Thermoform Packaging Market Size, Share & Trends Report

Thermoform Packaging Market Size, Share & Trends Analysis Report By Material (PET, PE), By Product (Containers, Clamshell), By End-use Industry (Pharmaceuticals, Food & Beverage), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Nov, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-3-68038-931-9
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 150

Report Overview

The global thermoform packaging market size was valued at USD 40.74 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2020 to 2027. The market is likely to witness significant growth on account of the rising demand for packaged food products, which requires a lightweight and attractive packaging solution. In the thermoforming process, plastic material is heated up to its pliable temperature and then molded into the preferred shapes. Thin and thick gauge are the two prevalent thermoforming processes. Products manufactured using thin thermoforming, such as blisters, clamshells, and trays & lids, have a high demand in the electronics, food, home care, and pharmaceutical sectors.

The U.S. thermoform packaging market size, by product, 2016 - 2027 (USD Billion)

The U.S. has a large number of thermoform packaging manufacturers, which are introducing new products in the market to attract the end-use companies. Moreover, owing to the various benefits, such as better durability and transparency, many food & beverage manufacturers in the country prefer to use thermoform packaging over other solutions.

Increasing efforts by food & beverage manufacturers to adopt novel technologies to extend the shelf life of packaged food are also expected to benefit the industry growth. Rising demand for trays, containers, and cups for the table offering as well as for the parcel packaging by foodservice outlets is expected to drive the market further.

Rising demand for on-the-go and single-serve foods is another factor boosting industry growth. Furthermore, the technology can be used to manufacture attractive packaging solutions, which is likely to increase product penetration. However, stringent ordinances concerning plastic packaging may hamper growth over the forecast period.

The thermoforming technology offers low production costs for smaller production quantities along with several other benefits, such as lower tooling costs, quick product prototyping, and development. However, increasing emphasis on the development of sustainable packaging solutions is expected to hamper the demand for plastic-based products.

Material Insights

In 2019, Polyethylene Terephthalate (PET)-based thermoformed packaging accounted for the largest revenue share of 45%. Incorporation of Recycled PET (R-PET) for the manufacturing of packaging products to develop sustainable packaging trends is one of the key factors driving the demand for PET. Moreover, low cost, sustainability, and versatility in the molding of the material augment the segment growth.

The Polyethylene (PE) material segment is expected to grow at the fastest CAGR of 6.2% over the projected period. Polyethylene has two grades namely, Low-density PE (LDPE) and High-density PE (HDPE). The LDPE grade has a high demand for meat and seafood product packaging, whereas HDPE is primarily used across several industrial applications.

Polypropylene (PP) is one of the most widely used plastics in the world. The demand for PP-based packaging is expected to grow on account of the superior toughness of PP. It also exhibits several favorable properties, such as high puncture resistance, clarity, strength, and good heat resistance, which make it suitable for various applications. Polypropylene helps in retaining the freshness of food items, owing to which, it is widely used in the food packaging industry.

Moreover, it has high tolerance at elevated temperatures, which makes it an ideal material for microwavable applications. Microwaveable takeout containers, bakery containers, and tubs are the most commonly used PP-based thermoforming solutions available in the market. Recyclability associated with the product is another key factor driving its demand.

Product Insights

The containers segment led the market in 2019 and accounted for more than 26% of the global revenue share. Wide usage of these products in the foodservice industry resulted in its significant market share. Containers are used for packaging a variety of food products, including fresh and dry fruits, bakery products, frozen food, chilled and prepared meals. PET, PP, and PS are the most commonly used materials for container manufacturing.

The demand for clamshell packaging is estimated to grow at the highest CAGR over the forecast period. Electronics and homecare industries prefer these products on account of their benefits, including lucrative design, ease of use, transparency, and tamper-evident properties.

The food-service industry has emerged as one of the major consumers of clamshell packaging. In the food and beverage industry, it is primarily used for ready-to-eat meals, bakery items, and deli product packaging. The rising working-class population in the developing regions is expected to drive demand for ready-to-eat foods, thereby boosting the segment growth.

End-use Industry Insights

In 2019, food & beverage emerged as the largest end-use industry and accounted for 51% of the overall revenue share. Rising demand for thermoformed packaging solutions for the dairy and related industries is anticipated to have a positive impact on market growth. Furthermore, high demands for these products for the transportation of fruits and vegetables is likely to drive segment growth.

Thermoform blister packs provide convenient unit dose packaging. As a result, the demand for thermoformed products in the pharmaceutical industry is expected to grow at a significant rate over the projected period. Rising demand for blister packs by nutraceutical companies for tablets and capsules packaging applications is likely to have a positive impact on market growth.

Global thermoform packaging market share, by end-use industry, 2019 (%)

The consumer electronics segment is driven by various factors including new product developments, shorter product life cycles coupled with high consumer spending on electronic gadgets. In the electronics industry, blister packs are used for the packing of mobile accessories, headphones, batteries, etc. E-commerce plays an important role in the sale of various electronic products. The growth of the retail e-commerce sector is likely to propel the demand for the blister packs in the electronics and homecare segment over the forecast period.

Regional Insights

North America accounted for the largest revenue share of 28% in 2019 on account of high technology penetration along with the presence of well-established food & beverage and pharmaceutical sectors in the region. Furthermore, frequent new product launches by the thermoform manufacturing companies in the region are expected to support market growth.

The market in APAC is estimated to register the maximum CAGR from 2020 to 2027. India, in particular, is anticipated to grow at the fastest rate over the forecasted period. Heavy local and international investments in the food & beverage, electronics, and pharmaceutical sectors in the country to cater to the increasing demand are likely to have a positive impact on the regional market growth.

Europe is also estimated to have significant growth from 2020 to 2027. The regional growth is attributed to high product demand from the pharmaceuticals sector as a result of the increasing geriatric population, which needs intensive medical care.

Key Companies & Market Share Insights

The industry is characterized by the presence of both domestic and international players. The market participants compete based on product differentiation and services offered. Pactiv LLC emerged as the market leader in 2019 owing to its robust product offering for the food & beverage industry and a strong foothold in the North America region.

The companies are focusing on mergers and acquisitions to sustain the competition and to expand their geographical reach. For instance, in January 2020, Sonoco Products Company completed the acquisition of Thermoform Engineered Quality, LLC, and Plastique Holdings, Ltd., to expand its portfolio and clientele across the globe. Some of the prominent players in the global thermoform packaging market include:

  • DS Smith

  • Amcor Ltd.

  • Sonoco Products Company

  • Placon Corp.

  • Display Pack, Inc.

  • Pactiv LLC

  • Dart Container Corp.

  • Constantia Flexibles GmbH

  • Huhtamaki Group

  • Tray-Pak Corp.

  • D&W Fine Pack

  • Anchor Packaging, Inc.

  • Lacerta Group, Inc.

  • RPC Group Plc

  • Silgan Holdings, Inc.

Thermoform Packaging Market Report Scope

Report Attribute


Market size value in 2020

USD 42.86 billion

Revenue forecast in 2027

USD 60.51 billion

Growth Rate

CAGR of 5.1% from 2020 to 2027

Base year for estimation


Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Material, product, end-use industry, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; China; Japan; India; Brazil; Saudi Arabia

Key companies profiled

DS Smith; Amcor Ltd.; Sonoco Products Company; Placon Corp.; Display Pack, Inc.; Pactiv LLC; Dart Container Corp.; Constantia Flexibles GmbH; Huhtamaki Group; Tray-Pak Corp.; D&W Fine Pack; Anchor Packaging, Inc.; Lacerta Group, Inc.; RPC Group Plc; Silgan Holdings Inc.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global thermoform packaging market report on the basis of material, product, end-use industry, and region:

  • Material Outlook (Revenue, USD Million, 2016 - 2027)

    • PET

    • PVC

    • PS

    • PP

    • PE

    • Others

  • Product Outlook (Revenue, USD Million, 2016 - 2027)

    • Blister Packaging

    • Clamshell Packaging

    • Skin Packaging

    • Trays & Lids

    • Containers

    • Others

  • End-use Industry Outlook (Revenue, USD Million, 2016 - 2027)

    • Food & Beverage

    • Personal Care & Cosmetics

    • Pharmaceuticals

    • Electronics

    • Homecare

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • Italy

      • France

      • U.K.

    • Asia Pacific

      • China

      • Japan

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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