In its research report, Market Research Future (MRFR), emphasizes that the global rigid plastic packaging market 2021 is expected to grow exponentially over the review period, securing a substantial market valuation and a healthy CAGR over the review period.
Drivers and Restraints
Diverse factors drive the market, such as increased consumption of processed foods drinks, and innovation in rigid packaging. For these developing countries the higher disposable income raises buying power. Nonetheless, there are various constraints on the market for rigid plastic packaging, such as fluctuating costs of raw materials and recycling and environmental issues. In the forecast era, the global demand for rigid plastic packaging is projected to rise at a CAGR of 5.5 per cent.
The global Rigid Plastic Packaging Market report was segmented based on content, application, and area.
The market is segmented based on content, including Bio plastics, Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl Chloride (PVC) and others. Polyethylene dominates the market's consumer category, and is expected to be the fastest growing type of products.
The market is segmented as Extrusion, Injection Molding, and others based upon the manufacturing process. Market segment is dominated by injection molding processes. The most widely used manufacturing method for the manufacture of plastic parts is injection molding. It is used mainly because of factors such as faster manufacturing process and low waste volume. Extrusion is another significant fabrication method as well.
The industry was segmented upon application as Food Beverages, Healthcare, Personal Care, Industrial Packaging and Others. The application segment of the market is dominated by food beverages and is projected to be the fastest growing application segment. Growing population coupled with rising food and beverage demand, drives market growth.
On the basis of product, the market has been segmented as tubs, trays, bottles jars, cups and others. Material divisions are dominated by bottles cans. Many items are packaged with bottles, such as juices, beer, carbonated soft drinks, food products and others. The demand for bottles and jars is driven by factors such as expanding global population, growing urbanization and increased demand for beverages and household care products.
The geographical synopsis of the global market has been conducted in four major regions, including north America, the Asia Pacific, Europe, and the rest of the world.
Asia Pacific dominates the global market for rigid plastic packaging industry and North America follows. The fastest growing area for the industry is projected to be the one. It includes countries like China, India, and Japan which lead to the export of goods to different parts of the world. Increasing industrialization and urbanization in developing countries like China and India is providing demand boosting. In addition, the availability of raw materials and low labor costs together allow a positive impact on the growth of the industry. China accounts for the biggest share of the Asia Pacific region's rigid plastic packaging market. North America is the second-largest business area. Increased soda intake is fuelling demand growth. It is also predicted that Latin America and the Middle East Africa regions will experience high growth over the forecast period due to increasing demand from the manufacturing and e-commerce market. The expected contribution of the European region during the forecast period is important.
The major market players operating in the global rigid plastic packaging market as identified by MRFR areRPC Group Plc (U.K.), Amcor Limited (Australia), Bemis Company, Inc. (U.S.), Sealed Air Corporation (U.S.), ALPLA Werke Alwin Lehner GmbH Co KG (Austria), Coveris Holdings S.A. (Luxembourg), Berry Plastics Corporation (U.S.), Reynolds Group Holdings (New Zealand), Silgan Holdings, Inc. (U.S.), Plastipak Holdings, Inc. (U.S.), Linpac Packaging Limited (U.K.), and Consolidated Container Company (U.S.).