Wilmington, Delaware, United States, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global rigid plastic packaging market is projected to flourish at a CAGR of 4.7% from 2022 to 2029. As per the report published by TMR, a valuation of US$ 228.6 billion is anticipated for the market in 2029. As of 2023, the market for rigid plastic packaging is expected to close at US$ 191 billion.
Growing consumer demand for convenient and sustainable packaging solutions has driven the adoption of rigid plastic packaging. Consumers prefer easy-to-use, lightweight, and recyclable packaging, which aligns with the properties of rigid plastic packaging.
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Rigid plastic packaging has become increasingly popular due to its recyclability and the ability to reduce food waste. Companies are also focusing on using recycled materials and developing eco-friendly alternatives, which appeal to environmentally conscious consumers and regulatory requirements.
Rigid plastic packaging is often lighter than alternatives like glass or metal, making it more cost-effective for manufacturers in transportation and production. This weight advantage reduces shipping costs and energy consumption. The growing demand for durable, cost-effective, and sustainable packaging in various end-use industries is driving the global rigid plastic packaging market.
The pharmaceutical and healthcare industry relies on rigid plastic packaging for the safe and secure packaging of medicines, medical devices, and other healthcare products. The increasing aging population and healthcare spending contribute to the growth of this sector.
Key Takeaways from the Market Study
- As of 2022, the rigid plastic packaging market was valued at US$ 182.4 billion
- Based on product type, Intermediate bulk containers (IBCs) and clamshells are expected to dominate the market.
- Based on end-use, the food & beverage end-use industry is two of the major shareholders in the rigid plastic packaging market.
Rigid Plastic Packaging Market: Key Trends and Opportunistic Frontiers
- Stringent regulations regarding food safety and product packaging have made companies invest in high-quality packaging solutions, including rigid plastic packaging, to ensure compliance with these standards.
- Growing adoption of machine-friendly packaging solutions will assist the rigid plastic packaging market.
- Packaging solutions that make operations on automatic machines easier help end-use industries optimize output, resulting in a considerable demand for rigid plastic packaging solutions on the global market.
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Rigid Plastic Packaging Market - Regional Analysis
- The North American rigid plastic packaging market has been characterized by a strong focus on sustainability and recyclability, with increasing demand for eco-friendly packaging materials. The United States and Canada are major consumers of rigid plastic packaging, driven by the food and beverage industry and the pharmaceutical sector.
- Asia-Pacific is a significant and rapidly growing market for rigid plastic packaging due to the region's burgeoning middle class and increased consumer spending.
- Countries like China and India have witnessed increased demand for packaged food and beverages, personal care products, and pharmaceuticals, driving the need for rigid plastic packaging. This region is also a major producer of rigid plastic packaging materials and products.
Competitive Landscape
TMR analyzed that the global rigid plastic packaging market is highly competitive, owing to a growing number of regional manufacturers and efforts of the global manufacturers to expand their geographical reach and product portfolio to capture maximum market share. The recent study of rigid plastic packaging market includes profiles of players such as
- Amcor Plc
- Berry Global Group Inc.
- Sonocco Products Company
- Pactiv LLC
- Genpak LLC
- DS Smith PLC
- Georgia-Pacific LLC
- Anchor Packaging
- APPE
- Graham Packaging Company
- Greif, Inc.
- Silgan Holdings, Inc.
- Mauser Packaging Solutions
- Gerresheimer AG
- SCHÜTZ GmbH & Co. KGaA, etc.
Key Developments in the rigid plastic packaging market
- Amcor Plc, one of the largest players in the packaging industry, has been focusing on sustainable packaging solutions. They have launched products like AmLite, a recyclable high-barrier polyolefin film for flexible packaging.
Rigid Plastic Packaging Market – Key Segments
- Product Type
- Boxes
- Bottle and Jars
- Cans
- Blister Packs
- Clamshells
- Trays
- IBCs
- Others
- Material Type
- Bio-based Polymers
- Synthetic Polymers
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Others
- End-use Industry
- Food
- Meat, Seafood, and Poultry
- Ready to Eat Meals
- Dairy Products
- Bakery and Confectionery
- Other Food Products
- Beverages
- Alcoholic Beverages
- Non-alcoholic Beverages
- Homecare Products
- Personal Care Products
- Healthcare Products
- Electronics & Electricals
- Industrial Goods
- Others
- Food
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