The thin wall packaging market is expected to grow from USD 42.8 billion in 2018 to USD 53.7 billion by 2023, at a CAGR of 4.64%
NEW YORK, Nov. 14, 2018 /PRNewswire/ -- Growth of the food & beverage industry is expected to drive the overall growth of the thin wall packaging market
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The thin wall packaging market is expected to grow from USD 42.8 billion in 2018 to USD 53.7 billion by 2023, at a CAGR of 4.64% during the forecast period. The thin wall packaging market is driven by various factors, such as the growing demand from the food & beverage industry, increase in urban population, changes in lifestyles, and rise in disposable income. However, stringent regulations imposed on food packaging and its raw materials can hinder the growth of the market.
Polypropylene segment is expected to grow at the highest CAGR during the forecast period
The polypropylene segment is the fastest-growing in the thin wall packaging market, in terms of value.This is attributed to various benefits offered by polypropylene thin walled products such as high stiffness, heat resistance, steam barrier properties, elasticity, enhanced transparency, and strong impact and rigidity balance.
Polyethylene terephthalate is projected to grow at the second-highest CAGR during the forecast period owing to its increasing application in the beverages application. Polystyrene, as a material for thin wall packaging, is projected to witness a decline in demand due to its negative environmental impact.
Injection molding segment is expected to hold the largest market share during the forecast period
The injection molding segment is expected to dominate the thin wall packaging market during the forecast period.This dominance is attributed to its numerous benefits, including faster production speed, increased productivity, lower cost of production, and uniformity.
The thermoforming segment was the second-largest segment in the thin wall packaging market in 2017, in terms of volume.
Asia Pacific is expected to record the highest growth rate during the forecast period
The Asia Pacific is expected to have the highest growth rate during the forecast period. Key factors such as industrialization, growth in middle-class population, the rise in disposable income, ease of convenient & visible packaging, and the rise in demand for sustainable packed products are expected to drive the demand for thin wall packaging in the Asia Pacific during the forecast period.
Meanwhile, Europe is projected to hold the largest market share during the forecast period. This dominance is attributed to the increased demand for convenient, eco-friendly, visually appealing packaging, the rise in domestic demand for food products & exports, along with the expansion of retail chains in this region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the thin wall packaging marketplace.
•?By company type: Tier 1: 40%, Tier 2: 25%, and Tier 3: 35%
•?By designation: C-Suite: 35%, Directors: 30%, and Others: 35%
•?By region: Asia Pacific: 45%, North America: 25%, Europe: 20%, South America: 5%, and Middle East & Africa: 5%
The thin wall packaging market comprises major manufacturers, such as Amcor (Australia), Berry Global (US), Silgan Holdings (US), PACCOR (Germany), RPC Group (UK), Reynolds Group (New Zealand), ILIP Srl (Italy), Mold-Tek Packaging (MTPL) (India), Greiner Packaging (Austria), Double H Plastics (US), Oosterbeek Packaging (Netherlands), Groupe Guillin (France), Omniform Group (Belgium), Takween Advanced Industries (Saudi Arabia), International Traders (Sanpac) (India), Knauer Holding (Germany), Sunrise Plastics (Australia), Insta Polypack (India), Dampack International (Netherlands), Plastipak Industries (Canada), JRD International (Dubai), Shree Rama Multi-Tech (India), Færch Plast (Denmark), Acmepak (China), and Sem plastic (Turkey).
Research Coverage
The market study covers the thin wall packaging market across segments.It aims at estimating the market size and the growth potential of this market, across different segments, namely, product type, material, production process, application, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall thin wall packaging market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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