Rigid Plastic Packaging Market Worth $250.2 Billion by 2026 : Asia Pacific Is Projected to Hold the Largest Share
Key players operating in the rigid plastic packaging market are Amcor (Switzerland), Berry Global Group Inc. (US), Pactiv LLC (US), Silgan Holdings (US), Sonoco Products Company (US), ALPLA-Werke (Austria), SABIC (Saudi Arabia), and Plastipak Holdings (US).
Northbrook, IL -- (SBWire) -- 09/29/2021 --The report "Rigid Plastic Packaging Market by Raw Material (PE, PET, PP, PVC, EPS, PS, Bioplastics), Type (Bottles & jars, Trays, Tubs, Cups & Pots), Production Process (Extrusion, Injection Molding), Application, and Region - Global Forecast to 2026", is projected to grow from USD 198.9 billion in 2021 to USD 250.2 billion by 2026, at a CAGR of 4.7% during the forecast period. The market is expected to witness significant growth in the future due to its multiple applications in end-use industries such as beverage, food, and healthcare. The global rigid plastic packaging market is driven by factors such as strong demand in major Asia-Pacific markets such as India and China and increasing demand from food & beverage packaging industries.
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The bottles & jars segment is projected to lead the global rigid plastic packaging market through 2026
The bottles & jars segment acquired the largest share in the rigid plastic packaging market in 2020, in terms of value, and is projected to grow at the second-highest CAGR during the forecast period. Rigid plastic bottles are used for packaging various products such as water, juices, carbonated soft drinks, cosmetics, food products, personal care products, and pharmaceutical products. Most of these bottles & jars are made from PET, PE, PP, HDPE, PS, and PVC. The flourishing retail industry, combined with the rise in disposable income of consumers. The increasing population, growing urbanization, and rising demand for beverages and home care products are fueling the market growth.
The extrusion segment is projected to lead the rigid plastic packaging market during the forecast period
The extrusion segment is projected to lead the rigid plastic packaging market during the forecast period. The process accommodates a wide range of die profiles, allowing manufacturers to create parts and products with a variety of simple to highly complex continuous cross-sections. The extruded roll stock is ready for thermoforming, with no curing time required. As the extrusion process often uses thermoplastics—which can undergo the melting, molding, and hardening operations repeatedly—the overall material and disposal costs for an extrusion operation are lower than that of other molding processes.
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The Asia Pacific is projected to hold the largest share in the rigid plastic packaging market during the forecast period
The Asia Pacific region accounted for the largest share in 2020 and is also projected to record the highest growth rate during the forecast period. Countries such as India and China are expected to post high growth in the rigid plastic packaging market due to growing developmental activities and rapid economic expansion. In addition to this, the growing population in these countries presents a huge customer base for FMCG products and consumer durables, which, in turn, is expected to lead to the growth of the rigid plastic packaging market.
Key factors such as industrialization, growing convenience food industry, rising manufacturing activities, increasing disposable income, rising consumption level, and the growing e-retail sales have contributed to the growth of the rigid plastic packaging market during the forecast period.
Key players operating in the rigid plastic packaging market are Amcor (Switzerland), Berry Global Group Inc. (US), Pactiv LLC (US), Silgan Holdings (US), Sonoco Products Company (US), ALPLA-Werke (Austria), SABIC (Saudi Arabia), and Plastipak Holdings (US). These players have adopted various growth strategies to expand their global presence and increase their market share.
COVID-19 impact on rigid plastic packaging market
The nearly one million employees of the plastics industry are working tirelessly to provide the material that is needed at the frontline. From medical supplies to food packaging, plastics are essential in the effort to stop the spread of this virus. Plastics will only become more and more vital to help keep our families healthy, our food fresh and protected, and our healthcare workers safe. The demand for packaging products across categories is expected to decrease by 10–20% across categories owing to the impact of COVID-19. Supply tightness is expected to increase in 3–4 months with depletion of suppliers' inventory across the globe. Major suppliers are shifting their non-essential packaging capacities to essential packaging in order to cater to the increased demand in the food and healthcare sectors. Apart from these, standard packaging products are making a comeback to the market to ease the supply chain.
The demand for essential services such as personal and healthcare products is witnessing a spike which can impact rigid packaging products, especially HDPE containers, pumps, and pharmaceutical bottles; however, the demand from the packaging of non-essential industries is declining gradually, with many countries under lockdown and restricted movement across countries. Regional label suppliers who do not cater to food and healthcare industries can witness reduced demand owing to shutdowns all over the globe. However, key global players such as Avery Dennison and CCL Labels continue their business operations with a focus on essential business such as healthcare and food with priority.
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