The latest market report published by Credence Research, Inc. “Thin Wall Packaging Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the thin wall packaging market was valued at US$ 41.7 Bn in 2018 and expected to grow at a CAGR of 4.5% during the forecast period from 2019 to 2027.
Market Insights
“Growing demand for lightweight and eco-friendly packaging worldwide will drive the demand for Thin Wall Packaging Market”
The thin wall packaging market is majorly driven by the surge in demand for lightweight and eco-friendly packaging solutions worldwide. The rapid surge in demand for packaged food and growing food & beverages industry are some other major growth factors anticipated to enhance the global market over the forecast period. Changing consumer lifestyle along with growing demand of thin wall packaging from developing economies such as India, China, Brazil, Indonesia and others are also estimated to support the market growth during the forecast period. Stringent government regulations to reduce packaging weight is another prominent factor for the market demand in years to come. Introduction of recyclable packaging material and adoption of bio-based materials are some other key factors projected to further drive the global market growth throughout the forecast period. Europe had a major share in the global thin wall packaging market in 2018.
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Industrial Developments
- In August 2018, Amcor PLC announced to acquire Bemis Company, Inc. With the acquisition of Bemis Company, Inc., Amcor PLC is anticipated to enhance its geographical presence and R & D capabilities.
Key Market Movements:
- Worldwide, the thin wall packaging market is swelling at a CAGR of 4.5% in for the anticipated period from 2019 to 2027
- In 2018, Europe dominated the global thin wall packaging market owing to surge in demand for convenient and eco-friendly packaging solutions. Growing retail industry and rapid surge in food exports are other major factors anticipated to enhance the market growth during the forecast period.
- Asia Pacific is anticipated to expand with the highest CAGR during the forecast period. The rise in disposable income, growing urbanization, and rapid industrialization are some of the major factors responsible for the fastest growth of the region. The rising food industry along with ease of visible & convenient packaging is expected to drive the market over the upcoming years.
- Based on end-use, the food segment had major share in the global market owing to rapid surge in food packaging industry across the globe. Increased packaged food consumption in the Asia Pacific is another major factor for the segment growth in years to come.
- Acquisitions and enhanced geographical presence are anticipated to be the key strategies
List of Companies Covered:
- Double H Plastics
- Amcor PLC
- Greiner Packaging International
- Berry Global
- Mold-Tek Packaging
- Silgan Holdings
- PACCOR
- Reynolds Group
- RPC Group
- SABIC
Browse the full report at https://www.credenceresearch.com/report/thin-wall-packaging-market