The study involved four major activities to estimate the current market size for thin wall packaging products. Exhaustive secondary research was done to collect information on the market, peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments. 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%. Rising demand for packaged food coupled with a growing preference for customer-friendly and lightweight packaging and cost-effectiveness drive the demand for thin wall packages.
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♦ Recent Developments –
- In August 2018, Amcor Limited announced to acquire Bemis Company, Inc. (US), under which Amcor would acquire Bemis in an all-stock combination. The transaction is expected to be valued at USD 6.8 billion and is expected to close by the first quarter of 2019. This transaction is aimed at increasing the R&D capabilities and expanding its geographical presence to cater to the demand for sustainable packaging. Under this transaction, Amcor’s shareholders would own 71%, while Bemis’ shareholders would own 29% of the combined company.
- In November 2017, RPC Superfos introduced an innovative spoon-in-the-lid solution for yogurts, desserts, and other dairy products. This lid is especially useful for consumers who eat on-the-go.
- In June 2017, RPC Group acquired Astrapak (South Africa), a key manufacturer of molded and thermoformed plastic packaging catering to the African market. This acquisition was aimed to increase RPC Group’s presence in the thin wall packaging market.
On the basis of application, the thin wall packaging market has been categorized as follows:
- Food
- Beverages
- Others (pharmaceuticals, cosmetics & personal care, and industrial)
On the basis of region, the thin wall packaging market has been categorized as follows:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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The Asia Pacific thin wall packaging market is projected to register the highest CAGR during the forecast period
The Asia Pacific is projected to be the fastest-growing region in the thin wall packaging market, in terms of value. 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, especially in the food & beverage sector, are expected to drive the demand for thin-wall packaging in the Asia Pacific during the forecast period. Europe is projected to lead the market, in terms of demand, through the forecast period owing to improvements in the regional economy, the rise in the consumption of packaged food products, growing food service packaging sector, and the rising number of retail chains.
♦ Leading Key Players –
The thin wall packaging market is dominated by large players, 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 (India), Greiner Packaging International (Austria), and Double H Plastics (US).
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