Global Rigid Packaging Market Become Dominant At CAGR Of 6.7% By 2025
The global Rigid Packaging Market displayed a momentous growth of USD 472.19 billion in 2016. It is expected to grow significantly in the forecast period owing to rise in the demand for environment-friendly packaging. Rigid Packaging is a part of the packaging market. It is used to protect products from different types of damages. Rigid Packaging is widely used for packing the explosives and highly reactive commodities as well as other types of products and supports higher durability. The continuous and increasing demand from the consumers for rigid packaging is expected to fuel up the rigid packaging industry in the coming years with a CAGR of 6.7%.
The reasonable rates of rigid packaging, spurring growth of food & beverage industry, and rise in consumer spending power for packaged products are some of the driving factors of the market. Also, the rise in demand for the packaged medications and apparatuses in healthcare sector is predicted to widen scope for the market in the years to come. Additionally, the rise in manufacturing activities is expected to uplift the industry in near future.
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Another driving factor for the rise of rigid packaging market comprise high transportation growth. The growing e-commerce across globe is pouring the demand for rigid packaging. Most consumers today are preferring online shopping over traditional shopping method because of wide availability of variety goods, quick delivery, easy return policies, and low or free shipping charges. However, the growing trade-related regulations and agreements among economies are stimulating the growth of the industry. Nevertheless, the increasing popularity of flexible packaging and flexible raw material costs are hampering the growth of the market.
Rigid packaging industry is categorized based on material, product type, application and geography. Based on material, the market is divided into glass, metal, plastic, and paperboard. Plastic is expected to dominate the market owing to the different types of plastic like Polyethylene (PE), Polyethylene terephthalate (PET), Polypropylene (PP) which used in manufacturing of rigid packaging goods. The adoption of rigid plastics is rising because of the features like maintained product freshness, lightweight, toughness/strength, no risk of breakage, and inexpensiveness. Based on product segmentation, the market is divided into jars & bottles, containers, boxes and cans. The jars & bottles are projected to dominate the market since they are used for carbonated soft drinks, water, juices, food products, etc. The demand for jars & bottles are also increasing due to the augmented demand for household and beverages followed by the rise in demand for containers & boxes owing to the trade-related agreements.
On the basis of application, the rigid packaging market is divided on the basis of healthcare, food & beverage, consumer goods, personal care, etc. Among these, the food & beverages segment is predicted to dominate be the fastest growing application segment in the market. Increasing population as well as rising heavy demand for beverages & foods are stimulating the growth of the industry. Also, the rising disposable income among the consumers along with lifestyle variations is estimated to impact the market.
Geographically, the rigid packaging industry is segmented into Asia Pacific, Europe, North America and RoW. China accounts for the maximum market share followed by North America owing to the rising use of bioplastic. Bioplastic is used as raw material for the manufacturing of rigid packaging. The use of bioplastic is expected to reduce the carbon footprints in the area of driving rigid packaging market growth.
The prominent rigid packaging industry players profiled here are Amcor, Ball,Berry, Crown Holdings, APPE, Britton Group, AEP Industries, Can-Pack, Ardagh Group, RPC Group, Silgan, DS Smith, Gerresheimer, Graham Packaging, LINPAC Group, Sonoco, Vidrala, and Vetropack Holding.
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Rigid Packaging Material Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2014 – 2025)
• Paper & Paperboard
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