The Global Rigid Plastic Packaging Market is subject to witness a substantial growth due to the soaring need for environment friendly and sustainable packaging solutions. Metal composites of aluminum, steel and plastic grades like polyethylene terephthalate (PET) & polyethylene (PE), glass, and paper are adopted for various packaging applications.
Rapid industrialization in BRICS economies such as Brazil, Russia, India, China and South Africa is expected to stimulate market growth of rigid packaging in the upcoming years. Globally, the market is predicted to grow at CAGR of 5.57% in the forecast period providing numerous opportunities for market players to invest for research and development in the rigid plastic packaging market.
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The recent technological advancement in the manufacturing sector coupled with development of advanced packaging solution are anticipated to boost market growth over the forecast period. In addition, growing manufacturing sector in South East Asian economies such as Singapore, South Korea, Taiwan and Malaysia is projected to escalate the growth of the market in the upcoming years. Rigid plastic packaging are largely utilized in various manufacturing and retail applications. Increasing adoption of the rigid plastic packaging materials is credited to their lightweight and eco-friendly nature, thus rocketing the demand of rigid plastic packaging market, in recent years.
Additionally, metal, glass and paper can be easily recycled for multiple use due to their flexibility. These factors drive the demand for rigid plastic in the packaging sector. Other factors such as ease of use, simple operation and cost-effectiveness are complementing market growth in the recent years. Paper & paperboard and glass packaging is biodegradable thus limiting environmental hazards. Paper and glass packaging is an ideal substitute for plastics in the packaging & manufacturing sector. These factors are largely influencing the market growth thus creating lucrative opportunities for industry players during this period.
Furthermore, increasing consumer awareness about environmental hazards with excessive use of plastic and complete ban on the use of the lightweight plastic materials in few countries are expected to amplify the growth of metal and paper packaging over the forecast period. Improved financial condition and growing concerns regarding environmental hazards among developing and developed economies are anticipated to escalate market value of rigid plastic packaging industry in near future.
Moreover, easy availability of raw materials due to its natural abundance serves as a critical factor for sustained market growth. However, factors such as stringent the rules and regulations by local governments all across the globe against deforestation regulations is predicted to negatively influence marker progress. Yet, latest trends including shift from rigid packaging to flexible packaging solutions and the complete ban on the lightweight plastic bags are driving market growth in present times.
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The market is broadly categorized into four major segments based type of the product such as plastic packaging, metal packaging, glass packaging and paper & paperboard packaging. Plastic packaging is considered as one of the fastest growing segment in this market with massive revenue generation in the last few years.
The market is divided by region such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the growing demand form from various manufacturing industries, strict government laws & regulations to promote environment friendly packaging solutions, and existence of well-established manufacturing sector in the region.
Asia-Pacific region is predicted to hold major market share in the rigid plastic packaging market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with rapid industrialization, ever-growing population, rising number of manufacturing units and substantial investment by leading industry players considering potential opportunities in the region.
The key players in the rigid plastic packaging market are Reynolds Group Holding AG, Amcor Ltd., Sonoco Co., Bemis Company Inc., Sealed Air Co., Plastipak Holdings, Inc.; Berry Plastics Co., Coveris Holdings S.A., Consolidated Container Co., DS Smith plc, Silgan Holdings, Inc., and Ball Co.
Market Segment:
The market is divided into the following segments based on geography:
• Americas
• APAC
• EMEA
Global Rigid Plastic Packaging Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
• Amcor
• ALPLA Werke
• Bemis
• Berry Global
• RPC
• Silgan Holdings
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