Thermoform Packaging Market

Thermoform packaging Market Outlook (2024 to 2034)

The global thermoform packaging market was valued at US$ 47.9 billion in 2024 and has been forecasted to expand at a noteworthy CAGR of 5.2% to end up at US$ 79.5 billion by 2034.

Thermoform packaging is a process that uses pressure and heat to make custom designs. It is predominantly used in the production of plastic thermoformed packaging products, however, paper-based thermoformed packaging is also gaining traction. The other range of materials that can be used in the thermoform packaging includes bioplastics, composite materials (such as plastic-paper composites, and foil laminated plastics), recycled materials, and specialty materials such as Polyetheretherketone (PEEK). This process involves heating a material sheet to a flexible state and then putting it into a mold to cool and solidify to form the final product.

Eco-Friendly Packaging Solutions Drive Thermoforming Industry Evolution:

• The thermoforming industry has been prioritizing improving environmentally friendly containers or other packaging solutions for some time now. Businesses that are operating in the packaging segment are increasingly aligning their activities using recycled and biodegradable products, this reduces the harmful impacts on the environment. Some key materials used such as recycled PET, recycled HDPE, paperboard, and molded fiber among others.
• The increased popularity of healthy eating trends mainly in Europe and stringent regulatory policies adopted by the EU Commission has been a key factor in driving the demand for sustainable packaging solutions. As a result, Germany, the United Kingdom, and France are among the key nations for thermoform packaging in Europe. Some key regulations that aim to prevent the production of packaging waste include the EU packaging and Packaging Waste Directive (PPWD), EU Circular Economy Action Plan, 2020 among others

Report Attributes	Details
Thermoform Packaging Market Size (2023A)	US$ 45.5 Billion
Estimated Market Value (2024E)	US$ 47.9 Billion
Forecasted Market Value (2034F)	US$ 79.5 Billion
Global Market Growth Rate (2024-2034)	5.2% CAGR
East Asia Market Share (2024)	22.4%
China Market Growth Rate (2024-2034)	5.2% CAGR
Key Companies Profiled	Amcor Ltd; Anchor Packaging, Inc; Bemis Co., Inc; Constantia Flexibles Group GmbH; D&W Fine Pack; Dart Container Corp.; Display Pack, Inc.; DowDuPont, Inc; DS Smith PLC; G. Mondini Spa; Lacerta Group, Inc.; Mondi Group; Pactiv LLC; Placon Corp.; Sonoco Products Company; Tray-Pak Corp.; Other Prominent Players.

Sales Analysis of Thermoform packaging (2019 to 2023) vs. Market Forecasts (2024 to 2034)

The value of the thermoform packaging market was US$ 36.7 billion in 2019 and it increased to US$ 45.5 billion by 2023, expanding at a CAGR of 5.2%.

• Short Term (2024 to 2028): With the various environmental concerns developed around the packaging segment of the industry, governments and companies are equally taking up measures to reasonably and effectively reduce the harmful impacts of packaging being caused to the environment, this also has been transpired to the environmentally conscious consumers who also follow stricter regulations and are genuinely concerned about environment protection. Numerous companies such as Klöckner Pentaplast (product offered kp Tray2Tray) are trays made from recycled PET, its production is focused on creating closed loops recycling system which ensures that their thermoformed trays are recycled back to produce new trays.
• Medium Term (2028 to 2030): As a result of this advancement, smart packaging solutions that make use of NFC (Near Field Communication) sensors and Internet of Things will become more popular. The new products will help with freshness monitoring, consumer engagement, and traceability enhancement. Given their focus on both quality assurance and product safety, the food, luxury goods and pharmaceutical industries are more appropriate applications for such implementation. Some key examples are developments that are being undertaken by Stora Enso, Avery Dennison, Thinfilm Electronics among others.
• Long Term (2030 to 2034): Closed-pressure recycling systems with improved technologies would allow for efficient restocking and easily reusable packaging materials. Customer demands, legal mandates, and cross-sector commitments to sustainable development are probably going to be the main drivers of this shift. Some key developments which are being observed in this regards are Huhtamaki who are working on to expand its range of fiber-based thermoform packaging solutions. Danimer Scientific who are currently developing polyhydroxyalkanoates (PHA) based resins, these resins are biodegradable and are highly anticipated to find their application in the thermoforming packaging sector.

On the back of the aforementioned facts, the thermoform packaging market is anticipated to grow at a CAGR of 5.2% during the forecast period from 2024 to 2034, According to the Fact.MR, a market research and competitive intelligence provider.

Market Dynamics

What factors are driving the need for thermoform packaging solutions?

“Concerns regarding Sustainability are Driving Innovations in the Biodegradable Thermoforming Materials”

Recently, rising awareness created by the governments and companies alike, has driven significant influence to the packaging industry, this has also caused the innovation of biodegradable material. This is consequent to the fact that producers are engaged in making compostable and biodegradable materials following the demands of their consumer representatives. The scenario above has led researchers to quest for alternative sources like starch-based polymers, POLYHYDROXYALKANOATES, and POLYLATIC ACID. Though working like standard ones, they have far lesser deteriorative effects on society and the ecosystem compared to usual plastics.

As a result, the industry is witnessing a growth in research and development investments focused on creating packaging solutions that maintain product integrity along with reducing environmental impact. This has reshaped the competitive landscape, and evident by the companies that are successfully balancing functionality, cost-effectiveness, and sustainability which gains them a competitive edge in the market.

This is also solidified by the fact that the market for biodegradable materials are growing at an extremely high CAGR of around 16% during the forecast period of 2024 to 2034. Companies like NatureWorks who operate as a producer for PLA (Polylactic Acid) materials used in thermoform packaging, have significantly expanded their production capacities in the recent years.

“Technological Advancements Enhancing Production Efficiency and Customization Capabilities”

The thermoform packaging sector is going through a technological upheaval that is transforming its production techniques and broadening prospects for personalization. Modernized equipment and robotic systems enable manufacturers to produce at higher rates, more accurately, with less waste. Such technological advancements not only increase operating efficiencies but also allow more flexibility in design and production. As a result, packaging firms can provide wider varieties of customizations to serve distinct industries’ demands or products’ requirements.

In addition, the integration of digital technologies like 3D printing used in prototyping and artificial intelligence employed for quality assurance also enhances capabilities within this industry. This change in technology is opening new doors for innovation and diversity among competitors as well as extending the limits of what is possible with respect to pack designs and functions in thermoform packaging markets.

What are the Challenges Encountered by Manufacturers of Thermoform packaging?

“With increase in demand for biodegradable materials, cost effectiveness remains a concern”

The key challenge which is being faced by the thermoform packaging manufacturers is in regards to delivering cost effective production solutions in countered by the demands for sustainable packaging solutions. Quite often, the shift toward greener materials is accompanied by higher raw-material costs and potential process changes in existing production processes. Biodegradable polymers and recycled-content materials have different processing parameters, which may mean longer production times because of lower operating temperatures or pressures, or require different equipment.

Moreover, the research and development involved in creating new and sustainable packaging solutions may be resource-intensive. It puts the manufacturers under the pressure of these costs while trying to be very competitive on a market where price means everything to so many customers. That is the challenge which must seek a delicate balance between investing in sustainability and maintaining competitive and reasonable price structures. Organizations have been working on a number of options, from increasing production efficiency to establishing alternative sources of supply or the formation of strategic partnerships, so they could cope with the complexity of the matter.

Country-wise Insights

Why is Adoption of Thermoform packaging High in the United States?

“What makes America the dominant country in North America?”

The market in the United States is estimated at US$ 5.1 billion in 2024 and is projected to expand at a CAGR of 5.6% through 2034.

Thermoform packaging demand in North America is becoming more popular. By 2024, North America had a share of 23.9% of the global market. The North American market is expected to dominate the global market during the forecast period therein. Also, it holds huge consumer bases for frozen food products, processed meats and bakery items hence there is an increase in the use of thermoform packaging in the food and beverage industry.

Moreover, there are significant regional players involved with developing innovative and eco-friendly packaging materials that support them in this regard through Research & Development programs they run. This region also hosts many businesses producing these types of materials including some of the top producers worldwide. In fact, USA remains North America’s biggest thermoform packaging market due to its vast organized grocery chains as well as increasing online channels distributing fresh food items.

Why is China a Lucrative Market for Thermoform packaging Manufacturers?

“In the Asia-Pacific region, which nations are leading market expansion?”

Thermoform packaging manufacturers thrive in China's rapidly growing economy because of its modernization, ever-increasing purchase of packaged products by customers and immense government support for advanced manufacturing technologies.

The 'Made in China' 2025 initiative was designed to make China an international hub for production leadership by advocating for mechanisms such as automation and quality assurance shaping favorable conditions for innovative packaging solutions like thermoforming.

Moreover, e-commerce development and rising awareness among the public about sustainable packing solutions have contributed much towards consumption uptick. Apart from China, the Asia-Pacific area includes India and Japanese markets that are doing well due to their continuous movement towards industrialization along with better market demand.

Category-wise Insights

Why is there a massive increase in demand for containers?

“Urbanization and Lifestyle Changes Elevate Container Demand”

E-commerce has been an indispensable part of the current economy, this has revolutionized the technological aspect of the market as well as has created an additional demand for packaging solutions which imply and relate to the current environment protection standards. This also has led to the drive for packaging solutions which can withstand transportation without being damaged.

This is also seen through the expansion of food and drinks sector with rise of on-the-go meals, where there is a big need for trustworthy containers. Furthermore, this demand for eco-friendly packaging made from recyclable and biodegradable materials is driven by environmental concerns.

Urbanization and changing lifestyles characterized by higher dependence on processed foods or take-away options contribute to this surge. Finally, global supply chains’ need for efficient storage and transportation also boosts container requirement.

Why is thermoform packaging widely used in the food and beverage industry?

“Innovative Thermoform Packaging Fuels Food and Beverage Industry Growth”

Food and beverage industries use thermoform packaging equipment more and more. Food packaging necessitates good oxygen/moisture barriers against temperature extremes, physical stress, tamper resistance, and contamination protection, inclusive of a new and functional design.

The key functionality of thermoform packaging to protects its contents is mainly due to its functionality of improved toughness, highly tamper resistant, high resiliency, and good seal capabilities, helps extending the shelf life of products.

The role of regulatory shifts across geographies, companies increasingly investing into sustainability and considering environment protection as a core responsibility, government initiatives to promote and reward environment improvement initiatives has significantly improved the demand for thermoform packaging industry. These factors are also complimented by the rising demand for the end-use application industry in the coming years.

Competitive Landscape

Key players in the thermoform packaging market are Amcor Ltd, Anchor Packaging, Inc, Bemis Co., Inc, Constantia Flexibles Group GmbH, D&W Fine Pack, Dart Container Corp., Display Pack, Inc., DowDuPont, Inc, DS Smith PLC, G. Mondini Spa, Lacerta Group, Inc., Mondi Group, Pactiv LLC, Placon Corp., Sonoco Products Company and Tray-Pak Corp.

Companies devote a significant portion of their revenue to R&D to resolve problems and offer creative solutions to draw in new customers and stay competitive. Companies are developing customized offerings for issues that meet industry-specific needs to compete with other players.

• Amcor has been actively enhancing its thermoforming production capabilities. In January 2024, Amcor had announced the expansion of its thermoforming packaging production capacities, this was done to meet its annual sustainable packaging solution demand across their demand centers. This expansion was part of the Amcor’s broader strategy to innovate and provide more environment friendly packaging solutions which aligns to global sustainability standards.
• Similarly, Sonoco another key packaging solution provider globally had integrated their flexible packaging and thermoforming businesses to a single platform. This strategic move aimed to streamline operations and improve product offering across various markets, this includes condiments, snacks health products among others. This move also strengthened its financial performance in 2023, despite a global slump.
• Mondi too has also made significant strides in the thermoform packaging sector, this is evident from their emphasis on sustainability and innovation. Mondi launched its Performing range, a natural paper-based packaging solution which significantly reduces plastic use. The range of applications include food packaging. This move falls in line with Mondi's commitment towards sustainability which is mentioned in its Mondi Action Plan 2030 (MAP2030), this plan aims towards enhancing recycling capabilities and significant reductions in plastic use

Fact.MR has provided detailed information about the price points of key manufacturers of thermoform packagings positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Thermoform packaging Industry Research

• By Material :

  • PET
  • PVC
  • PS
  • PP
  • PE
  • Others

• By Type :

  • Containers
  • Blister Packaging
  • Clamshell Packaging
  • Skin Packaging
  • Other Types

• By Heat Seal Coating :

  • Hot Melt-Based
  • Solvent-Based
  • Water-Based

• By End User :

  • Food & Beverages
  • Pharmaceuticals
  • Home & Personal Care
  • Electronics
  • Other End Uses

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa