Thin Wall Plastic Container Sales Are Expected To Grow At A CAGR Of 5.6% by 2031
Press Release from Future Market Insights
As the world is transitioning towards sustainable packaging solutions, the demand for thin wall containers is on the rise. Future Market Insights (FMI) forecasts that the thin wall plastic container market will experience a year-on-year growth rate of 5.3% in 2021. The global sales of thin wall plastic containers are forecast to grow up to 307,885 Mn units in 2021.
As per Future Market Insights (FMI) analysis, the thin wall plastic containers market worth will reach US$ 32.2 Bn in 2021. Overall thin wall plastic container sales are expected to grow at a CAGR of 5.6% between 2021 and 2031.
North America leads the thin wall plastic containers market as a result of increasing demand for plastic containers in food and beverage industry. The North America market is set to register a CAGR of around 4.1% during the forecast period.
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Future Market Insights (FMI) has published a new report titled “ Thin Wall Plastic Containers Market: Global Industry Analysis 2016 – 2020 and Opportunity Assessment 2021 – 2031. ” The growing use of thin wall plastic containers can be attributed to the increasing demand from the food and beverages sector.
In order stay competent in the market, key players are constantly focusing on innovation and are looking forward to cater to the needs of consumers as well as the vertical industries. A strong presence of the leading players across several regions and the expertise of specific companies in certain areas is one of the notable characteristics of the global thin wall plastic containers market.
Companies are also focusing on mergers and acquisitions to maintain their position in the global market in the long run. For instance, in 2016, Ball Corporation acquired Rexam plc. The acquisition was aimed at strengthening the production capacity of the former company. The other leading companies operating in the market are Double H Plastics, Inc., ACMEPAK PLASTIC PACKAGING, LTD., Sem Plastik, RPC Group Plc, Mold-Tek Packaging Limited (MTPL), ENGEL AUSTRIA GmbH, and D K Industries.
Expanding production by market players is expected to benefit the global thin wall plastic containers market in the long run. As stated in the report, the global thin wall plastic containers market is expected to witness a CAGR of 5.6% from 2021 to 2031. The market was worth US$ 32,223 Mn in 2021.
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Lightweight Packaging to Push Market Revenue Growth
Companies across the globe in different sectors are trying to cut costs and eliminate processes that diminish their bottom line. In comparison to other forms of packaging such as glass or can, a less amount of raw material is used while manufacturing thin wall plastic containers. This helps companies cut down their raw material costs.
In addition to this, thin wall plastic containers can be manufactured in a shorter cycle time which translates to higher productivity and comparatively lower cost per produced part. Furthermore, thin wall plastic containers are used in a variety of applications including medical disposables, electronic hosing and protection among others, which provide a lot of potential for cost savings for manufacturers, suppliers, and retailers in multiple fields.
As these containers are quite thin, they offer a myriad of design opportunities as well. Moreover, in an effort to meet sustainability goals, companies are concentrating on lighter packaging materials.
On the other hand, snowballing landfills, impairment of the ecosystem, and long-term health problems are some of the harmful effects of plastic containers. Growing oversight by consumers and interest groups over the harmful effects of traditional plastic packaging has made eco-friendly packaging the Centre of the strategic base of the industry.
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Many companies operating in the market are banning packaging materials such as plastic and are looking for alternatives of these packaging materials. Various manufacturers are at present focusing on biodegradable packaging. This scenario may negatively impact growth in sales of thin wall plastic containers.
Counterfeit Products to Pose a Threat to the Global Market
Like other vertical industries, the thin wall plastic containers industry too is inundated by the overflow of counterfeit products. The influx of counterfeit products has been recognized as a core problem for the growth of the market in the long run. These counterfeit products are of low quality and can severely harm the well-being of end users. Companies such as Amcor are looking for ways to address this issue while maintaining their originality in the process.
With innovation and uniqueness fighting their way through counterfeit products, it is yet to be seen which one overrules the other.
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