Flourishing packaging industry and rising demand from food and beverage industry are prime factors driving the growth of the Global Rigid Plastic Packaging Market in the forecast period 2024-2028.
According to TechSci Research report, “Rigid Plastic Packaging Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the global rigid plastic packaging market is anticipated to register a high CAGR in the forecast period 2024-2028. The packaging industry plays a significant role in the expansion of the global rigid plastic packaging market. According to the TechSci Research Estimates, the Packaging industry has contributed around USD15,000 billion to the global economy as of 2022, which is quite a significant number. Since its applicability exists in a wide range of industries across food and beverages, healthcare, cosmetics, and other daily use consumer goods as well as in a range of industrial sectors, packaging has become a necessity with its usage growing in line with the world economy. It would not be wrong to correlate the growth of the world economy with the growth of the packaging industry, considering the number of end-user industries where packaging is done.
While the economy plays a central role in defining the size and growth of the market, there are several other factors that can be witnessed as having a direct or indirect influence on packaging demand which is growing year on year. Packaging comprises a wide range of material types across paper, plastic, metal, and other materials, etc. According to TechSci Research Market estimation, Plastic packaging holds 35% of total packaging sales, with rigid plastic packaging being the largest segment holding a 25% share of the overall market. Rigid Plastic Packaging was the fastest-growing sector of the market during the period 2018-2022. This growth was driven by several factors like rising demand for PET bottles in the bottles & jars category, the consistent substitution of alternatives like metal or glass and sometimes paper-based materials in food and other sectors and increasing intrusion into food markets. The Packaging Industry will continue to be the fastest growing segment of the Global Rigid Plastic Packaging Market with consumption forecast to grow at an impressive annual rate.
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The global rigid plastic packaging market is segmented based on type, raw material, production process, application, regional distribution and competitive landscape:
Based on Type, the market is divided into Bottles & Jars, Rigid Bulk Products, Trays, Tubs, Cups & Pots, and Others. Bottles & Jars segment has dominated the value-based market in 2022 and is predicted to grow with the highest CAGR in the forecast period due to increasing sales of plastic bottles for various packaging products like water, juices, cosmetics, and pharmaceutical products. The flourishing retail market with increasing consumption of plastic products is going to propel the growth of the Global Rigid Plastic Packaging Market.
Based on Raw Material, the market is divided into Polyethylene, Polyethylene Terephthalate, Polystyrene, Polyvinyl Chloride, and Others. Polyethylene Terephthalate (PET) is the most manufactured plastic in the world. Due to its lightweight, mechanical strength, flexibility, and multiple other applications, PET plastic type is likely to hold the largest market share in the forecast period.
Based on the Production Process, the market is divided into Extrusion, Injection Molding, Blow Molding, and Others. The extrusion segment is forecast to lead the volumetric market among all other production methods. This process delivers a wide range of die profiles, enabling manufacturers to produce parts and products with a variety of simple to highly complex cross-sections. Due to its lower material and disposal costs than other molding processes, extrusion is highly preferred and consumes the largest market share in Global Rigid Plastic Packaging Market.
Based on Application, the market is divided into Food & Beverages, Healthcare, Cosmetics & Toiletries, and Others. The Food & Beverages segment has contributed to the overall value-based market in 2022 and will likely boost the market size in the forecast period due to the continuous expansion of this industry.
Major companies operating in the global rigid plastic packaging market are:
- Amcor Plc.
- Berry Global Group Inc.
- Pactiv LLC
- Silgan Holdings, Inc.
- Sonoco Products Company
- DS Smith Plc.
- Bemis Company Inc.
- Reynolds Group Holding Limited
- Sealed Air Corporation
- Plastipak Holdings, Inc
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Asia-Pacific demonstrates the most promising growth among other regions for the Global Rigid Plastic Packaging market. The APAC region is likely to hold the largest market share among other regions for Global Rigid Plastic Packaging Market. APAC region is expected to maintain its market dominance during the forecast period owing to the growing demand in countries like Japan, China, India, and South Korea. Regression analysis for forecasting suggests China holds the largest market share in Global Rigid Plastic Packaging Market. This can be attributed to the country’s expanding food and beverage and healthcare industry.
“Massive growth in Food and Beverage Industry is a major factor in Rigid Plastic Packaging Market’s expansion since it increases demand for bottles, jars, fruit juice containers, food packaging containers, and foodie bags. For instance, by 2022, the US hotel market was valued at around USD 155 billion. Increased demand for electronics switches, containers, and bicycle wheels is further boosting the growth of the global market for rigid plastic packaging. The expansion of the automotive sector is also projected to propel market expansion,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Rigid Plastic Packaging Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Bottles & Jars, Rigid Bulk Products, Trays, Tubs, Cups & Pots, Others), By Raw Material (Polyethylene, Polyethylene Terephthalate, Polystyrene, Polyvinyl Chloride, Others), By Production Process (Extrusion, Injection Molding, Blow Molding, Others), By Application (Food & Beverages, Healthcare, Cosmetic & Toiletries, Others), By Region,”, has evaluated the future growth potential of global rigid plastic packaging market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global rigid plastic packaging market.”
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