According to a new report published by Allied Market Research, titled, “Global Rigid Plastic Packaging Market by Material, Production Process, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global rigid plastic packaging market was valued at $180.0 billion in 2020 and is expected to reach $270.5 billion by 2028, registering a CAGR of 4.9% from 2021 to 2028. In 2020, Asia-Pacific dominated the global rigid plastic packaging market accounting for 36.53% share.
The report analyzes the global rigid plastic packaging market based on material, production process, end user industry, and region. The types covered in this report are PET, PP, HDPE, and others. The production processes include extrusion, injection molding, blow molding, thermoforming, and others. End-user industries taken into consideration in the report are the food & beverage, personal care, household, healthcare, and others.
Key market players have developed affordable rigid plastic packaging to reach a wider customer base. For instance, in August 2019, Amcor Plc. developed a new range of polyethylene terephthalate (PET) bottles for the Age’s Salzburg craft beer brand in Brazil. These bottles provide a shelf life of up to 4 months, with 100% recycling. This has lightweight container able to reduce transportation costs and CO2 gas emission. Depending on material, the PET segment dominated the global rigid plastic packaging market, whereas the PP segment is expected to grow during the forecast period.
The global market growth is expected to be driven by surge in adoption of rigid plastic packaging in the food & beverage industry and rise in demand for foodie bags, bottles, and containers from the healthcare industry. Key market players aim to explore new technologies and products to meet increasing customer demands. Product launch and business expansion are expected to enable them to expand their product portfolios and penetrate different regions. Emerging economies provide lucrative opportunities to market players for growth and expansion. For instance, in October 2019, DS Smith launched new UpTap bottle closure through its subsidiary company Worldwide Dispensers. UpTap closure can be used for juices, oils, and water. This product features 48% less plastic usage during manufacturing. In addition, there has been an exponential rise in the packaging industry in economies such as China and India, which drive the demand for high-performance extruded plastic packaging films, thereby driving the growth of the rigid plastic packaging market. . For instance, the packaging industry in India is expected to grow with a CAGR of 26.7% from 2021 to 2026.
The key factors that drive the growth of the global market include rise in demand for affordable and recycled plastic products. However, fluctuation in raw material prices and stringent government regulations to use biodegradable plastic are expected to restrain the growth of the market.
The outbreak of COVID-19 pandemic had led to partial or complete shutdown of production facilities, which do not come under essential goods, owing to prolonged lockdown in major countries such as the U.S., China, Japan, India, and Germany. It has led to either closure or suspension of their production activities in most of the industrial units across the world. This halt in production activities impacted the revenue of rigid plastic packaging companies. For instance, net sales of DS Smith Plc. dropped by 5.5% from March 2019 to March 2020. In addition, during the pandemic situation, rise in demand for sanitizer containers, medical, and vaccine containers boosts the sales of rigid plastic packaging companies. For instance, the sales of Berry Global Inc. increased by 31.9% from June 2019 to June 2020. Moreover, in 2021, with the availability of vaccine against COVID-19, the global rigid plastic packaging market is expected to witness gradual growth.
The global rigid plastic packaging market is segmented into material, production process, end user industry, and region. Depending on material, the market is categorized into polyethylene (PET), polypropylene (PP), high-density polyethylene (HDPE), and others. PET segment dominated the market in 2020. Depending on production process, the market is segregated into extrusion, injection molding, blow molding, thermoforming, and others. The injection molding segment is anticipated to register significant growth rate during the study period. On the basis of end-user industry, the market is divided into food & beverages, personal care, household, healthcare, and others. In 2020, the food & beverage was the prominent segment .
Region wise, the global rigid plastic packaging market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is projected to acquire the leading position in the rigid plastic packaging market throughout the forecast period.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging global rigid plastic packaging market trends and dynamics.
- Depending on material, the PET segment was the largest revenue generator in 2020.
- By production process, the injection molding segment generated the highest revenue in 2020.
- On the basis of end-user industry, the food & beverage segment accounted for the highest revenue in 2020.
- Region wise, Asia-Pacific is anticipated to dominate the global rigid market throughout the study period.
- The report provides an extensive analysis of the global rigid plastic packaging market trends and emerging opportunities of the market.
- The global rigid plastic packaging market forecast analysis from 2021 to 2028 is included in the report.