Thin Wall Packaging Market Overview
The global thin wall packaging market value in 2017 was USD 41,045 and can touch a valuation of USD 52,323.6 million by 2023, asserts Market Research Future (MRFR). The market can quite possibly record a CAGR of 4.10% during the forecast period (2017-2023).
Primary Drivers and Key Challenges
Thin wall packaging technology is highly useful in protecting the goods and products against contamination from the environment as well as human touch. It also helps protect the content present in the package from any physical damage. Thin wall packaging like plastic jars trays, clamshells, tubs, and cups are in high demand in the market.
Mounting demand for pre-packaged edibles resulting from massive ubiquity of thin-wall packaging in the food and beverages industry is foreseen to lead to market growth. Also, strong demand for packaged food, food-on-the-go and ready to make food among working individuals can do wonders for the thin wall packaging market in the following years.
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Expanding urban population combined with the rise in the buyer’s disposable income around the world can help the market take it up a notch in the years ahead. In addition, growing inclination for affordable, lightweight, and easy to use packaging is believed to be a solid reason for the strong growth of the thin wall packaging market anticipated in the near future.
Prominent Vendors
Top performers in the worldwide thin wall packaging market include
- Berry Global Inc. (The U.S.)
- RPC Group PLC (U.K.)
- Double H Plastics (The U.S.)
- Mold-Tek Packaging (India)
- Reynolds Group Holdings (Auckland)
- Groupe Guillin (France)
- Greiner Packaging International GmbH (Austria)
- Ilip SRL (Italy)
- Amcor Limited (Australia)
- Silgan Holdings (The U.S.), to name a few.
Market Segmentation
All the aspects of the global thin wall packaging market have been examined on the basis of segments like product type, material, production process and application.
Considering the product type, the global thin wall packaging market has been segregated into cups, tubs, jars, trays, pots, lids and clamshells. Between these, the tubs segment is at the top position in the global market, with estimations of it achieving the growth rate in the following years.
With respect to the material, the global thin wall packaging market consists of polyvinyl chloride (PVC), high-density polyethylene (HDPE), polypropylene (PP), polystyrene (PS), polyethylene terephthalate (PET), and others. Out of these, the polypropylene (PP) segment has captured the dominant position in the global market and can record the fastest CAGR during the review period.
In terms of the production process, the global thin wall packaging market has been considered for thermoforming, injection molding, and others. The injection molding segment enjoys maximum demand in the market and can potentially record the highest growth rate during the conjectured timeframe.
With regard to application, the global thin wall packaging market caters to cosmetics, electronics, food & beverages, and others. Here, the food & beverages application is the leading segment in the global market and is believed to achieve the fastest growth rate in the ensuing years.
Regional Insight
The latest trends and opportunities in the thin wall packaging market have been analyzed across the key regions of North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
APAC, in addition to be the largest market for thin wall packaging, is also estimated to achieve the fastest CAGR in the coming years. Expanding middle class people and the fast-pace of industrialization along with increasing disposable income in the region benefits the market. The region market also gains from the mounting demand for sustainable food items in the food and beverages industry and otherwise. Additionally, boom in web based business activities is working in favor of the regional market.
In Europe, the thin wall packaging market is riding high on the back of advancing foodservice packaging industry and rising demand for packaged food items. Surge in retail chain tasks across the region also induces market growth.
Rising R&D activities by manufacturers are also driving the market growth in North America. Mounting number of retail chains coupled with the presence of an illustrious foodservice packaging sector in the region also adds to the market strength.
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