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Global Rigid Packaging Market Trends, Demand and Forecast to 2023
Market Research Future added New Report Named "Global Rigid Packaging Market Research Report- Forecast 2023" to its Database.(PresseBox) ( Magarpatta, )
Rigid packaging is a major part of overall packaging market. It is widely used for protecting many types of products from physical shocks and from other types of damage. Rigid packaging is extensively used for packing volatile and highly reactive products along with other types of products due to high durability. The demand for rigid packaging is increasing continuously and is expected to grow at the same pace over the forecast period owing to increasing demand from the consumer goods sector. The global rigid packaging market is estimated to grow at a CAGR of 6.0% during the estimated period, 2017-2023.
High growth in transportation and logistics sector across the globe is the major factor driving the growth of the market. Increasing e-commerce business across the globe pouring the demand for the rigid packaging market. The many consumers shift from the traditional method of shopping to online shopping mainly due to the factor such as availability of different kinds of goods, quicker delivery, easier return policies, and free shipping. Moreover, increasing trade-related agreements among the countries also stimulating the growth of the market. However, growing popularity of flexible packaging and fluctuating raw material prices are restraining the growth of the market.
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On the basis of the regions, the global rigid packaging market is segmented into North America, Europe, Asia Pacific and Rest of the World (RoW). Asia Pacific region dominates the global rigid packaging market followed by North America and Europe. It is expected to be the fastest growing region in the global market. It comprises various countries such as China, India, and Japan, which lead to the export of goods to various parts of the world. High growth in industrial activities and growing urbanize population in developing countries such as China and India boost the growth of the market. Furthermore, the availability of raw materials and low labor cost, together form a positive influence on the market growth. China accounts for the largest share of the rigid packaging market in the Asia Pacific region.
North America is the second largest region of the market. Growing the use of bioplastic as a raw material for rigid packaging due to guidelines regarding the reduction of carbon footprints in the region driving the growth of the market. The U.S. is the major contributor to global as well as North American rigid packaging market. Latin America and the Middle East & African regions are also expected to show a positive growth over the forecast period due to growing demand from the manufacturing and e-commerce sector.
Global rigid packaging market has been segmented based on material, product, application, and region. On the basis of the material, the market is segmented into metals, plastics, glass, and paperboard. The plastic dominates the material segment of the market and is expected to be the fastest growing segment over the forecast period. Various types of plastics such as Polyethylene terephthalate (PET), Polyethylene (PE), Polypropylene (PP) are used in the production of rigid packaging products. Increasing adoption of rigid plastics for packaging mainly due to the factors such as lightweight, maintaining freshness of the product, strength/toughness, reduced breakage, and low cost.
On the basis of the product, the market is segmented into bottle & jars, trays, boxes, containers, and cans, and others. The bottles & jars dominate the product segment of the global market. Bottles are used to package several products, such as juices, water, carbonated soft drinks, food products, and others. Factors such as expanding global population, and increased demand for beverages and household care products pouring the demand for bottles and jars. Boxes and containers are the other major segment of the market. Increase in trade-related agreements among the countries encouraging the demand for the boxes and containers.
On the basis of the application, the market is segmented as food & beverage, healthcare, personal care, consumer goods and others. The food & beverages segment dominates the application segment of the market and is projected to be the fastest growing application segment. Growing population along with growing the demand for food and beverages are fuelling the growth of the market. Increasing disposable income among the individuals along with changing lifestyles of people is expected a positive influence on the growth of the market.
Global rigid packaging market is expected to grow at a CAGR of 6.0% during the forecast period.
The prominent players in the rigid packaging market include Amcor Limited (Australia), Bemis Company, Inc. (U.S.), RPC Group Plc (U.K.), DS Smith Plc., (U.K), Sealed Air Corporation (U.S.), Berry Plastics Corporation (U.S.), Coveris Holdings S.A. (Luxembourg), Reynolds Group Holdings (New Zealand), Plastipak Holdings, Inc. (U.S.), Tetra Pak International (Switzerland), Ball Corporation (U.S.), Holmen AB (Sweden), Silgan Holdings, Inc. (U.S.), Linpac Packaging Limited (U.K.), and Consolidated Container Company (U.S.).
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