New York, Sept. 04, 2019 (GLOBE NEWSWIRE) -- The rising demand for packaged food and increase in customer-friendly and lightweight packaging are driving the growth of the market.
The global thin wall packaging market is forecast to reach USD 61.32 Billion by 2026, according to a new report by Reports and Data. Thin wall packaging solution helps protect goods from physical damage and contamination during freight. Rising demand for pre-packaged food is driving the market for thin wall packaging. Thin wall packaging technology is used mainly to protect goods from contamination from an external source. It also protects the content from physical damage as well.
Products such as tubs, cups, trays, plastic jars, and clamshells offer protection and convenience for the product, which adds on to consumer appeal, simultaneously reducing carbon footprint. Increase in demand for thin wall packaging products in the food and beverage industry is also propelling the market demand. Growing urban population, increase in disposable income, and change in lifestyle are boosting the market. The need for packaged food has augmented among the consumers, owing to their lightweight feature, cost-effective, and customer-friendly packaging.
Europe is likely to project substantial demand due to economic development, expansion of foodservice packaging industry, and growing consumption for packaged food products. Europe is forecasted to grow with a CAGR of 4.6% during the forecast period. Improvement of the economy in the region and surge in retail chain tasks across the globe has pushed the demand for the market.
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Further key findings from the report suggest
- Polypropylene (PP) held a market share of 26.3% in the year 2018 and is forecasted to grow with the highest CAGR of 5.2% during the forecast period. Propylene's unique properties and ability to adapt to different fabrication techniques make invaluable material for a wide range of uses. Another valuable characteristic is polypropylene’s ability to function as both a plastic material and as a fiber.
- Thin wall packaging material like Jars is forecasted to grow with the highest CAGR of 5.0% during the forecast period. High demand from food packaging industry such as confectionaries, bakery items, ketchup, and mayonnaise as well as personal care, cosmetics packaging products, and medicines is also expected to propel the growth of the market.
- Injection Molding held a larger market share of 59.7% in the year 2018. This process is popular for thin wall packaging as they are accurate, fast, efficient, flexible, and cost-effective. Molded parts are produced with high-quality surface finishes, so no further processing is needed.
- The food industry is forecasted to hold the largest market share of 37.8% in the year 2026. Increase in demand for single-serve and portion control products, concern for the environment, and growing consumption of packaged food are augmenting the growth of the market in the food industry.
- The Asia Pacific region dominated the market for thin wall packaging with a market share of 31.9% in the year 2018. The region is expected to grow due to the rapid industrialization, proliferation of e-commerce industry, and an increase in disposable income of the middle class.
- Key participants Amcor, Reynolds Group Holdings, Berry Global Group, RPC Group PLC, Silgan Holdings, Paccor GmbH, Ilip SRL, Mold-Tek Packaging, Greiner Packaging International, and Double H Plastics, among others.
- RPC Superfos in November 2017, inaugurated a spoon-in-the-lid innovative solution for desserts, yogurts, and other dairy products. This lid is beneficial for eat on-the-go customers.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global thin wall packaging market on the basis of product type, production process, application, materials, and region:
Product Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Tubs
- Trays
- Cups
- Jars
- Clamshells
- Pots
- Lids
Production Process Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Injection Molding
- Thermoforming
Applications Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Food
- Beverage
- Others
Material Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Polypropylene (PP)
- High-Density Polyethylene (HDPE) and Low-Density Polyethylene (LDPE)
- Polyethylene Terephthalate (PET)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Others
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Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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