10 February 2020
The global Rigid plastic packaging market Size was valued at USD 200.4 billion in 2019, expected to grow at a CAGR of 3.9% during the forecast period. Market growth is attributed to increasing demand from emerging economies. Geographic expansion in emerging markets such as India, China, and Japan offer lucrative opportunities for market players in the coming future.
During the second half (2025-2030) the market is expected to witness strengthened growth owing to high economic growth, followed by heavy investments in application industries, growing food & beverage sector. Rising disposable income among the middle class is also anticipated to drive the demand for these packaging for various applications.
Visiongain forecasts very strong growth for the rigid plastic packaging market, driven by consumers’ surging demand for convenient and aesthetically pleasing packaging, as well as requirements for strong, durable, and cost-effective packaging. Rigid plastic is a light, malleable and durable material that can be molded easily into any form, shape, and size and with adequate density to handle any packaging content and is a most cost-effective packaging method.
As consumer income increases, especially in the emerging economies where dramatic growths are taking place, people are demanding more packed goods. The rise in the on-the-go lifestyle is demanding more convenient packaging. The aging population globally requires packaging to be elderly-friendly. More emphasis is put on reducing the weight and adding functions and innovations into packaging while ensuring or even improving barrier properties. Rigid plastic is among the ideal materials to fit in all these criteria. Moreover, it is relatively safe, shatter-resistant, and can be used to produce packaging of various designs. Advances in material technologies have also improved the performance of rigid plastic.
Convenience continues to have a big impact on people’s lives. Packaging features such as single-unit dosing, which originated in food, is now gaining momentum and moving into other categories such as laundry care, soap, cosmetics, skincare and over the counter (OTC) drugs. There is also an increase in demand for products that serve several needs or can be used in different ways, and these require unique forms of packaging and delivery systems. Rigid plastic packaging serves that needs and Visiongain expect it to be a key growth factor during the forecast period.
The growth of rigid plastic packaging is driven by rising demand for PET bottles in soft drink and bottled water markets; It is also one of the substitutions of metal, glass and sometimes paper-based materials in different markets; increased use of the packaging as a whole into food markets, particularly in the case of meat, fish and poultry products; and increase in consumption of ready meals and other convenience-oriented products.
Some of the key rigid plastic packaging market players include Amcor, Bemis Company, Inc., Berry Global Inc., Reynolds Group Holdings, Sealed Air, Silgan Holdings Inc., BASF SE, 3M, DowDuPont, DS Smith, Georgia-Pacific, GRAHAM PACKAGING COMPANY, PLASTIPAK HOLDINGS, INC., Sonoco Products Company, Crown Holdings, Inc., Graphic Packaging Holding Company, Consolidated Container Company, WestRock, and International Paper among other prominent players.
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