Thin Wall Packaging Market to Reach USD 70,524.33 Million by 2032, Growing at a CAGR of 6.1%: Credence Research
Market Outlook
The Thin Wall Packaging Market is poised for substantial growth, projected to increase from USD 41,282.76 million in 2024 to USD 70,524.33 million by 2032, at a CAGR of 6.1%. This significant expansion is driven by increasing demand across key end-use industries such as food and beverage, personal care, and healthcare, which are placing heightened emphasis on lightweight, cost-effective, and sustainable packaging solutions. As consumer lifestyles evolve and preference shifts towards convenience and sustainability, thin wall packaging stands out for its ability to reduce material usage without compromising product integrity.
Moreover, rapid urbanization, particularly in emerging economies, is accelerating the adoption of ready-to-eat and processed food products, which rely heavily on thin wall containers. The market is also benefiting from innovations in injection molding and thermoforming technologies, allowing manufacturers to enhance production efficiency while maintaining packaging strength and aesthetics. These dynamics, alongside stringent regulations pushing for eco-friendly packaging alternatives, will continue to fuel market momentum over the forecast period.
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Key Growth Determinants
The foremost growth driver for the thin wall packaging market is the surging demand for packaged food and beverages. With busy lifestyles and increased urban working populations, consumers are turning to convenient food solutions, which rely on lightweight, durable, and efficient packaging formats. Thin wall packaging not only meets these functional needs but also aligns with sustainability goals due to its reduced material usage. This is further supported by its recyclability, making it a favored option for both manufacturers and environmentally conscious consumers.
Technological advancements in manufacturing processes such as in-mold labeling (IML) and high-speed injection molding are significantly contributing to market growth. These innovations have improved the design flexibility and production efficiency of thin wall packaging, reducing cycle times and material waste. As a result, companies are able to meet mass production demands while also customizing products based on specific market requirements, especially in high-consumption sectors like dairy, frozen foods, and personal care.
Regulatory trends are also playing a vital role in shaping market dynamics. Governments and regulatory bodies across the globe are implementing strict norms aimed at reducing plastic waste, thereby promoting the adoption of recyclable and lightweight packaging formats. Thin wall packaging, being inherently efficient in material use, is well-positioned to benefit from such policy shifts. Manufacturers investing in biodegradable and bio-based variants of thin wall packaging are likely to gain a competitive edge in this evolving regulatory landscape.
Additionally, increasing investment in R&D is fueling innovation in materials and design. Companies are developing advanced polymers and hybrid materials that offer enhanced barrier properties, durability, and heat resistance while maintaining a low environmental footprint. These developments are expanding the applicability of thin wall packaging beyond traditional food segments into pharmaceuticals, electronics, and industrial packaging, thereby broadening the market's growth prospects.
Key Growth Barriers
Despite its numerous advantages, the thin wall packaging market faces certain challenges that could hinder growth. One significant concern is the limited structural integrity of ultra-thin packaging under certain conditions, such as heavy or sharp-edged contents. This restricts its application in packaging categories that require higher strength and durability, thereby curbing its potential across various industries.
Environmental concerns regarding plastic usage also pose a notable challenge. While thin wall packaging reduces material consumption compared to conventional packaging, it still primarily relies on plastic-based polymers. This can attract regulatory scrutiny and consumer backlash in regions with strict plastic reduction mandates, especially where recycling infrastructure is underdeveloped. The need for recyclable and biodegradable alternatives adds to the complexity and cost for manufacturers.
Furthermore, volatility in raw material prices, particularly for petroleum-based polymers such as polypropylene and polyethylene, can negatively impact profit margins. This volatility, coupled with the pressure to innovate and maintain competitive pricing, poses a persistent challenge for industry participants. Additionally, supply chain disruptions and geopolitical tensions affecting resin availability can further strain manufacturing operations and delay product deliveries.
Key Market Opportunities
The rising consumer preference for sustainable and recyclable packaging solutions opens substantial opportunities for manufacturers developing bio-based thin wall packaging materials. Companies that invest in eco-friendly alternatives—such as compostable or biodegradable polymers—can tap into premium segments and benefit from favorable regulatory incentives. Collaborations with material science innovators will be instrumental in this transition.
Digital printing and smart packaging technologies present another avenue for differentiation and value addition. Thin wall packaging formats that incorporate QR codes, freshness indicators, or interactive features can enhance consumer engagement and offer brands a competitive edge in the crowded FMCG landscape. This is particularly relevant in e-commerce channels where packaging aesthetics and functionality impact brand perception and consumer retention.
Regional Analysis
Geographically, Asia-Pacific dominates the thin wall packaging market and is expected to witness the fastest growth through 2032. Rapid urbanization, rising disposable incomes, and booming food processing industries in countries such as China, India, and Southeast Asian nations are driving demand. Moreover, the expansion of organized retail and e-commerce sectors in these regions further propels the need for cost-effective, lightweight packaging solutions.
North America and Europe also hold significant shares, driven by stringent sustainability regulations, advanced recycling infrastructure, and high adoption of innovative packaging technologies. In North America, consumer preference for pre-packaged, health-conscious foods fuels growth, while in Europe, manufacturers are shifting towards recyclable and biodegradable thin wall packaging formats in response to regulatory pressure and eco-conscious consumers.
Credence Research's Competitive Landscape Analysis
The global thin wall packaging market is moderately fragmented, with key players including Amcor Ltd., Berry Global Inc., RPC Group Plc (Berry Global), Paccor, and Silgan Holdings Inc. engaging in strategic mergers, acquisitions, and product innovations to strengthen their market presence. Companies are focusing on sustainable packaging materials, automation in production processes, and customized solutions to meet evolving industry needs. Competitive intensity is heightened by rapid technological advancements and the increasing importance of sustainability in procurement and branding strategies.
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Segments –
By Material
Polypropylene (PP)
Polyethylene (PE)
Polystyrene (PS)
Polyethylene Terephthalate (PET)
Others
By Product Type
Boxes
Tubs
Jar
Cups
Trays
Bowls
Lids
By Production Process
Injection Molding
Thermoforming
Others
By Application
Food & Beverages
Electronics
Cosmetics
Others
By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Key Player Analysis
Greiner
Amcor
Silgan Holdings Inc.
Groupe Guillin SA
Faerch Plast A/S
Takween Advanced Industries
DOUBLE H PLASTICS, INC
Mold-Tek Packaging Ltd
Others
Recent Industry Developments
February 2025: Amcor and Berry Global shareholders approved a merger aimed at generating USD 650 million in annual synergies and USD 180 million in additional R&D investment.
January 2025: Kimberly-Clark committed USD 2 billion to modernize North American operations, including a new greenfield site in Warren, Ohio, and expansion of the Beech Island facility in South Carolina.
January 2025: Gerresheimer invested USD 180 million to expand its Peachtree City, Georgia plant for inhalers and autoinjectors, creating 400 jobs.
January 2025: Amcor obtained a European patent for its AmFiber Performance Paper, a recyclable high-barrier solution for food and healthcare packaging.
November 2024: Berry Global completed its merger with Glatfelter, creating a sustainability-focused platform with USD 12.3 billion in annual revenue.
January 2024: One Rock Capital Partners completed its acquisition of Constantia Flexibles, enhancing the company's strategic growth in flexible packaging.
July 2024: UFP Technologies acquired Marble Medical, strengthening its capabilities in thermoformed foam and thin wall packaging for the medical and industrial sectors.
June 2024: At Tokyo Pack, Dow's Packaging Innovation Awards spotlighted advanced thin wall designs such as bio-circular trays and mono-material solutions, reinforcing Asia-Pacific's leadership in sustainable packaging.
October 2023: Skanem AS agreed to acquire full ownership of Bergen Plastics AS and Heger AS, expanding its packaging portfolio.
September 2022: Borealis and Trexel launched a new plastic container using Bornewables™ polyolefins derived entirely from waste and residual streams.
June 2022: Heinz and Tesco partnered with Berry Global, Plastic Energy, and Sabic to recycle soft plastics collected at Tesco stores.
April 2021: Oerlikon acquired Italy-based INglass S.p.A., integrating its hot runner systems technology into Oerlikon's HRSflow division.
Reasons to Purchase this Report:
Gain a comprehensive understanding of the market through qualitative and quantitative analyses, considering both economic and non-economic factors, with segmentation and sub-segmentation details provided in terms of market value (USD Billion).
Identify regions and segments expected to experience the fastest growth or dominate the market, with a detailed analysis of geographic consumption patterns and the factors driving or hindering market performance in each region.
Stay informed about the competitive environment, with rankings of major players, recent product and service launches, partnerships, business expansions, and acquisitions from the past five years.
Access detailed profiles of major market players, including company overviews, insights, product benchmarking, and SWOT analysis, to understand competitive advantages and market positioning.
Explore the present and forecasted market landscape, with insights into growth opportunities, market drivers, challenges, and constraints for both developed and emerging regions.
Benefit from Porter's Five Forces analysis and Value Chain insights to evaluate various market perspectives and competitive dynamics.
Understand the evolving market scenario, including potential growth opportunities and trends expected in the coming years.
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Global Upstart Since revving up its international expansion in 2010, Triveni Turbine has motored its way to the No. 2 spot in the market for its products, trailing only megabrand Siemens Energy. *Based on number of units installed in 2024 Source: McCoy Power Reports, Triveni Turbine But Sawhney still has speed bumps to navigate. The steam-turbine business is undergoing rapid change amid the transition to cleaner energy; competition is intense not just from Siemens but other multinational players, such as Brazil's TGM Turbinas and the U.K.'s Baker Hughes; and the threat of tariffs is rattling his U.S. expansion plans, making him acutely aware that he must keep innovating. 'We need to develop new products and new technologies and create newer market segments all the time,' Sawhney says. 'We are very paranoid as a company.' Since going public in 2011, shares of Triveni have rocketed about 1,600%, propelling Sawhney's father, Dhruv Sawhney, under whom the $1.8 billion fortune is listed, into the billionaire ranks, starting in 2022. The fast-growing turbine business accounts for two-thirds of his net worth of $2 billion, with the rest mostly from a stake in the legacy company Triveni Engineering & Industries, which Sawhney's older brother, Tarun, 51, runs as vice chairman and managing director. (Their father is chairman and managing director of both companies.) Dhruv Sawhney, Triveni Turbine's chairman and managing director. Courtesy of Triveni Turbine Triveni Turbine 'has a dominant position in the domestic market, an expanding share in the international market, and strong technological prowess,' according to Teena Virmani, a research analyst at Mumbai-based financial services firm Motilal Oswal. 'It's also very efficient financially,' she adds. 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Triveni has sustained its momentum, and exports—mainly to Europe, the Middle East and Southeast Asia—accounted for nearly half of total revenue in the year to end-March, up from 11% in 2011. Sawhney says more than 70% of its turbines use renewables, such as biomass. This is in line with data from McCoy that machines powered by renewables accounted for nearly three-quarters of the global market for up-to-100MW steam turbines in 2024, up from 42% in 2014, while those using fossil fuels fell to 22% from 36%. In another nod to sustainability, Triveni has devices that turn municipal waste into energy. Many of its machines also go into combined heat-and-power systems, which capture waste heat from generating electricity and use it for other industrial purposes, improving energy efficiencies. 'We are very paranoid as a company.' 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Virmani describes the market as competitive but lucrative and says the company's 'technological expertise and faster turnaround capabilities' make it well-positioned to capture a larger share. Nikhil Sawhney, Vice Chairman & Managing Director of Triveni Turbine. Harshith Dambekodi For Forbes ASIA S awhney's investments in building technological prowess turned out to be another lucrative bet. The company now holds around 400 patents, industrial designs, trademarks and copyrights and rolls out four to five new products a year. It has long-standing research partnerships with universities in India and abroad, including the Indian Institute of Science in Bangalore and the University of Cambridge in the U.K., Sawhney's alma mater. 'No one licenses world-beating technology,' he says. 'We have to create it ourselves.' Capex for fiscal 2026 is set at 1.7 billion rupees and besides R&D will be used for beefing up testing and assembly infrastructure. 'We can use cash for growth [via M&A], but we don't want to grow like that,' Sawhney explains. The R&D efforts have translated into more business. In January, in collaboration with an Italian company, it scored a 2.9-billion-rupee electrical energy storage project from state-run power-generating company NTPC. The system compresses industrial-grade CO₂ into a liquid state that can be kept under pressure and released as needed. The advantage of the technique is that energy can be stored without the use of rare earths such as lithium, which is used by battery storage makers, Sawhney explains. While he is confident about this technology, he says scaling up might be a challenge. 'It's easy to innovate and prototype in India because of the low cost, but…it is hard to scale up because people are risk-averse,' he explains. Sawhney realized early on that one way to differentiate Triveni from its competition would be to focus on aftermarket services. The company has partnerships with local workshops and service centres to repair and refurbish not just its own models but also those of other manufacturers. 'Since we suffer from a brand discount when compared to global companies, our entire offering needs to be better, we have to up the service game, we have to up the response time,' he avers. Aftermarket services have risen to 32% of revenue in fiscal 2025 from 16% in 2011. 'No one licenses world-beating technology. We have to create it ourselves.' Another key advantage for Triveni is that it can offer budget-friendly customized products. When Gurgaon-based JK Cement was shopping for a steam turbine for a cement plant in 2022, Triveni was able to integrate a new 18MW device into the company's existing turbine deck, gearbox, generator and other parts. 'They really went the extra mile,' says JK Cement's CEO Madhav Singhania. 'No one else could have come up with the sort of solution that they offered.' JK Cement says the refit cost less than half the amount they would have had to pay to an off-the-shelf vendor, who would have replaced the whole system. Singhania tapped Triveni again in 2024, seeking a 23MW steam turbine for another factory. Sawhney says that 90% of their customers come back with repeat orders. The company spent $10 million expanding in the U.S., including opening a 9,300-square-meter assembly plant in Houston last year, closer to its oil-and-gas clients. But Sawhney says the company is 'resizing' its U.S. ambitions in the face of potential U.S. trade tariffs. 'The increased uncertainty has not led to order conversions,' he explains, adding that the company might switch to using a local supply chain in the U.S. to make turbines stateside if tariffs are onerous. The U.S. unit contributed less than 1% to revenue in fiscal 2025. The company specializes in turbines of up to 100 megawatts (MW), producing 300 to 350 machines a year at its two factories in Bangalore. Courtesy of Triveni Turbine The ability to pivot may be part of Sawhney's DNA. His great-grandfather founded a sugar-making business in 1932, then branched into sugar machinery in 1961 and steam turbines in 1968, which at first were powered by bagasse, the residue from crushing cane stalks. In 1973, Sawhney's father joined the sugar-equipment making and engineering business run by his uncle before merging it with his own father's sugar mills in 2000 to form Triveni Engineering & Industries. The patriarch is largely credited with modernizing the operations. Sawhney and his brother, Tarun, grew up in Delhi, where the main sugar business was headquartered. Like their father, they both went to the elite, all-boys Doon boarding school in Uttarakhand in northern India. Sawhney and his brother also both followed in their father's footsteps by attending Cambridge, where Sawhney earned a master's degree in economics. In 2002 he headed to the University of Pennsylvania's Wharton School for an M.B.A. 'There was never any pressure to work in the family business…my dad pushed me and my brother to gain outside exposure,' Sawhney says. He interned at Nomura and Barings during his summers at Cambridge, but after business school he joined the sugar-trading desk at Triveni Engineering before moving in 2007 to its turbines division, which was eventually spun off to form Triveni Turbine. While the buck still stops with his father, Sawhney says he has operational freedom. 'We are very aligned in terms of the larger goals,' he says. So will the next generation be involved in the business too? 'Why not? If I get the grades,' quips Sawhney's only child, 16-year-old Zahan, who's headed to the U.K. for A-level studies. He had accompanied his dad to the Sompura factory in July. 'It would be my hope that he works with the business because he finds it exciting and relevant,' says Sawhney. 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