04 January 2021
Visiongain has published a new report on Thin Wall Packaging Market Report 2021-2031: Forecasts by Production Process (Injection Moulding, Thermoforming), Application (Food, Beverages, Other Applications), Product (Tub, Cup & Pot, Tray, Jar/Bottle, Clamshells, Lids), Material (Polypropylene, HDPE & LDPE, Polyethylene Terephthalate, Polystyrene, Polyvinyl Chloride, Other Materials) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Thin Wall Packaging Companies AND COVID-19 Recovery Scenarios.
According to Visiongain analysis, global thin wall packaging market is estimated to be valued at US$ xx billion in 2020. The global market is expected to witness a CAGR of xx% from 2021 to 2026 and is expected to reach US$ xx billion in 2026 from its previous value of US$ xx billion in 2021. Visiongain further anticipates that the global thin wall packaging market will reach US$ xx billion in 2031 while growing at a CAGR of xx% from 2021 to 2031.
COVID-19 Impact on Thin Wall Packaging Market
COVID-19 pandemic has wreaked havoc on the global economy and disrupted the flow of trade since the coronavirus spread in late 2019. Due to stay-at-home orders that were undertaken by most of economies across the global, demand for packaging for e-commerce, F&B, and healthcare industries has exploded. Although lockdown measures have been eased up in most countries by mid-year 2020, this trend is expected to continue beyond 2020, accelerating the shift in consumer behaviour to regard e-commerce and F&B deliveries as essential rather than simply a convenience. This has implications in packaging in all substrates, though paper and plastic packaging will net the most positive effect.
Growth of E-Commerce Amid COVID-19 to Boost Market Growth
Packaging is an important part of the total product offering across almost all sectors. It serves several purposes from product protection, distribution, brand differentiation, to facilitating usage of products and providing product information. Given the crucial role packaging plays in product offering, the demand for packaging products is relatively inelastic, which means it will remain stable to some extent, although some fluctuations within a narrow range also exists when the situation of economy fluctuates.
Packaging products do not fluctuate with the market because packaging products have many benefits that are used in various industries. The packaging industry is therefore generally less affected by macroeconomic contraction. Compared with industries that are vulnerable to economic impact, the packaging industry has stronger anti-risk capabilities, which has less dependence on the overall economic development. In 2020, the global thin packaging industry is estimated to be valued at US$ xx billion. From a customer perspective, reliability of packaging suppliers is one of the key factors considered while selecting a packaging solutions vendor. While packaging accounts for a relatively small percentage (2% to 3%) of the total product cost, any disruptions in supplies of packaging materials can have a big impact on production schedules of F&B, FMCG, and other products, which ultimately leads to drop in efficiency and margins of these companies While the recent COVID-19 pandemic had a ripple effect on the global economy, the packaging sector managed to stay resilient owing to factors such as a rise in E-commerce during the lockdown periods coupled with an increased demand for personal hygiene products and non-perishable packaged F&B products.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations, and launching new products to strengthen their position in the global thin wall packaging market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the thin wall packaging market. Some of the companies profiled in this report are Amcor, Reynolds Packaging, Berry Global Group, RPC Group PLC, Silgan Holdings, Paccor, Greiner Packaging International, Double H Plastics, Mold-Tek Packaging, and Ilip SRL.
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The market growth is attributed to the rising economic development, and consequent rise in consumer spending across emerging economies such as India, China, and Japan. Furthermore, strong growth in organized retail and surge in e-commerce are some of the key factors which are anticipated to boost the thin wall packaging market growth across these emerging economies.
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