(MENAFN – Straits Research) Introduction
Rigid plastic is primarily made of plastic resin, holds its shape, and is suitable for repeated use. It’s commonly used for packaging items like boxes, trays, and containers due to its visual appeal and durability. The rigid plastic packaging market benefits from advantages like better impact resistance and ongoing evolution to meet consumer needs.
Market Dynamics
The global demand for rigid plastic packaging is driven by increased consumer goods consumption and recycling advancements. Developing countries are significant contributors to this growth, with the UK expecting a 5.8% rise in consumer spending from 2019 to 2023. As lifestyles become more hectic, consumers prefer convenient packaging for their products.
Moreover, as the consumer goods sector grows, so does the need for differentiated packaging, leading to increased rigid packaging use. Recycling efforts for materials like PET and HDPE are also gaining traction, helping to reduce raw material demand and pollution.
E-commerce is another key driver, with global sales projected to rise by 8.1% from 2014 to 2024. Packaging companies are adapting to online sales by creating durable packages suited for complex delivery systems, further enhancing rigid plastic packaging market growth.
Regional Insights
The Asia Pacific region leads the rigid packaging market with a CAGR of 5.6%. Countries like China and India show strong demand due to rising disposable incomes and urbanization. However, China’s import ban on recyclable plastic may impact market growth. The booming e-commerce sector also boosts demand in this region.
Europe is expected to grow at a 4.23% CAGR, with a focus on efficient packaging and recycling solutions in response to environmental concerns. The industry’s growth is bolstered by the use of recycled materials and lightweight packaging options.
Key Highlights
- Global rigid plastic packaging revenue was USD 193.358 billion in 2019, projected to reach USD 297.911 billion by 2030 (CAGR of 4.92%).
- Polyethylene Terephthalate (PET) is expected to dominate with a CAGR of 5.3%.
- Injection molding will likely lead production processes with a 5.13% CAGR.
- The food and beverage industry is expected to hold the largest market share, growing at a 4.5% CAGR.
- The Asia Pacific region will lead with a 5.6% CAGR.
Competitive Players
- ALPLA-Werke Alwin Lehner GmbH & Co KG
- Amcor Limited
- DS Smith Plc
- Berry Plastics Corporation
- Klo?ckner Pentaplast
- Plastipak Holdings, Inc.
- Pactiv Evergreen Inc
- Sealed Air Corporation
- Silgan Holdings, Inc.
- Sonoco Products Company
Recent Developments
- In 2022, Amcor announced the acquisition of a flexible packaging facility in the Czech Republic, enhancing its capacity to meet rising demand across Europe.
Segmentation
- By Material: Polyethylene (PET), Polypropylene (PP), High-Density Polyethylene (HDPE), Others
- By Production Process: Extrusion, Injection Molding, Blow Molding, Thermoforming, Others
- By End-User Industry: Food and Beverage, Personal Care, Household, Healthcare, Others
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