The thin wall plastic containers market study by Future Market Insights (FMI) offers covers latest insights in terms of key opportunities prevalent across segments including product and material. It underscores acquisitions as key strategy adopted by market players as they aim for expanding their footprint globally.
Future Market Insights, Dubai: 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.
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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
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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:
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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:
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