How COVID-19 Changed the Thin Wall Packaging Industry Forever, Says MarketsandMarkets™
The global thin wall packaging market size is expected to grow from USD 42.8 billion in 2018 to USD 53.7 billion by 2023, at a compound annual growth rate (CAGR) of 4.64% during the forecast period. The rising demand for packaged food & beverages is expected to drive the growth of the thin wall packaging market.
Injection molding is increasingly being adopted for producing thin wall packages. It is projected to grow at the highest CAGR during the forecast period, while thermoforming is projected to witness a decline in growth. Injection molding technology is expected to gradually replace thermoforming technology for manufacturing thin wall containers. Injection molding of thin wall plastic products refers to a specialized form of conventional injection molding technique that emphasizes on mass production of plastic parts that are comparatively thin and light, thereby ensuring a reduction in the material cost and shorter production cycle. The dominance of the injection molding segment is attributed to numerous benefits, including faster production speed, increased productivity, lower cost of production, and uniformity.
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The polypropylene segment accounted for the largest share of the thin wall packaging market. This is attributed to various benefits offered by polypropylene thin walled products such as high stiffness, heat resistance, steam barrier properties, elasticity, enhanced transparency, and strong impact and rigidity balance. These properties of polypropylene products have led to an increasing preference for polypropylene in the manufacturing of thin wall packaging units used in the food & beverage and pharmaceutical industries.
The thin wall packaging market is led by major players such as Amcor (Australia), Reynolds Group (New Zealand), RPC Group (UK), Berry Global (US), Silgan Holdings (US), PACCOR (Germany), ILIP Srl (Italy), Mold-Tek Packaging (India), Greiner Packaging International (Austria), and Double H Plastics (US). These players have adopted numerous growth strategies to increase their market share and enhance their product portfolio. Acquisitions, new product launches, investments & expansions, and joint ventures are some of the major strategies adopted by leading players operating in the thin wall packaging market. The year 2017 experienced a large number of new products developed by top players in the market.
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New product development accounted for the largest share of all strategic developments in the thin wall packaging market in 2017. Companies such as Double H Plastics (US), PACCOR (Germany), and RPC Group (UK) adopted this strategy to strengthen their product portfolios and enhance their growth prospects in the thin wall packaging market.
RPC Group is one of the leading players in the packaging industry in Europe. It offers products through two segments, namely, packaging and non-packaging. The packaging segment contributes to a major portion of the company’s sales; for instance, this segment reported annual revenue of USD 3.57 billion in 2017 (approximately 84% of its annual revenue). The company has a wide product portfolio and leading product design capabilities across all polymer conversion techniques such as injection molding, blow molding, rotational molding, blow film extrusion, and thermoforming. In November 2017, RPC Superfos (a unit of RPC’s packaging division) introduced an innovative spoon-in-the-lid solution for yogurts, desserts, and other dairy products. This lid is especially useful for consumers who eat on-the-go. In September 2017, RPC Bebo introduced new packs of PP and PET for the convenience food packaging market. These solutions can be used in dips, salads, fruit pieces, and snack meals, among others.
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Amcor is a global packaging manufacturer that offers innovative packaging solutions. Its wide range of packaging products caters to a variety of applications across food & beverage, healthcare, homecare, and personal care industries. Strong global presence and adoption of growth strategies such as acquisitions have ensured its leading position in the market. In August 2018, Amcor Limited announced to acquire Bemis Company, Inc. (US), under which Amcor would acquire Bemis in an all-stock combination. The transaction is expected to be valued at USD 6.8 billion and is expected to close in the first quarter of 2019. This transaction is aimed at increasing its R&D capabilities and expanding its geographical presence to cater to the demand for sustainable packaging.
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