in a newly published report. Businesses might invest a lot in research and development of newer thermoform packaging materials to be suitable for varied applications. According to the report, market players in the pharmaceutical and medicinal industries gain maximum profits by selling thermoform packaging materials. Some of the key companies in this market are Placon Corporation, Sonoco Products Company, Bemis Company Inc., Tray Pak Corporation, Display Pack Inc., and Anchor Packaging Inc.
As per the TMR report, the global thermoform market was valued at US$36.4 bn in 2016, and this valuation is further expected to rise up to US$56.6 bn by 2024. This rise is forecasted to occur at a robust CAGR of 5.9%. Regional domination due to a strong retail section is expected to occur in the North American countries.
Food Industry Sector a Major Booster for the Market
The food industry is the leading segment of the global thermoform packaging market, and this is expected to continue in the future too. This is mainly due to never ending demand of foodstuffs especially packaged meat, bakery items and confectionaries where thermoform packaging is used. Apart from this segment, the pharmaceutical sector is also anticipated to see a significant growth due to rising utilization of blister packaging for medicines and medical devices. This is because of the ability of blister packaging materials to prevent contamination of products, which is a high necessity for medicinal and pharmaceutical items. Apart from foods and pharmaceuticals, the thermoform covers are also extensively used for packing cosmetics, personal care items, industrial goods, and electronic devices.
From a regional perspective, the global thermoform packaging market is spread across North America, Latin America, the Middle East and Africa, Asia Pacific, Europe. As of current times, North America holds the top spot in this market. This is mainly due to the presence of large retail brands in the North American region. However, the Asia Pacific region is expected to show a robust market growth rate in the near future, according to TMR analysts. From an overall perspective, as the demand for food-based services rises, coupled with changing lifestyles, the thermoform packaging market is expected to grow too.
Preference for Lightweight Packaging Maintains Market Growth
The most prominent benefit of thermoform packaging products is that they are extraordinarily lightweight as compared to other packaging materials used. This benefit also forms a prime driver of the thermoform packaging market as businesses definitely prefer lightweight packaging solutions to enable better transport and handling. Another significant fueling trend of thermoform covers involves them being a cost effective solution for several brands, owners, and manufacturers.