Pharmaceuticals segment is estimated to be the fastest-growing segment in Thermoform Packaging Market to 2021

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%.

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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.

Solvent-based heat seal coating is projected to be the largest segment during the forecast period

Thermoform packaging market, on the basis of heat seal coating, is classified into water based, solvent based, and hot melt based. The solvent-based heat seal coating segment accounted for the largest share in 2015 due to its numerous benefits such as resistance to water and grease and strong bond strength that can be processed at different temperatures.

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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