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 FB 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.
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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.
The outbreak of COVID-19 is likely to bring a significant impact on the market at a global level. We will provide COVID-19 impact analysis with the report.
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).
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.
The global thin wall packaging market is span across four major regions, namely - North America, Europe, Asia Pacific, and the Rest of the World.
The Asia Pacific is considered to be dominating the global market and is projected to rise at the fastest pace. Growth is due to rapid industrialization, a rise in middle-class income, and the penetration of the e-commerce industry in the region. Moreover, the increasing demand for ready-to-make items, especially among the working population, is expected to drive this region's market. The demand for sustainable packaged solutions from the food and beverage industry is also likely to increase market growth. On the flip side, Europe is expected to project significant demand due to economic growth, expansion of the foodservice packaging industry, and increased consumption of packaged food products.
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