The market value for thin-walled plastic containers will reach $ 32.2 billion in 2021 and grow at a CAGR of 5.6% between 2021 and 2031
Future Market Insights (FMI) Thin Wall Plastic Containers market study provides the latest insight into key opportunities prevailing across all segments including product and material. It highlights acquisitions as a key strategy of market participants aiming to expand their presence worldwide.
Future Market Insights, Dubai: According to Future Market Insights (FMI), the world market for thin-walled plastic containers will grow with a CAGR of 5.6% to a total of 32.2 billion US dollars in 2021 between 2021 and 2031. Despite the limited growth during the COVID-19 outbreak, the market is expected to see 5.3% year-over-year growth in 2021.
Extensive use of thin-walled plastic containers in various packaging applications due to their properties such as temperature resistance, impact resistance, improved transparency, light weight and low cost.
With the increasing penetration of e-commerce in the food and beverage industry, the consumption of packaged products has increased. This in turn results in positive growth opportunities for the market.
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The increasing area of application in frozen packaging, dairy containers, baked goods packaging and yoghurt pots, among other things, is boosting sales prospects. Demand will continue to rise, in particular due to the growing urban population and at the same time increasing disposable income.
The preference of consumers for light, customer-friendly and inexpensive packaging is also giving the market growth a tailwind. With a phenomenal jump in demand for baked goods and ready-to-eat foods, sales of thin-walled plastic containers will increase sharply in the coming years.
In addition, a significant increase in the number of trading and supplier channels will be a good omen for the market.
At the regional level, North America will become an extremely lucrative market due to the increasing demand for plastic containers in the food and beverage industry. FMI estimates that the North American thin-walled plastic container market will grow at a CAGR of 4.1% in the forecast period 2021-2031.
“The increasing use of thin-walled plastic containers in the food and beverage, pharmaceutical and fast moving consumer goods (FMCG) sectors is driving market growth. In addition, leading manufacturers are concentrating on expanding their portfolios. Therefore, they are relying on various organic products and inorganic strategies to gain a competitive advantage in the market, “said an FMI analyst.
Key to take away from Thin-walled plastic containers opinion poll
- Due to the increasing demand for plastic containers in the food and beverage industry, North America will grow at a CAGR of nearly 4.1% in the forecast period 2021-2031.
- Europe is likely to become one of the most lucrative markets, growing at a CAGR of 3.4% between 2021 and 2031.
- Japan and South Korea are expected to see growth in the East Asia region with CAGRs of 17% and 11% respectively.
- Despite the COVID-19 outbreak, the market grew 5.3% year over year in 2021.
- Worldwide sales of thin-walled plastic containers are expected to be up to 307,885 million unitsin 2021.
- The increasing demand for light and sustainable packaging solutions in the food sector is driving market growth.
- The increasing application areas of pharmaceuticals and FMCG will also support the expansion of the market.
- The introduction of counterfeit products could hinder the sale of thin-walled plastic containers.
- Manufacturers’ focus on biodegradable packaging also poses a challenge to market growth.
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Thin-walled plastic container manufacturers undertake acquisitions, collaborations and partnerships to gain a competitive advantage in the market.
In 2017, for example, Amcor Rigid Plastics USA announced the acquisition of the Colombian Plasticos team. The Plasticos acquisition aims to bring together both a packaging manufacturer and a consumer goods company to deliver 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 expands the closure business further into new markets.
Some of the leading players 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. HOW
- Acmepak Plastic Packaging Ltd
- Double-H PlasticsInc.
- Rexam Thin Wall Plastics Ltd.
- Bonhomie Plastics Pvt. GmbH
More valuable insights into the market
FMI offers an unbiased analysis of the global Thin Wall Plastic Containers Market in its new report, analyzing forecast statistics through 2021 and beyond. The survey reveals projections for growth for the Thin Wall Plastic Containers market with detailed segmentation:
- Boxes & Containers
- Thin-walled buckets
- Polypropylene (PP)
- Polystyrene (PS)
- Polyethylene (PE)
- High density polyethylene (HDPE)
- Low density polyethylene (LDPE)
- Polyethylene terephthalate (PET)
- Vacuum technology
- Injection molding technology
- North America
- Latin America
- Eastern Europe
- Western Europe
- Middle East and Africa
- Asia Pacific
- Dairy products
- Frozen food
- fruits and vegetables
- Bakery and pastry shop
- Juices and soups
- Meat, seafood and poultry
- Ready meals
- Personal care and cosmetics
- Paints, lubricants and adhesives
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Key Questions Covered in the Plastic Thin Wall Containers Market Report
- The market survey also highlights projected sales growth for the Thin Wall Plastic Containers market between 2021 and 2031
- The report provides an insight into the forecasted demand for thin-walled plastic containers for the forecast period 2021-2031.
- Thin Wall Plastic Containers market share analysis of the major companies in the industry and reporting on strategies such as mergers and acquisitions, collaborations or partnerships, and others
- The Thin Wall Plastic Containers market analysis identifies key growth drivers, restraints, and other forces affecting the prevailing trends and evaluating the current market size and forecast, as well as technological advances in the industry
About future market insights
Future Market Insights (FMI) is a leading provider of market information and advisory services, serving customers in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. The latest market research reports and industry analysis from FMI help companies overcome challenges and make critical decisions with confidence and clarity in the midst of breakneck competition. Our bespoke and syndicated market research reports provide actionable insights that drive sustainable growth. A team of knowledgeable analysts at FMI continuously track emerging trends and events in a variety of industries to ensure our clients prepare for the evolving needs of their consumers.
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