Growing Demand From the Pharmaceuticals Industry is boosting Thermoform Packaging Market

The global Thermoform Packaging Market was valued at USD 32.26 Billion in 2015 and is projected 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”

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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.

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.

On the basis of material, plastic accounted for the largest market share, in terms of both volume and value in 2015. On the basis of end-use industry, the food & beverage segment accounted for the largest market share, in terms of both volume and value. Increasing disposable incomes of people in developing countries and changing preferences of manufacturers for sustainable packaging are some of the factors that are driving the thermoform packaging market.

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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.

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