Rigid Plastic Packaging Industry Trends, High CAGR of 5.6%, Future Scope and Industry Forecast to 2023 | Global Rigid Plastic Packaging Industry information by Material (Bio plastics, Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl Chloride (PVC) and others), by Product (Bottles & jars, Trays, Tubs, Cups and others), by Manufacturing Process (Extrusion, Injection Melding, and others), by Application (Food & Beverages, Healthcare, Personal Care, Industrial Packaging and Others) and By Region Forecast To 2023
Rigid Plastic Packaging Industry Scope
The global Rigid Plastic Packaging Industry can grow at the rate of 5.6% from 2017 to 2023, which is the forecast period, reports Market Research Future (MRFR).
Primary Drivers and Main Challenges
The worldwide market for rigid plastic packaging Industry is gaining high traction, on the back of mounting demand stemming from the food and beverages industry, a prominent end user of rigid plastic packaging. Evolving eating habits of consumers all over the world, given the rising preference for packaged foods, works in favour of the rigid plastic packaging industry.
But the non-biodegradable properties of rigid plastic packaging can leave a negative impact on the environment, which can slow down the growth rate of the Rigid Plastic Packaging Industry. Therefore, a number of manufacturers are now making use of natural raw materials instead of synthetic materials to manufacture rigid plastic packaging types. This trend is anticipated to help deal with the numerous environmental issues associated with rigid plastic packaging.
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Evolving lifestyle coupled with high consumer spending on packaged goods is also expected to stimulate the growth of the global rigid plastic packaging industry in the coming years. On account of the surging environment concerns, the demand for recyclable products has risen which benefits the market. Rigid plastic packaging finds numerous applications in industries like pharmaceuticals, personal care, and food & beverages among others, which also helps in market growth.
Market Segmentation
The global rigid plastic packaging industry has been segmented with regard to material, manufacturing process, application and product.
Material-wise, the market can be broken down into Polyethylene Terephthalate (PET), Bio plastics, Polyvinyl Chloride (PVC), Polyethylene (PE), and others. Polyethylene the dominating segment in the market and also shows signs of growing at the fastest rate in the coming years. A large number of end users make extensive use of LDPE for rigid plastic packaging, since it offers various benefits like barrier to moisture, ease of processing, flexibility, ease of sealing as well as strength/toughness.
The PVC material is quite dense and is commonly used in India, where clarity is seen as a vital aspect in consumer packaging.
Depending on the manufacturing process, the market is considered for Injection Melding, Extrusion, and others. Injection melding processes form the biggest market, since injection melding is mostly used for manufacturing of plastic parts. It enjoys strong demand in the market owing to its benefits including low production waste and faster production process. Extrusion happens to be another significant manufacturing process that finds massive demand in the market.
The applications covered in the MRFR report are Healthcare, Food & Beverages, Industrial Packaging Personal Care and others. Food & beverages emerged as the leading segment in the market and has the potential to achieve the highest growth rate in the following years. Burgeoning worldwide population combined with the soaring demand for food and beverages induces market growth.
Considering the product segment, the market consists of trays, bottles & jars, cups, tubs, and others. Bottles & jars are the leading segment in the market as bottles help package numerous products like water, juices, food products, carbonated soft drinks, and others. The constantly growing population, rising urbanization, and the mounting demand for beverages as well as household care products is boosting the demand for bottles and jars in the market.
Regional Insight
The worldwide rigid plastic packaging industry is mainly concentrated in the regions of North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
The APAC market for rigid plastic packaging is leading, with North America being the second largest market. APAC has also been identified as the fastest growing regional market, with the prime countries like India, China and Japan contributing the most towards market growth. These countries are known for exporting goods to several parts of the world. Surging industrialization as well as urbanization in China and India gives a significant boost to the regional market. Moreover, easy availability of raw materials along with low labour cost helps with market growth in the region.
China is the most lucrative market for rigid plastic packaging in the region.
North America is the second-best market for Rigid Plastic Clamshell Packaging, thanks to the high consumption of beverages like cold drinks, juices among others. Booming online sales also share the regional market positively, which is supplemented by the high disposable income of people in the region.
MEA along with Latin America shows promise and can attain a strong growth rate during the review period, on account of the accelerated demand from the e-commerce and manufacturing sector in rigid plastic food packaging market.
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The new research report titled "Rigid Plastic Packaging Market, Global Industry Analysis, and Forecast to 2027" gives a detailed analysis and future forecasts of the market.
The report highlights the significant players, including market size, share, and demand, development.
This report further covers the latest trends, technological advancements, and growth opportunities.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the rigid plastic packaging market include 3M, ES Plastic, ALPLA, Alto Packging, Amcor, Bemis, Anchor Packaging, APPE, Berry Plastics, Binggrae, Faerch Plast, Dow Chemical, DS Smith, Etimex Primary Packaging, Graham Packaging Company.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Rigid Plastic Packaging Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/rigid-plastic-packaging-market/download-sampleMarket DynamicsThe growing consumption of consumer goods across the globe creates a huge demand for rigid plastic packaging.
The consumer-packaged-goods (CPG) industry has noticed considerable growth over the past few years, particularly in the developing nations due to factors such as a rise in disposable income and growing spending on consumer goods.
