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.
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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.
As per the analysis by Market Research Future Reports (MRFR), the global thin wall packaging market is estimated to value USD 52,323.6 million, with a CAGR of 4.10% during the forecast period from 2017 to 2023. Packaging plays a vital role in the growth of product-based commerce. The demand for packaged food has increased over the past few years. The packaged food is prevalent among the working class. The change in lifestyle due to increasing disposable income, rising demand from the F&B sector, increasing urban population are some of the significant factors leading to the growth of the global thin wall packaging market 2020. Thin wall plastic packaging provides convenience and product protection. It also reduces carbon footprints as compared to traditional materials such as glass or metal.
Moreover, the increasing customer preference for low-cost packaging, light-weight, customer-friendly has additionally propelled the market. However, stringent rules imposed by the government of various countries are likely to hamper the growth of the market in the forthcoming period. Besides, strict mandates imposed on the procurement of raw materials and food packaging may also obstruct the growth of the market.
Market Segmentation
Based on material, the global thin wall packaging market can be classified into Polypropylene, Polyvinyl Chloride, High-Density Polyethylene, Polystyrene, Polyethylene Terephthalate. Among all, the polypropylene dominates the global market.
Based on the application, the global thin wall packaging market can be classified into Cosmetics, Food & Beverages, and electronics. Among all, the food and beverage dominate the global market.
Based on the production process, the global thin wall packaging market can be classified into Injection Molding and Thermoforming. Among all, the injection molding dominates the global market.
Based on product type, the global thin wall packaging market can be classified into Tubs, Lids, Cups, Pots, Trays, Clamshells, and jars. Among all, the tubs segment dominates the market.
Based on the region, the global thin wall packaging market can be classified into Asia-Pacific, Europe, North America, and the Rest of the World (RoW).
Key Players
The significant players of global thin wall packaging market are Mold-Tek Packaging (India), Groupe Guillin (France), Greiner Packaging International GmbH (Austria), Amcor Limited (Australia), RPC Group PLC (UK), Ilip SRL (Italy), Double H Plastics (The US), Berry Global Inc. (The US), Silgan Holdings (The US), Reynolds Group Holdings (Auckland).
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