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Biodegradable Rigid Plastic Packaging New Option Packaging Industry
Increasing demand for biodegradable rigid plastic packaging. The rigid plastic packaging market is expected to be driven by the growth in adoption of rigid plastic packaging in the food & beverages industry, and rise in demand from the healthcare industry. Key market players in rigid plastic packaging market aim to explore new technologies and products to meet the 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 in market. 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.
The global rigid plastic packaging market size was valued at $216.8 billion in 2018, and is projected to reach $340.4 billion by 2026, growing at a CAGR of 5.6% from 2019 to 2026. Key market players in the market have developed affordable rigid plastic packaging to reach a wider customer base. For instance, in August 2019, Amcor developed 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. Based on material, the PET segment dominated the global market, whereas PP segment is expected to grow during the forecast period.
The market is driven by various factors such as increased consumption of processed foods & beverages, and innovation in rigid packaging. The higher disposable income in these developing countries increases the purchasing power. However, rigid plastic packaging market has various restraints that hinder the market growth such as fluctuating raw material prices and Recycling and environmental concerns. In addition, people moving towards beverages and other household care products also impact the global rigid plastic packaging market growth positively.
The global rigid packaging market can be segmented based on types as paper, glass, metal, plastic, and others. Of which, plastic packaging is the dominating segment owing to better-preserving characteristics. The global market is segmented based on the end-user application as consumer usable products, food and beverage, personal care, electronics, pharmaceutical, and others.
In 2018, the Asia-Pacific region dominated the global rigid plastic packaging market, in terms of revenue, accounting for around 36.1% share of the global market, followed by Europe. In terms of material, the PET segment accounted for highest share in the overall global market in 2018. The PP segment is expected to witness a significant growth during the forecast period. The key factors that drive the growth of the global rigid plastic packaging market include rise in demand for affordable and recycled plastic products. However, uncertain raw material prices are expected to restrain the rigid plastic packaging market growth. By end-user industry, the food & beverage segment secured the highest share in the market in 2018. The personal care segment is expected to grow at the highest CAGR during the forecast period.
The key market players profiled in the rigid plastic packaging market report include ALPLA-Werke Alwin Lehner GmbH & Co KG, Amcor Limited, DS Smith Plc, Berry Plastics Corporation, Klöckner Pentaplast, Plastipak Holdings, Inc., Reynolds Group Holdings, RPC Group Plc, Silgan Holdings, Inc., and Sonoco Products Company.
Read more@ https://www.alliedmarketresearch.com/rigid-plastic-packaging-market
Completed Masters degree in English Literature and presently is working as a content writer with Allied Market Research. Loves reading, writing short stories, poems, and blogs.
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