Thin wallplastic containers sales will top US$ 32.2bln steered by demand for sustainable and transparent packaging solutions: FMI

DUBAI, U.A.E /PRNewswire/ -- As per Future Market Insights (FMI), the global market for thin wall plastic containers is forecast to grow at a CAGR of 5.6% over the assessment period between 2021 and 2031, totaling US$ 32.2 Bn in 2021. Despite restricted growth amid COVID-19 outbreak, the market is expected to register 5.3% year-on-year growth in 2021.

Extensive use of thin wall plastic containers across diverse packaging applications owing to their features including temperature resistance, impact resistance, enhanced transparency, lightweight, and low cost.

With the increasing penetration of e-commerce in the food and beverages industry, there has been an increase in the consumption of packaged products. This in turn is presenting positive opportunities for growth of the market.

Increasing scope for applications in frozen food packages, dairy containers, bakery packaging, and yogurt cups among others is spurring sales prospects. Demand will continue increasing especially on account of growing urban population coupled with increasing disposable income.

Also, consumer preference for light-weight, customer friendly, and cost effective packaging is giving tailwinds to the market growth. With a phenomenal leap in demand for bakery and ready-to-eat food items, thin wall plastic containers sales will soar over the upcoming years.

Besides these, a significant rise in the number of retail and supplier channels is also expected to bode well for the market.

Regionally, North America will emerge as a highly lucrative market driven by increasing demand for plastic containers in food and beverage industry. FMI has estimated that the North America market for thin wall plastic containers will expand at a CAGR of 4.1% over the forecast period 2021-2031.

"Increasing use of thin wall plastic containers in food and beverages, pharmaceuticals and fast -moving consumer goods (FMCG) sector is driving the market growth. Apart from this, leading manufacturers are focusing on expanding their portfolio. Therefore, they are adopting various organic and inorganic strategies to gain a competitive edge in the market," said a FMI analyst.

Key Takeaways from Thin Wall Plastic Containers Survey

• Backed by increasing demand for plastic containers in food and beverage industry, North America is poised to expand at a CAGR of nearly 4.1% over the forecast period 2021-2031.
• Europe is likely to emerge as one of the most lucrative markets, expanding at a CAGR of 3.4% between 2021 and 2031.
• Japan and South Korea are likely to exhibit growth at CAGRs of 17% and 11% respectively in East Asia region.
• Despite COVID-19 outbreak, the market registered 5.3% year-on-year growth in 2021.
• The global sales of thin wall plastic containers are forecast to grow up to 307,885 Mn units in 2021.

Key Drivers

• Increasing demand for light and sustainable packaging solutions in food sector is driving the market growth.
• Rising application pharmaceuticals and FMCG sectors also will support expansion of the market.

Key Restraints

• Launch of counterfeit products might hamper sales of thin wall plastic containers.
• Shift in the focus of manufacturers towards biodegradable packaging also pose challenge to market growth.

Competitive Landscape

Thin wall plastic container manufacturers are undertaking acquisitions, collaborations and partnerships to gain a competitive edge in the market.

For instance, in 2017, Amcor Rigid Plastics USA announced the acquisition of Colombia's Plasticos Team. The acquisition of Plasticos aims at bringing both a packaging converter and a consumer goods company together to supply novel products to consumers in the region.

In 2020, Silgan Holdings Inc., a leading supplier of rigid packaging for consumer goods products announced the acquisition of Cobra Plastics, Inc. This acquisition of Cobra further expands closure franchise into new markets.

Some of the leading players operating in the thin wall plastic containers market profiled by FMI are:

• EVCO Plastics
• RPC Letica Corporation
• Borouge Pte Ltd.
• Sunrise Plastics
• Sem Plastik San. Tic. A.S.
• Acmepak Plastic Packaging Ltd
• Double H PlasticsInc.
• Rexam Thin Wall PlasticsLtd.
• Bonhomie Plastics Pvt. Ltd

More Valuable Insights on Market

FMI, in its new report, offers an unbiased analysis of the global thin wall plastic containers market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in thin wall plastic containers market with detailed segmentation:

Product Type:

• Boxes & Bins
• Trays
• Cups
• Lids
• Thin Wall Pails
• Bowls

Material Type:

• Polypropylene (PP)
• Polystyrene (PS)
• Polyethylene (PE)
• High-density Polyethylene (HDPE)
• Low-density Polyethylene (LDPE)
• Polyethylene Terephthalate (PET)

Manufacturing Technology:

• Thermoformed
• Vacuum Technology
• Injection Molded Technology
• Others

Region:

• North America
• Latin America
• Eastern Europe
• Western Europe
• China
• Middle East and Africa
• Asia Pacific
• Japan

Application:

• Dairy Products
• Frozen Foods
• Fruits and Vegetables
• Bakery and Confectionery
• Juices and Soups
• Meat, Seafood and Poultry
• Ready-to-eat Meals
• Pharmaceuticals
• Personal Care and Cosmetics
• Paints, Lubricants and Adhesives                                         

Key Questions Covered in the Thin Wall Plastic Containers Market Report 

• The market survey also highlights projected sales growth for thin wall plastic containers market between 2021 and 2031
• The report offers insight into thin wall plastic containers demand outlook for forecast period 2021-2031.
• Thin wall plastic containers market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
• Thin wall plastic containers market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry

-Ends-

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

Contact:
Abhishek Budholiya
Future Market Insights,
1602-6 Jumeirah Bay X2 Tower,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com  
For Media Enquiries: press@futuremarketinsights.com  
Website: https://www.futuremarketinsights.com/    
Report: https://www.futuremarketinsights.com/reports/thin-wall-plastic-containers-market        
Press Release Source: https://www.futuremarketinsights.com/press-release/thin-wall-plastic-containers-market 

SOURCE Future Market Insights

CONTACT: +1-347-918-3531 / + 44 (0) 20 7692 8790

© Press Release 2021