Albany, NY -- (SBWIRE) -- 07/24/2017 -- Sonoco Products Company, Amcor Limited, and Bemis Company, Inc. have been the leading players in the global thermoform packaging market in 2015, according to a research report released by Transparency Market Research. The leading entities of the market are expected to continue working on their strengths while investing heavily into developments related to rapid prototyping, visual product rendering, and the newer and innovative fields opened up by 3D modeling and printing.

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As stated in the TMR report, a large chunk of the output by the leading players in the global thermoform packaging market is expected to be taken up by the industries of medical packaging and pharmaceuticals, over the given forecast period. The global thermoform packaging market was valued at US$36.4 bn in 2016. It is projected to expand at a CAGR of 5.9% within a forecast period from 2016 to 2024, and is likely to reach an evaluation of US$57.6 bn by the end of the forecast period.

Pharmaceutical Industry Demand for Thermoform Blister Packaging to Surge

The pharmaceutical industry has consistently been a reliable end user for the global thermoform packaging market. Over the recent past, the demand for blister packaging in pharmaceuticals has skyrocketed, owing to its wide array of usage across multiple avenues. Blister packaging is also advantageous when it comes to long distance transportation, making it possible for manufacturers to increase their distance of distribution. It is expected that blister packaging will take up a lion's share of 41.6% in the global thermoform packaging market by 2024.

From a regional perspective, North America led the global thermoform packaging market in 2015 and is expected to continue leading it till the end of the report's forecast period. The intensive usage of thermoform packaging by the strong retail industry in the U.S. is expected to carry on its demand for it over the coming years.

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Food and Beverage Industry Seeks to Improve Product Shelf Life

"The trillion dollar food and beverage industry is expected to show an interestingly high focus on the global thermoform packaging market over the coming years. Thermoform packaging has not been an uncommon type in the food and beverage industry, but improving profitability and a growing demand for extending the shelf life of perishable products amid intensifying competition has been pushing players to seek a more large scale usage of thermoform packaging. This is expected to be a primary driver for the global thermoform packaging market over the coming years," states a TMR analyst. The demand for better packaging in the food and beverage industry does not seem to show any signs of slowing down for now, and thermoform packaging is at the top of the tier list for preferable packaging materials.

Thermoform Packaging Still a Negative for Heavy Items

The overall demand for thermoform packaging has been surging over the past few years, and across a number of end users. Despite this, there still remains a high level of negativity and aversion to use by the manufacturers of heavy products. This not only affects end users that already create heavy items, but also for industries such as food and beverages, where a growing number of players are planning to launch their products in significant volumes. They are therefore reassessing their usage rates of thermoform packaging due to its unsuitable nature for use as a robust material.