Thermoform packaging market to grow at a CAGR of 5.9% by 2032
A report by Towards Packaging says, the global thermoform packaging market size is on an upward trajectory from USD 46,940-million in 2022 to a projected USD 82,880-million by 2032.
11 Jan 2024 | By Abhay Avadhani
The global thermoform packaging market size stands at USD 49,480-million in 2023, grew to USD 52,200 million in 2024 and is expanding at a CAGR of 5.9% between 2023 and 2032. Thermoforming includes a plastic sheet heated to a malleable forming temperature, shaped inside a mould, and then cooled to produce the finished product.
The market encompasses a range of packaging solutions, including blister packs, clamshells, trays, and various containers, catering to the needs of food and beverage, pharmaceuticals, electronics, and retail industries. Thermoforming allows the creation of custom-designed packaging with a wide range of plastic materials, such as polyethene, PP, and PS. The ability to integrate advanced technologies, such as robotics and automation, has enhanced the thermoforming process's precision, speed, and efficiency, contributing to the market's growth.
The Asia Pacific thermoform packaging market has experienced expansion in recent years, fueled by increased industrialisation, urbanisation, and a robust manufacturing sector. The demand for diverse and innovative packaging solutions in the food and healthcare industries, has driven the adoption of thermoformed packaging technologies. Moreover, the region's responsiveness to global sustainability trends has led to an emphasis on eco-friendly and recyclable packaging materials, aligning with the shift towards environmentally conscious practices.
The PET thermoform packaging market has been driven by the adoption of post-consumer recycled (PCR) PET in both food and non-food packaging applications. Over the past five years, the momentum in recycling PET thermoforms has gained traction, exemplified by the US achieving a milestone of recycling 139-million pounds of PET thermoform packaging.
Annually, more than 139-million pounds of PCR PET is channelled into producing new thermoforms in the US, serving as protective packaging for a diverse range of products, including food items.
The thermoform packaging market is characterised has key players such as Amcor, Placon, Sonoco Products Company, Dart Container, Pactiv LLC, Tray-Pak, Constantia, Lacerta Group, D&W Fine Pack, Silgan Holdings, RPC Group, Rompa Group, Display Pack, and others. This has a medium level of market concentration, and several major players are present, using tactics such as product innovation, acquisitions, and mergers to obtain a competitive edge.