USD 215.5 billion
Report ID:
SQMIG15E2333 |
Region:
Global |
Published Date: February, 2024
Pages:
232
|Tables:
131
|Figures:
77
Global Rigid Plastic Packaging Market size was valued at USD 215.5 billion in 2022 and is poised to grow from USD 226.70 billion in 2023 to USD 340.08 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).
For the packaging of new bottles and containers, rigid plastic packaging uses plastic materials like polypropylene (PP), high-density polyethylene (HDPE), and polyethylene (PET). Both strong and light, these materials. Packaging made of polyethylene and polypropylene can be used in a variety of industries, including food and beverage, agriculture, aerospace, automotive, and medical. The food and beverage industry's explosive growth are a major factor in the rigid plastic packaging market's rise since it increases demand for bottles, jars, fruit juice containers, food packaging containers, and gastronomic bags.
US Rigid Plastic Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 215.5 billion
Largest Segment
Bottles and Jars
Fastest Growth
Trays and Containers
Growth Rate
5.5% CAGR
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Global Rigid Plastic Packaging Market is segmented by Type, by Raw Material, by Production Process, by End Use and by Region. Based on Type, the market is segmented into Bottles & Jars, Rigid Bulk Products, Trays, Tubs, Cups, and Pots. Based on Raw Material, the market is segmented into Bioplastics, Polyethylene (PE), Polyethylene Terephthalate (PET), Polystyrene (PS), Polypropylene (PP), Polyvinyl Chloride (PVC), Expanded Polystyrene (EPS), Others (PC, Polyamide). Based on Production Process, the market is segmented into Extrusion, Injection Molding, Blow Molding, Thermoforming. Based on End Use, the market is segmented into Food, Beverages, Healthcare, Cosmetics & Toiletries, Industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Rigid Plastic Packaging Market Analysis by Product Type
The global rigid plastic packaging market is segmented based on products as bottles and jars; trays and containers; caps & closures; and others. Among these segments, the bottles and jars segment held the most dominant share in the market during the forecast period. The segmental growth is due to the huge growth in the beverages sector, cosmetics, and chemical industry across the globe. Increased dairy products, soda and soft drinks consumption across the globe has also positively influenced the growth of the market. According to predictions by the Campaign for Rural England, 2 trillion drink containers will be produced and sold annually throughout the world. For every individual on the earth, that equates to more than five a week. And it keeps increasing annually.
Rigid Plastic Packaging Market Analysis by Raw Material
The global rigid plastic packaging market is segmented based on raw materials as polyethylene (PE); polystyrene (PS); polypropylene (PP); polyethylene terephthalate (PET); polyvinyl chloride (PVC); bioplastics; multi-material combination; and others. Among these segments, the PE segment held the most dominant share in the market during the forecast period. Polyethylene produced by the medium or low-pressure method is called ‘high- density polyethylene; which is widely used in the plastic packaging industry. In 2021, it was anticipated that there will be a 50 million tons global demand for polyethylene and a 59 million tons increase in production capacity. The most widely utilized polymer in the production of goods like packaging is polyethylene.
Rigid Plastic Packaging Market Analysis by Application
The global rigid plastic packaging market is segmented on the basis of application as food & beverages, healthcare, cosmetics & toiletries, industrial, and others. Among these segments, the food & beverages segment held the most dominant share in the market during the forecast period. Increased population across the globe demands a large amount of food to rely upon, and requires proper storage and preserving containers. Hence, this is likely to aid the market growth during the forecast period. With only 2% recycled content, McDonald's reported using 153,000 metric tons of plastic packaging for its beverage cups, lids, and cutlery.
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The global rigid plastic packaging market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Among these regions, the Asia-Pacific region is projected to hold the most substantial share of more than 45% in 2021. India and China are the two key countries that lead the Asia-Pacific rigid plastic packaging market. The presence of a large pool of population in the region demands more FMCG and consumer durable products; which further requires proper packaging products which is likely to aid the growth of the market during the forecast period. On the other hand, the availability of cost-effective raw materials, cheap labour as well as manufacturing land and other manufacturing facilities make the manufacturers shift their plants in the region, especially in these countries which again fuels the market growth during the forecast period. In addition to this, the packaging sector has seen a rapid penetration of plastics in the region since the last decade, backed by the rise in the e-commerce sector. Moreover, the growth in the food & beverage sector is further augmenting the demand for plastics in packaging, as it ensures food safety, quality, and long shelf life. Since packaged food is one of the fastest-growing industries, it is expected to fuel the demand for plastic packaging and turn, will drive the plastics industry growth in the region.
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Rigid Plastic Packaging Market Driver
Rigid Plastic Packaging Market Restraint
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The rigid plastic packaging market is highly competitive. For the purpose of lowering costs and enhancing the performance of packaging, businesses are concentrating on offering lightweight and high-performance grades. The market is highly competitive because there are lots of players present.
Top Players in Global Rigid Plastic Packaging Market
Rigid Plastic Packaging Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Rigid Plastic Packaging Market Analysis, The Asia pacific region contributing largest market share in 2021. Additionally, as plastic packaging assures food safety, quality, and a long shelf life, the expansion of the food and beverage industry is boosting demand for it. One of the areas with the quickest growth rates is packaged food, which is predicted to increase demand for plastic packaging and, in turn, propel the expansion of the local plastics industry. As awareness of climate change and the fact that consumer goods' packaging is mostly responsible for pollution grows, sustainable packaging is clearly the most significant trend that will influence the future of this industry. Packaging that is reusable, recyclable, or biodegradable will prosper, as will packaging that employs sustainable materials and has a green supply chain.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 215.5 billion |
Market size value in 2031 | USD 340.08 billion |
Growth Rate | 5.5% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Rigid Plastic Packaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Rigid Plastic Packaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Rigid Plastic Packaging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Rigid Plastic Packaging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Rigid Plastic Packaging Market size was valued at USD 132.54 billion in 2019 and is poised to grow from USD 139.83 billion in 2023 to USD 203.42 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).
The rigid plastic packaging market is highly competitive. For the purpose of lowering costs and enhancing the performance of packaging, businesses are concentrating on offering lightweight and high-performance grades. The market is highly competitive because there are lots of players present. 'Amcor Plc', 'Berry Inc.', 'Sealed Air Corporation', 'RPC Group Plc', 'Huhtamaki Oyj', 'Silgan Holdings Inc.', 'Sonoco Products Company', 'DS Smith Plc', 'ALPLA Werke Alwin Lehner GmbH & Co KG', 'Consolidated Container Company', 'Crown Holdings Inc.', 'Graham Packaging Company', 'Plastipak Holdings Inc.', 'Printpack Inc.', 'Winpak Ltd.', 'AptarGroup Inc.', 'Coveris Holdings SA', 'Tekni-Plex Inc.', 'Pactiv LLC', 'Gerresheimer AG'
One of the key drivers of the market's expansion in recent years has been the healthcare sector's rising demand for rigid plastic packaging. Businesses in the healthcare sector use rigid plastic to protect medications from infection. International regulatory criteria for safety must be met by the medical product packaging. As a result, rigid plastic is ideal for keeping medical supplies due to its characteristics, which also include its strength, light weight, cleanliness, and clarity.
Sustainable packaging is undoubtedly the most important trend that will shape the future of this business, as awareness of climate change and the reality that consumer goods' packaging is mostly to blame for pollution is expanding. Packaging that uses sustainable materials, has a green supply chain, and is reusable, recyclable, or biodegradable will prosper.
The rigid plastic packaging market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Among these regions, the Asia-Pacific region is projected to hold the most substantial share of more than 45% in 2021. India and China are the two key countries that lead the Asia-Pacific rigid plastic packaging market. The presence of a large pool of population in the region demands more FMCG and consumer durable products; which further requires proper packaging products which is likely to aid the growth of the market during the forecast period. On the other hand, the availability of cost-effective raw materials, cheap labour as well as manufacturing land and other manufacturing facilities make the manufacturers shift their plants in the region, especially in these countries which again fuels the market growth during the forecast period. In addition to this, the packaging sector has seen a rapid penetration of plastics in the region since the last decade, backed by the rise in the e-commerce sector. Moreover, the growth in the food & beverage sector is further augmenting the demand for plastics in packaging, as it ensures food safety, quality, and long shelf life. Since packaged food is one of the fastest-growing industries, it is expected to fuel the demand for plastic packaging and turn, will drive the plastics industry growth in the region.
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Report ID: SQMIG15E2333
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