According to Market Research Future (MRFR), the global thin wall packaging market is estimated to reach USD 52,323.6 million at a 4.10% CAGR from 2017 to 2023 (forecast period). The study discusses and explores the influence of the outbreak of COVID-19 on the global thin wall packaging market, including future opportunities and threats, drivers, and risks.
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Thin wall packaging is a type of packaging solution that helps protect products and goods from contamination and physical damage during transport. The packaging is an essential part of the growth of every product-based business. As demand for pre-packaged food increases, the market for thin-wall packaging is expected to propel around the globe. Thin wall plastic packaging, for example, cups, tubs, clamshells, trays, and plastic jars, provide convenience and product safety, a way of delivering consumer appeal that decreases carbon footprints compared to conventional materials such as metal or glass.
Market Dynamics
With growing demand from the food and beverage industry, evolving lifestyles, an increasing urban population, and increasing disposable income, the global market for thin-wall packaging is expected to expand. The demand for packaged food has increased among consumers, especially among the working population in recent years. The growing preference for lightweight, customer-friendly, and cost-effective packaging has further boosted the market growth.
Meanwhile, the strict mandates imposed on food packaging and its raw materials are some of the significant concerns expected to hinder the market growth during the assessment period. Furthermore, stringent environmental regulations by the government are considered to inhibit the development of the market in the coming years.
Market Segmentation
The global thin wall packaging market has been segmented into product type, material, production process, and application.
By product type, the global thin wall packaging market has been segmented into tubs, trays, jars, clamshells, cups, pots, and lids. The tubs segment dominates the global market and is anticipated to display the fastest growth rate.
By material, the global thin wall packaging market has been segmented into polypropylene (PP), polystyrene (PS), high-density polyethylene (HDPE), polyethylene terephthalate (PET), polyvinyl chloride (PVC), and others. The polypropylene (PP) dominates the global market and is considered to experience the fastest growth rate during the assessment period.
By production process, the global thin wall packaging market has been segmented into injection molding, thermoforming, and others. The injection molding dominates the global market and is considered to exhibit the fastest growth rate.
By application, the global thin wall packaging market has been segmented into food & beverages, electronics, cosmetics, and others. The food & beverage application dominates the global market and is considered to exhibit the fastest growth rate.
Regional Analysis
The geographical analysis of Asia-Pacific, Europe, North America, and the Rest of the World (RoW) has been conducted. As per the analysis, the APAC region is likely to dominate the global market. it has also been anticipated to expand at the fastest rate. The increasing demand for packaged food from the food and beverage industry is likely to propel the market growth. Moreover, the increased disposable income, rapid industrialization, penetration of the e-commerce industry in the region has led to an additional expansion of the market.
On the other hand, Europe is estimated to witness significant demand because of the expansion of the foodservice packing industry, economic development, and growing consumption for a packaged food product. Besides, the aim of reducing packaging and food waste is likely to propel the market. Moreover, the market is supported by the betterment in the economy and increasing domestic demand for food items and exports. However, the sudden outbreak of COVID-19 is likely to bring an impact n market.
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Key Players
The industry giants in the global thin wall packaging market are Amcor Limited (Australia), Reynolds Group Holdings (Auckland), Berry Global Inc. (The U.S.), RPC Group PLC (U.K.), Silgan Holdings (The U.S.), Mold-Tek Packaging (India), Double H Plastics (The U.S.), Ilip SRL (Italy), Greiner Packaging International GmbH (Austria), and Groupe Guillin (France).
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