Rigid Plastic Packaging Market

Rigid Plastic Packaging Market Size (2023-2028)

The Rigid Plastic Packaging Market was valued at $ 202.83 billion in 2022 and is anticipated to reach $ 262.68 billion by 2028, with a CAGR of 8.61%. The base year considered for the study is 2022, and the market size is forecast from 2023-2028

The growing demand for polypropylene from the packaging industry is estimated to drive the market demand during the forecast period. Superior barrier properties, high tensile strength, better surface finish, and low cost make polypropylene ideal for many packaging applications. Polypropylene films have exceptional optical clarity, and low moisture/vapor transmission makes them suitable for use in food packaging. In addition, polypropylene is blow molded to make bottles, cans, and jars. Thin-walled polypropylene containers are typically used for food packaging. In addition, PP has wide application in the manufacture of medicine bottles, bottle caps and closures, and jars for tomato sauce and syrup. According to a report by the PlastIndia Foundation, India has a manufacturing capacity of 4,870 kilotons per year (KTA) of polypropylene (PP). According to IBEF, India is advancing in terms of plastics industries with 35,000 plastics processing units, and around 5 million people are employed in these industries.

 Rigid Plastic Packaging Market Drivers:

The increasing demand for biodegradable rigid plastic packaging is expected to drive market growth in the future. In addition, people who turn to drinks and other household cleaning products are positively impacting the rigid plastic packaging market. In addition, the rapid increase in urbanization is also contributing to the growth of the market. In addition, the increase in the disposable income of individuals will have a positive impact on the growth of the market in the near future. The growing demand for rigid plastic packaging from the healthcare industry is also one of the critical factors that will trigger market growth in recent years. Rigid plastic helps healthcare companies protect drugs from contamination. The packaging of the medical product must comply with international regulatory safety standards.

Therefore, the properties of rigid plastic and its durability, lightness, cleanliness, and transparency make it the ideal choice for the storage of medical products. Improving packaging recycling rates are driving the growth of the global rigid plastic packaging market. Recycling reduces the consumption of raw materials, which reduces water and air pollution. Therefore, it helps to reduce greenhouse gases. Rising global consumption of consumer goods is fueling demand for rigid plastic packaging. The consumer-packaged goods (CPG) industry has experienced significant growth over the past quarter-century, which has been largely driven by market development due to growth in consumer spending.

Rigid Plastic Packaging Market Restraints:

Strong competition for advanced rigid plastic packaging may hamper the growth of the market to some extent. Furthermore, the increased use of bisphenolA (BPA) in the manufacture of plastic products is also presented as a major constraint for the general rigid plastic packaging market. The increasing transition of end-users to flexible packaging and uncertain raw material prices are hampering the growth of the rigid plastic packaging market.

Opportunities in the Rigid Plastic Packaging Market:

The increase in online sales globally offers lucrative growth opportunities for market players. This e-commerce boom offers enormous potential for future growth in global retail, which in turn is accelerating the growth of the market.

Challenges in the Rigid Plastic Packaging Market:

The high cost of initial setup is a major challenge while fluctuating demand and advancements in alternative technologies are expected to be the burning issues in the market. Recycling and environmental concerns are also a challenge for rigid plastic packaging manufacturers.

RIGID PLASTIC PACKAGING MARKET REPORT COVERAGE:

Rigid Plastic Packaging Market Segmentation:

Rigid Plastic Packaging Market-By Raw Material:

• Bioplastics
• Polyethylene
• Polyethylene Terephthalate
• Polystyrene
• Others

The polyethylene segment holds the largest market share in terms of volume and value during the forecast period. Factors that can be attributed to its advantages over other types of plastic packaging materials and reusable capabilities and increasing consumer preferences for processed and packaged foods are accelerating demand from the polyethylene segment.

Rigid Plastic Packaging Market-By Type:

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

 The rigid bulk segment holds the largest market share and is expected to experience the highest CAGR during the forecast period. The factors that can be attributed to the growing demand for rigid plastic packaging from the healthcare industry are critical factors that will determine the type of rigid bulk product.

Rigid Plastic Packaging Market-By Application:

• Food and Beverage

• Healthcare

• Cosmetics & Toiletries

• Industrial

• Others

The food and beverage segment holds the largest share in the market. Expectations of food quality, hygiene, and growing health awareness are increasing in demand from the food and beverage segment.

Rigid Plastic Packaging Market-By Region:

•  North America 

•  Europe 

•  Asia Pacific 

•  Latin America 

•  Middle East & Africa

Asia-Pacific dominated the market with a revenue share of over 43% in 2020 and is expected to continue to grow at the fastest CAGR from 2022 - 2027. This is mainly driven by the emerging economies of China and China. India. As well as the growth of rigid plastic packaging applications in the food, beverage and healthcare industries. Factors such as increasing disposable income, increasing consumer spending, and population growth are likely to drive the demand for consumer goods, which will support the growth of the plastic packaging market in the Asia Pacific.

China has dominated the Asia Pacific market, both in terms of demand and production. The country's large population, which supports the growth of the food and beverage, automotive, personal care, construction, and consumer electronics industries, is expected to play a key role in the expansion of the market.

Europe has become the second-largest regional market; however, it is expected to grow slowly over the forecast period. Strict regulations on the use of plastic products and growing consumer awareness of sustainability are mainly attributed to the weak market growth in this region.

Impact of Covid-19 on the Rigid Plastic Packaging Market:

The spread of COVID-19 has impacted the rigid plastic packaging market in many ways. It has had a negative impact on small and medium enterprises, which play a crucial role in the industry. The pandemic is expected to boost the rigid plastic food and pharmaceutical packaging industry in the region. COVID-19 has advantages and disadvantages across all sectors. As many countries are closed due to this deadly virus, the stockpile of necessary supplies such as medicines, dairy products, food, disinfectants, face masks, disinfectants, and many more is in high demand. All of these products require packaging, and their production has been more important than ever. Therefore, the demand for the packaging industry has increased due to the pandemic.

Rigid Plastic Packaging Market Key Players:

• Amcor Limited (Australia)

• Bemis Company, Inc. (U.S.)

• Berry Plastics Corporation (U.S.)

• Alpla Werke

• Coveris Holdings S.A. (Luxembourg)

• Reynolds Group Holdings (New Zealand)

• Alwin Lehner GmbH & Co. Kg (Austria)

• Plastipak Holdings, Inc. (U.S.)

• Silgan Holdings, Inc. (U.S.)

• Consolidated Container Company (U.S.)

• RPC Group Plc (U.K)