USD 132.54 billion
Report ID: SQMIG15E2333 | Region: Global | Published Date: April, 2023 | Pages: 232 | Tables: 131 | Figures: 77
Rigid Plastic Packaging Market size was valued at USD 132.54 billion in 2021 and is poised to grow from USD 139.83 billion in 2022 to USD 203.42 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).
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 132.54 billion
Bottles and Jars
Trays and Containers
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The Global Rigid Plastic Packaging Market is segmented based on the Product Type, Raw Material, Application, Production Process and region. Based on the Product Type, it is segmented into Bottles and Jars, Trays and Containers, Caps & Closures, Others. Based On Raw Material, it is segmented into Polyethylene (PE), High-Density Polyethylene (HDPE), Polystyrene (PS), Polypropylene (PP), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Expanded Polystyrene (EPS), Bioplastics, Multi-material Combination and Others. Based on Application, it is segmented into Food & Beverages, Healthcare, Cosmetics & Toiletries, Industrial, Others. Based on Process, it is segmented into Extrusion, Injection Molding, Blow Molding, Thermoforming and others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
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
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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.
|Market size value in 2021||USD 132.54 billion|
|Market size value in 2030||USD 203.42 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global 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 Global 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.
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