The pharmaceutical segment is estimated to be the fastest-growing thermoform segment in 2016, experiencing a higher growth rate than the food and beverage and electronics industries, primarily due to rising disposable incomes and an aging population.
Thermoform packaging provides cleanliness and compartmentalization required by medical products that can safely hold parts in place and provide external protection.
The global thermoform packaging market is driven by factors such as cost-effectiveness, minimal packaging waste, strong growth in the food and beverage industry, and an increase in the spending by consumers for packaged products.
Increasing demand for packed products across these industries present a great opportunity for this market to grow in future, with thermoform packaging demand also attributable to a rise in manufacturing activities.
These factors and forecasts come from MarketsandMarkets' report," 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 2021."
Overall, thermoform packaging’s market size is projected to grow from US$32.26 billion in 2015 to US$44.55 billion by 2021, representing a Compound Annual Growth Rate of 5.61%
With 192 market data tables with 62 figures within 236 pages, the report providers note early buyers will receive 10% customization on this report.
Other notables in the report include the following:
• Solvent-based heat-seal coating is projected to be the largest segment during the forecast period for thermoform packaging.
• Europe is projected to account for the largest share in the thermoform packaging market by 2021.
• Thermoform packaging suppliers have adopted strategies such as mergers and acquisitions to cope with the increasing demand in emerging markets.