Rigid Plastic Packaging Market

Rigid Plastic Packaging Market Size Analysis

According to a recent survey conducted by ChemView Consulting, Global Rigid Plastic Packaging grew at a CAGR of 4.3% between 2017-2021 and is estimated to be US$ 1,72,351.4 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 3.8% and is expected to reach a valuation of US$ 2,50,258.2 Mn by 2032 end.

Rigid plastic packaging has become a popular alternative to conventional packaging materials, such as glass jars, boxes, and metal cans. Major retailers and manufacturers of consumer goods and packaging components are increasingly turning to rigid plastic packaging solutions because they are lightweight, cost-effective, and sustainable.

Market Dynamic

INCREASING DEMAND FROM THE COSMETICS & PERSONAL CARE INDUSTRY WILL DRIVE THE MARKET

The cosmetics and personal care industry is expanding rapidly in emerging economies, due to which the necessity for rigid plastic packaging is also rising. Rigid plastic packaging can provide safe storage of multiple medicines during their storage. It comprises the properties of durability, cleanliness, transparency, and lightweight, making this packaging suitable for storing medical products such as syringes, tablets, syrups, and surgical items.

In the cosmetics and personal care industry, rigid plastic packaging is used in products such as sun care, oral care, skin care, perfume, decorative cosmetics, body care, and hair care. The cosmetics and personal care industry is escalating rapidly in emerging economies, due to which the demand for rigid plastic packaging is also rising.

ENVIRONMENTAL IMPACT RESTRAINS THE MARKET GROWTH

Rigid plastic packaging is one of the most widely used plastics in the packaging sector. It is utilized in various sectors to provide protection and sustainability to packed items like items of industrial purpose, food, and medical products.

The main challenge associated with rigid plastic packaging is the segregation, reuse, and recycling of plastic waste. Plastic materials used for packaging take up to 1,000 years to degrade in landfills, creating land and water pollution and decreased mechanical strength due to sunlight. The environmental effects of rigid plastic packaging will hamper market growth.

THE RISE IN THE FOOD INDUSTRY WILL CREATE MORE OPPORTUNITIES FOR THE MARKET

Rigid plastic packaging addresses many challenges in the food and beverage industries. Rigid plastics offer a greener alternative to Rigid Plastic Packaging because they are recyclable, cost-effective, and do not need special treatment before reuse. Additionally, rigid plastics provide tough protection for perishables such as fruits and vegetables; this allows products to be delivered at peak freshness from farm to store shelf.

Market Segments Covered in Report

By Material:

• Bio-based Polymers
• Synthetic Polymer
  • Polyethylene
  • Polyethylene Terephthalate
  • Polystyrene
  • Polypropylene
  • Polyvinyl Chloride
  • Expanded Polystyrene
  • Bioplastics
  • Others

By Production Process :

• Extrusion
• Injection Molding
• Blow Molding
• Thermoforming
• Others

By Application:

• Bottles & Jars
• Rigid Bulk Products
• Trays
• Tubs,
• Cups & Pots
• Caps & Closures
• Others

By End Use Industry:

• Food & Beverages
• Cosmetics & Personal Care
• Health Cares
• Industrial
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why are the bottles & jars segment projected to ensure the most revenue during the forecast period?

The bottles & jars segment held the largest revenue share by 40.0% in the rigid plastic packaging market. Rigid plastic bottles & jars are employed for packaging purposes of different products such as carbonated soft drinks, water, juices, cosmetics, personal care products, pharmaceutical products, and food products. Due to their durability and lightweight, the demand for bottles & jars is growing with the growth of various end-use industries such as healthcare.

Additionally, the rising demand for packaging applications in the end-use sectors to keep the products safe and uncontaminated is driving the need for bottle & jars packaging.

Why is the food and beverage segment expected to expand the fastest during the forecast period?

The food and beverage industry held the largest share of the rigid plastic packaging market in 2021. The rigid plastic packaging extends properties such as absorption of flavors, durability, longevity, and lightweight to the containers. Rigid plastic packaging products provide a clean environment and protect food items from further contamination. The tough plastic packaging allows you to stack them easily, which is another great property of this product.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• In 2021, the Asia Pacific market had a revenue share of 52.9%. Asia Pacific region is predicted to continue its dominance in the market during the forecast period due to the increasing requirement for rigid plastic packaging in developing countries such as China, Japan, India, and South Korea. China is expected to continue its rigid plastic packaging market during the forecast period.
• North America is the Second largest and fastest-growing market in the world. Global manufacturers are launching innovative pack formats, sizes, and functionality in response to consumer demand for convenience. Also, with growth in oral, skincare, and niche categories such as men’s grooming and baby care, North America is both an opportunity and challenging region for packaging manufacturers.

Competition Analysis

The rigid plastic packaging market is a high-growth, highly fragmented industry. Companies are focused on providing lightweight and high-performance corrugated grades to reduce costs, improve packaging performance, and meet stringent environmental requirements. Due to the presence of several players, the market has strong competition.

These actions have enabled market participants to increase their clientele and revenue. With the increasing demand for rigid plastic packaging worldwide, market players in the Rigid Plastic Packaging market can anticipate attractive growth prospects in the future.

Some of the key developments that have taken place in the Rigid Plastic Packaging Market include:

• In February 2020, Sonoco acquired TEQ Thermoform Engineered Quality, a manufacturer of thermoformed packaging for the consumer, healthcare, and medical device industries. It plans to rename and brand all its manufacturing facilities solely as TEQ. This comprises the buildings that are presently marketed as Plastique around Europe. The company type will rely on the facility’s location when determining the legal name, SONOCO TEQ.
• In June 2020, The Public Investment Fund’s 70% investment in Saudi Basic Industries Corporation (SABIC) has fully acquired by Aramco, according to a press release (PIF). The purchase of the SABIC stake supports Aramco’s long-term downstream plan to expand its capacity for integrated refining and petrochemicals and generate value from integration throughout the hydrocarbon chain.

A list of some of the key suppliers present in the market are:

• 3M
• ES Plastic
• ALPLA
• Alto
• Amcor
• Bemis
• Anchor Packaging
• APPE
• Berry Plastics
• Dow Chemical

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.