Thin Wall Packaging Market Forecasts to 2028 – Global Analysis By Production Process (Injection Molding, Thermoforming), Material (Polyethylene Terephthalate (PET), Polystyrene (PS), Polyvinyl Chloride (PVC)), Application, and By Geography
According to Stratistics MRC, the Global Thin Wall Packaging Market is accounted for $40.81 billion in 2021 and is expected to reach $63.43 billion by 2028 growing at a CAGR of 6.5% during the forecast period. Thin wall packaging can be defined as a form of packaging product that uses thin and lightweight plastics, saving time and cost-effectively manufacturing these items. The use of resources at a better production rate produces higher cost efficiency and thereby reduces the cost of the product. In a range of vertical industries, mainly in the food and beverage industry, this form of packaging is used.
Market Dynamics:
Driver:
Rising demand from end user industries
Thin wall packaging offers various benefits such as lower weight, ease of use, reusability, and need for comparatively less material. It also offers enhanced protection to contents from physical damage or contamination. This makes it highly applicable for various products such as pharmaceuticals, cosmetics, personal care products, and household containers for wipes, cotton buds, and detergents. In addition, rapidly expanding e- Commerce sector and growing trend of ordering food & beverages using apps and websites globally are other major factors expected to continue to drive revenue growth of the global thin wall packaging market in the coming years.
Restraint:
Presence of stringent government regulations
Presence of the stringent government regulations regarding food packaging materials such as non-biodegradable plastics is a major factor that could hamper revenue growth of the global market to some extent. Agencies such as Food and Drug Administration (FDA) have imposed stringent guidelines regarding food safety, which is hampering market growth to some extent. In addition, rising awareness regarding adverse effects of plastics on the environment and is resulting in higher demand for more sustainable packaging materials, which could hamper market revenue growth to some extent over the forecast period.
Opportunity:
Increasing R&D activities by key players
Rising investments in research & development activities by major players to produce more innovative products is expected to boost market revenue growth. Innovative strategies to expand supply chain network in other regions across the globe is also expected to open up more lucrative revenue and business expansion opportunities for major players operating in the global market. Adoption of bio-based raw materials for production of more environment-friendly packaging materials is also expected to boost demand for thin wall packaging products. Governments of various countries across the globe are focusing on reducing production and use of harmful plastics to reduce impact of plastic pollution on the environment, and with increasing number of welfare programs such as Sustainable Development Goals (SDG) and other environmental preservation initiatives, development of more eco-friendly and biodegradable packaging is gaining acceptance and steady traction.
Threat:
Disruption of the supply chain
The COVID-19 pandemic has had an adverse effect on growth of the global thin wall packaging market, among others. Reduced consumption of commercially available food and beverages due to imposition of lockdowns in countries across the globe resulted in slow-down in demand for thin wall packaging materials. In addition, disruption of supply chain resulted in many manufacturers dependent on outsourcing of raw materials halting production due to restrictions on manpower and other factors.
The food and beverages segment is expected to be the largest during the forecast period
The food and beverages segment is estimated to have a lucrative growth. The growing per capita income has resulted in an increase in the disposable income in the hands of the people allowing them to be able to afford imported food products, in turn, driving the growth of the thin wall packaging market over the forecast period. Moreover, the beverage industry has seen a rise in the transportation cost in the shipping of glass bottles across the nation and returning them to the manufacturers owing to the growing fuel prices. The companies in the thin wall packaging through efficient and effective research and development are launching new copolymers that would support the applications in the food industry thereby increasing the demand for thin wall packaging products during the forecast period.
The polyvinyl chloride (PVC) segment is expected to have the highest CAGR during the forecast period
The polyvinyl chloride (PVC) segment is anticipated to witness the fastest CAGR growth during the forecast period. As the material is lightweight, durable, and dependable, it is preferred over the other materials in this category. Polyvinyl chloride (PVC) maintains safety of contents such as medicines and others for which product integrity is of utmost importance. Clear vinyl packaging is used in Over-The-Counter (OTC) tamper-resistant shrink wraps and medication products.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing initiatives by the government against food safety procedures. This has resulted in the revision of the food safety laws in the region which now promote the companies to look for a better option in terms of packaging materials. The improved economic environment and the growing spending by the people in the region is one of the significant factors fueling the growth of the thin wall packaging market over the forecast period. For example, China revised its food safety law in which Article 1 aims at securing food safety and ensures the public health and life safety, while article 2 specifies the applicable parties. One of which is the production and distribution of packaging materials, containers, detergents, and disinfectants used for food and of tools and equipment used for food production and distribution.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period. Growing concerns regarding negative impact on the environment and increasing number of government initiatives for reducing solid waste generated by the packaging industry are some other major factors anticipated to continue to fuel revenue growth of the European market. Moreover, presence of a number of key players in countries in the region and increasing focus and investments in development and launch of more innovative and enhanced packaging products are major factors driving demand in various end use industries in the European region.
Key players in the market
Some of the key players profiled in the Thin Wall Packaging Market include Amcor, Berry Global, Double H Plastics, Greiner Packaging International, Groupe Guillin, ILIP Srl, Mold-Tek Packaging, Paccor GmbH, Reynolds Group, RPC Group, Silgan Holdings, and Toppan.
Key Developments:
In May 2021, SABIC and KraussMaffei collaborated for development of innovative thin-walled packaging at KraussMaffei's recently expanded thin-wall packaging application center in Switzerland. The center will enable close engagement with OEMs and customers to strengthen its collaborations in the thin wall packaging industry.
In March 2021, Toppan launched technology for production of ultra-thin wall containers. The product, developed by Toppan, is approximately 30% thinner than conventional injection molded containers. The new technology offers benefits of conventional injection molding, but with reduced impact on the environment.
Product Types Covered:
• Clamshells
• Cups
• Jars
• Lids
• Pots
• Trays
• Tubs
Production Processes Covered:
• Injection Molding
• Thermoforming
Materials Covered:
• Polyethylene Terephthalate (PET)
• Polystyrene (PS)
• Polyvinyl Chloride (PVC)
• Polypropylene (PP)
• Polyethylene (PE)
Applications Covered:
• Cosmetics & Personal Care
• Food and Beverages
• Industrial
• Pharmaceuticals
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
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- Market share assessments for the regional and country-level segments
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- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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