Market Reports

Thermoform Packaging Market worth $65.6 billion by 2028 – At a CAGR of 4.7%

Published: April 4, 2024

As per the recently published report by MarketsandMarkets™, The “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″, 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 experiencing significant growth due to several factors driving demand for this versatile packaging solution. Firstly, increasing consumer awareness and regulatory pressures surrounding sustainability have propelled the adoption of thermoform packaging made from recycled materials or biodegradable alternatives. Additionally, the flexibility and customization options offered by thermoforming technology cater to the evolving needs of various industries, including food and beverage, pharmaceuticals, and electronics, driving its widespread adoption. Furthermore, advancements in thermoforming technology, such as improved material properties and enhanced production efficiency, have made thermoform packaging more cost-effective and appealing to manufacturers. With its ability to provide efficient protection, branding opportunities, and compatibility with modern manufacturing processes, thermoform packaging continues to gain traction and is poised for further growth in the coming years.

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  • 370 Market data Tables
  • 55 Figures
  • 298 Pages and in-depth TOC on “Thermoform Packaging Market – Global Forecast to 2028”

This report also provides a comprehensive analysis of the companies listed below:

The Thermoform packaging market comprises a multitude of companies that thrive in their respective domestic markets. Among the prominent players are Amcor Limited (Australia), Sonoco Products Company (US), DS Smith (UK), Huhtamaki OYJ (Finland), and WestRock company (US), and others. These key industry participants have employed diverse strategies for growth, including mergers and acquisitions, investment initiatives and expansions, collaborations, partnerships, joint ventures, and the development of new products, all aimed at bolstering their market presence and expanding their product offerings.

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The Asia-Pacific (APAC) region emerges as the largest market in the thermoform packaging industry among APAC, North America, Europe, the Middle East and Africa (MEA), and South America, primarily due to several key factors. APAC boasts a massive population base and robust economic growth, fostering a thriving consumer market with high demand for packaged goods across various sectors. Rapid urbanization, industrialization, and expanding middle-class populations in countries like China, India, and Southeast Asian nations contribute significantly to the region’s dominance in the market. Furthermore, increasing urbanization has led to changes in lifestyle and consumption patterns, driving the need for convenient and efficient packaging solutions. Additionally, the rise of e-commerce and the increasing adoption of online retail platforms in APAC further stimulate demand for thermoform packaging solutions.

Amcor Limited is a key player in the thermoform packaging market, offering innovative and sustainable packaging solutions to a wide range of industries worldwide. Leveraging its expertise in materials science and packaging technology, Amcor specializes in developing thermoform packaging solutions that meet the evolving needs of its customers while addressing sustainability concerns. With a focus on reducing environmental impact, Amcor is committed to incorporating recycled materials, optimizing packaging designs for recyclability, and implementing lightweight solutions to minimize carbon footprint. The company operates through two business groups, namely, Flexibles and Rigid Plastics. It is headquartered in Melbourne, Australia.

Sonoco Products Company is a prominent player in the thermoform packaging market, renowned for its comprehensive range of innovative packaging solutions tailored to meet diverse industry needs. Sonoco combines cutting-edge technology with a commitment to sustainability, offering thermoform packaging solutions that prioritize both performance and environmental responsibility. Sonoco’s expertise extends across various sectors, including food and beverage, healthcare, consumer goods, and industrial products, providing customers with versatile packaging options that enhance product visibility, protection, and shelf appeal. The company has a workforce of 23,000 across about 300 facilities in 36 countries. Sonoco serves renowned brands in 85 nations. The company offers thermoformed plastic trays and enclosures under its Consumer Packaging segment.

Huhtamaki Oyj is a leading player in the thermoform packaging market, recognized for its extensive portfolio of innovative packaging solutions designed to meet the diverse needs of customers across the globe. With a focus on sustainability and performance, Huhtamaki offers a wide range of thermoform packaging options. The company operates through four business segments, namely, North America, Flexible Packaging, Foodservice Europe-Asia-Oceania, and Fiber Packaging. It offers thermoform packaging products through its Flexible Packaging segment. Leveraging its expertise in materials science and manufacturing technology, Huhtamaki collaborates closely with customers to develop customized thermoform packaging solutions tailored to their specific requirements.

The Companies have initiated the following Developments:

  1. In January 2024, Amcor announced a substantial expansion of its thermoforming capabilities in North America, specifically targeting the healthcare market.
  2. In June 2019, Amcor Limited announced the completion of the acquisition of Bemis Company Inc. This acquisition helped the company to strengthen its position in the US.
  3. In November 2022, Amcor launched Amcor HealthCare OrthoSecure thermoformed trays that are designed medical trays.
  4. In January 2020, Sonoco finalized the acquisition of Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD (collectively known as TEQ), a global manufacturer of thermoformed packaging.
  5. In February 2020, Sonoco’s Alloyd division unveiled its all-paper retail blister package, the EnviroSense PaperBlister.
  6. In August 2023, DS Smith revealed its intention to acquire Bosis doo, an esteemed packaging company based in Serbia.

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