The global rigid plastic packaging market was valued at US$ 179 billion in 2018, and is expected to register a CAGR of 5.9% in terms of revenue over the forecast period (2019 – 2027). The market is projected to reach US$ 300 billion by the end of 2027, at a CAGR of 5.9% over the […]
Future Prospects for Rigid Plastic Packaging Market
The global rigid plastic packaging market was valued at US$ 179 billion in 2018, and is expected to register a CAGR of 5.9% in terms of revenue over the forecast period (2019 – 2027).
The market is projected to reach US$ 300 billion by the end of 2027, at a CAGR of 5.9% over the forecast period. This growth is attributed to growing end-use industries such as food & beverage, healthcare, personal care & cosmetics, and others. Rigid plastic packaging products offer various advantages such as durability, cost effectiveness, recycling properties, and can be molded into different shapes. These factors are expected to drive growth of the rigid plastic packaging market over the forecast period.
Materials used in rigid plastic packaging products are polyethylene (PE), polyethylene terephthalate (PET), polystyrene (PS), polypropylene (PP), polyvinyl chloride (PVC), bio plastics and others. Other materials used are polyamide, polycarbonate (PC) and polylactic acid (PLA). Polyethylene terephthalate (PET) segment is expected to grow at a faster pace during the forecast period. PET material is light weight in nature and offers various advantages such as durability, clear & shiny surface, high pressure resistance, high stability, and good barrier properties. These properties make PET the most widely used material in the rigid plastic packaging industry.
Players operating in the global rigid plastic packaging market are adopting various growth strategies such as mergers, acquisitions, and business expansions to cater to increasing demand for rigid plastic packaging products. For instance, in 2016, Amcor Limited acquired Sonoco’s Global Plastics blow molding business in North America. The acquisition has helped Amcor increase its production capacity as well as its presence in the consumer goods and food market in the U.S. and Canada.
Major players operating in the global rigid plastic packaging market include Bemis Company, Inc., Amcor Limited, Silgan Holdings, Inc., Winpak Ltd., 3M Company, ALPLA, Berry Global Inc., RPC Group Plc., Anchor Packaging Inc., Coveris Holdings S.A., E-S Plastic Products, LLC and Plastipak Holdings, Inc.
Rigid plastic packaging products include bottles & jars, containers, caps & closures, cups, and trays. The products are manufactured through various processes including thermoforming, injection molding, blow molding and injection blow molding. The packaging products finds application in various end-use industries including food & beverage, industrial, healthcare and others. Key players in the market are adopting various business strategies such as mergers and acquisitions to expand their global footprint. For instance, in October 2018, ALPLA acquired Agro S.A.(Greece-based company offering packaging solutions for personal care and pharmaceutical products). The acquisition will help ALPLA enhance its product portfolio for pharmaceutical sector and expand its presence in south-eastern Europe.
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Market Dynamics
Among End-use Industry, healthcare industry is expected to be fastest growing segment in the market over the forecast period, owing to the growing pharmaceutical industry globally. For instance, according to India Brand Equity Foundation, the Indian pharmaceutical sector was valued at US$ 33 billion in 2017 and will grow at a CAGR of 22.4% during 2015 – 20 to reach US$ 55 billion.
Asia Pacific is expected to be the fastest growing region in the market over the forecast period. Growth of various end-use industries such as healthcare, industrial, personal care, and others, and large population is driving growth of the rigid plastic packaging market in this region. Key players are introducing new products to cater to increasing demand for rigid plastic packaging products. For instance, in November 2018, Silgan Holdings launched Mark VII Max Style, a new pump for sun-care products market. The pump is designed to make the process of applying sun-care products easier
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