Thermoform Packaging Market is projected to reach US$57.6 bn by the end of 2024

In 2015, the companies that led the global market for thermoform packaging are Bemis Company Inc., Amcor Limited, and Sonoco Products Company, states Transparency Market Research (TMR) in a research report. The leading figures operating in the market are anticipated to continue working on their positive characteristics and invest largely into the researches being undertaken for the development of innovative and novels fields in 3D printing and modelling, visual product rendering, and robust prototyping. A TMR analyst states that, "A large amount of the output that comes from the leaders in the global thermoform packaging market is anticipated to be held by the pharmaceuticals and medical packaging industries mainly."

The global market for thermoform packaging is expected to expand at a 5.9% CAGR from 2016 to 2024. The market is anticipated to rise to a valuation of US$57.6 bn by 2024 from a worth US$36.4 bn in 2016.

Thermoform Blister Packaging Demand to Surge in Pharmaceutical Industry

The pharmaceutical industry has been a consistent and reliable user of thermoform packaging. In the last couple of years, the demand for blister packaging has risen considerably in the pharmaceutical industry. This skyrocketing demand can be attributed to the use of blister packaging in a plethora of avenues and a wide of range applications. Blister packaging is also beneficial in terms of long distance mobility of goods and this making it possible for producers to enhance their market reach in terms of expansion of their consumer base and distribution. It has also been projected that blister packaging will account for a Herculean share of 41.6% in the global market for thermoform packaging by the end of 2024.

Region-wise, the global market for thermoform packaging was led by North America in 2015 and is anticipated to reign the market till the end of the forecast period. The rigorous use of thermoform packaging by the growing retail sector in the U.S is anticipated to trigger its demand in the years to come.

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Demand from Food and Beverage Industry to Rise owing to Need to Improve Shelf Life of Products

"The trillion dollar beverage and food industry is relied upon to demonstrate a high concentration on the worldwide thermoform packaging market in the years to come. Thermoform packaging has not been a very uncommon sort in beverage and food industry, yet enhancing gainfulness and a developing interest for broadening the time span of usability of perishable items in the midst of heightening rivalry has been driving players to look out for mass utilization of thermoform packaging. This is anticipated to be an essential driver for the worldwide thermoform packaging market in the years to come," expresses a TMR researcher. The demand for advanced packaging in the beverage and food industry does not appear to hint at any backing off at present, and thermoform packaging is at the top most point of the level rundown for ideal packaging materials.

Lack of Proper Application in Heavy Goods to Restrain Market Growth

The total demand for thermoform packaging has been surging in the course of recent years, and over various end clients. In spite of this, there still remains an abnormal state of antagonism and antipathy for use by the makers of heavy goods. This not just influences users who manufacture heavy items, additionally for other industries where a substantial number of players are intending to dispatch their items in huge volumes. They are in this way reassessing their utilization rates of thermoform packaging because of its unacceptable nature for use as a hearty material.

Transparency Market Research (Tmr) is a global market intelligence company providing business information reports and services.