CAGR: 5.30%Current Market Size: USD 241.4 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The Global Rigid Plastic Packaging market is expected to grow from USD 241.4 billion in 2022 to USD 364.89 billion by 2030, at a CAGR of 5.30% during the Projection period 2023-2030. The growth of this market is mainly driven by increased due to its multiple applications in end-use industries such as beverages, food, and healthcare.
An object that is predominantly made of plastic resin, has a somewhat rigid established shape or form, and is capable of holding that shape or form throughout routine usage, whether it is empty or filled, independent of the product or other external support, is referred to as rigid plastic. Boxes, trays, containers, cases, and other plastic packages are made using the rigid plastic packaging method from plastic materials. Plastic is one of the most popular materials for packaging due to its distinctive aesthetic appeal and long-lasting sturdiness. Rigid plastic packaging has special benefits that significantly influence the market, such as better stiffness and higher impact strength. Despite the fact that rigid packaging has been around for some time, it is continually evolving to meet the needs of a changing customer base. For practical and financial reasons, plastics are important in the packaging sector. Comparatively less expensive and lighter than other packing materials are plastics. Due to their affordability, rigid plastics are utilised in a variety of packaging. Apart from price, rigid plastics in packaging are also in high demand due to their adaptability and remarkable performance at low temperatures. One of the most prominent instances is the tendency to substitute hard plastics for glass in order to meet the huge demand for bottles. Traditional materials like metal and glass are being replaced with heat-resistant and high-barrier polymers.
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Market Dynamics:
Drivers:
The consumer goods sector includes a wide range of things that individuals purchase at retail and wholesale, such as electronics, designer goods, designer clothing, fences, and deck railings. Due of their hectic schedules and lives, customers choose simple packaging that is simple to use and transfer. Even though the items that customers purchase rely on the state of the economy, the packaged consumer goods industry is anticipated to grow as a result of higher consumer expenditure. Additionally, the market for consumer goods is quite fragmented, and packaging and product distinction are crucial. Thus, it is projected that the market for rigid packaging would develop with the rise of the consumer products industry.
Restraints:
Board, paper, aluminium, polymer, glass, and steel are a few of the main raw materials used by packaging firms. Both industrial and consumer packaging uses these materials. The packaging firms are potentially vulnerable in the value chain due to the shifting pricing of these raw materials. Large companies are frequently the primary material suppliers since they have the purchasing ability to pass on increased commodity costs, which raises the cost of commodities and hence input prices. The cost of materials and, consequently, input prices rise as a result of key material suppliers being typically enormous organisations with the financial muscle to pass on their increasing commodity costs.
Opportunities:
Revenues from e-commerce are expected to grow globally between 2014 and 2024 by 8.1%. The development of the rigid plastic packaging business has been accelerated by the emergence of e-commerce, which offers huge potential for future global retail growth. More people now opt to make online purchases because to recent advancements in technology. The rigid plastic packaging sector is decreasing its supply because it has improved technologically and is adjusting to the challenges that e-commerce presents in comparison to conventional sales channels.
Challenges:
Many organisations' packaging has changed from using rigid to flexible materials, according to the packaging industry. Due to changes in consumer behaviour, flexible packaging is being employed more frequently. As consumer attention on convenience and sustainability increases, traditional packaging forms are being replaced with creative and flexible options aimed to meet customer demands, particularly in the personal care industry.
Segmentation Analysis:
The global Rigid Plastic Packaging market has been segmented based on Material, Production Process, End-user and Regions.
By Material
The Material segment includes Polyethylene (PET), Polypropylene (PP), High-Density Polyethylene (HDPE), and Others. The Polyethylene segment led the largest share of the Rigid Plastic Packaging market with a market share of around 30% in 2022. PET is the commercial polymer that is used the most and is used to package electronics and auto parts. Packaging made of stiff PET plastic offers several benefits over other types since it is recyclable and reusable. As a result, tubes, aerosol cans, food cans, drums, and pails are the principal applications for it. The demand for PET-rigid plastic packaging has risen as a result of growing countries' need to maintain a healthy lifestyle and rapid urbanisation. The desire of consumers for packaged and processed items also makes a substantial contribution to market expansion.
By Production Process
The Production Process segment includes Extrusion, Injection Molding, Blow Molding, Thermoforming, and Others. The Injection Molding segment led the Rigid Plastic Packaging market with a market share of around 12% in 2022. One of the major drivers of the market's expansion is the rising demand for injection moulding machines in the food and beverage sector to manufacture various packaging and processing components, such as food and beverage containers, processing equipment components, conveyor system components, and others. Additionally, it is anticipated that the growth of the automobile industry would fuel market expansion.
By End-user
The End-user segment includes Food and Beverage, Personal Care, Household, Healthcare, and Others. The Food and Beverage segment led the Rigid Plastic Packaging market with a market share of around 18% in 2022. For retailers and product producers to have a competitive edge in the food and beverage industry and promote and differentiate their brands, packaging innovation is essential. Because rigid plastic packaging extends the shelf life of packaged foods, its importance in the food and beverage sectors has increased. For food and beverage packaging, rigid materials are used. Aerosol cans, ampules, cans, bottles, and jars are a few examples. Rigid plastic packing containers provide specific advantages over conventional packaging materials, including strong barrier properties, rigidity, and impact resistance. The demand for rigid plastic packaging has therefore lately grown.
Global Rigid Plastic Packaging Market- Sales Analysis
The sale of Rigid Plastic Packaging types expanded at a CAGR of 4.70% from 2016 to 2022.
There is a growing demand for high-quality and sustainable packaging materials for food packaging due to rising disposable income and the convenience of purchasing meals online.
The market for rigid plastic packaging is expanding because to improvements in packaging technology and continued research and development efforts in packaging techniques. Players in the industry are addressing obstacles related to the rigid plastic packaging market.
Rigid plastic packaging has witnessed an exponential rise in demand as a result of the need for a high barrier packaging solution that protects goods from any type of adulteration during transit.
Manufacturers and End-users are using cutting-edge rigid packaging solutions to enter growing markets. Many End-users in quickly developing countries are compelled to switch from outdated rigid packaging solutions to the most modern rigid packaging solutions in order to compete in the market.
Thus, owing to the aforementioned factors, the global Rigid Plastic Packaging Market is expected to grow at a CAGR of 5.30% during the Projection period from 2022 to 2030.
By Regional Analysis:
The regions analysed for the Rigid Plastic Packaging market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the Rigid Plastic Packaging market and held a 39% share of the market revenue in 2022.
Global Rigid Plastic Packaging Market- Country Analysis:
Germany’s Rigid Plastic Packaging market size was valued at USD 14.12 billion in 2022 and is expected to reach USD 43.19 billion by 2030, at a CAGR of 5.5% from 2023 to 2030. The rising tendency among packaging companies to use recycled plastic materials for their packaging applications is one of the key factors driving the market. The use of lightweight packing materials like high-density polyethylene, which may reduce the cost of transportation and material handling, has also caught the attention of the packaging industry.
China’s Rigid Plastic Packaging market size was valued at USD 16 billion in 2022 and is expected to reach USD 56.18 billion by 2030, at a CAGR of 4.7% from 2023 to 2030. Since it would have a detrimental effect on the growth of the market for hard plastic packaging, China barred the import of plastic for recycling. The booming e-commerce industry in the Asia-Pacific region is one of the key factors boosting growth in the region. The market may also profit from the fast-growing use of rigid plastic packaging in the food and beverage sector throughout the anticipated timeframe.
India's Rigid Plastic Packaging market size was valued at USD 17.88 billion in 2022 and is expected to reach USD 71.90 billion by 2030, at a CAGR of 4.9% from 2023 to 2030. India's exports are rising along with its status as a major industrial powerhouse. Higher packaging standards are required to meet the demands of the global market, which calls for the use of better packaging techniques like blow moulding, injection moulding, rotomolding, and others (thermoforming, extrusion, etc.), as well as materials like PE, PET, PP, PS, and others (PC, PL, PVC), machinery, and materials.
Key Industry Players Analysis:
To increase their market position in the global Rigid Plastic Packaging business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, type developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
5.30% |
Market Size |
241.4 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Material, By Production Process, By End-user, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
ALPLA-Werke Alwin Lehner GmbH & Co KG, Amcor Limited, DS Smith Plc, Berry Plastics Corporation, Klockner Pentaplast, Plastipak Holdings, Inc, Pactiv Evergreen Inc, Sealed Air Corporation, Silgan Holdings, Inc, and Sonoco Products Company. |
By Material |
|
By Production Process |
|
By End-user |
|
Regional scope |
|
Scope of the Report
Global Rigid Plastic Packaging Market by Material:
Global Rigid Plastic Packaging Market by Production Process:
Global Rigid Plastic Packaging Market By End-user:
Global Rigid Plastic Packaging Market by Region:
The global Rigid Plastic Packaging market is expected to grow with a 5.30% CAGR during the Projection period.
The Asia Pacific Rigid Plastic Packaging market was projected to gain a global market share of 39% in 2022.
The End-user segment includes Food and Beverage, Personal Care, Household, Healthcare, and Others.
ALPLA-Werke Alwin Lehner GmbH & Co KG, Amcor Limited, DS Smith Plc, Berry Plastics Corporation, Klockner Pentaplast, Plastipak Holdings, Inc, Pactiv Evergreen Inc, Sealed Air Corporation, Silgan Holdings, Inc, Sonoco Products Company and Others
The growth of this market is mainly driven by increased due to its multiple applications in end-use industries such as beverages, food, and healthcare.
Political Factors- Amcor Limited's profitability will be directly impacted by its entry into high-tax jurisdictions. High taxes impede exports and have an impact on global trade. Amcor Limited. can join markets with low taxes and gain from significant profits that can be used to fund R&D initiatives. To understand the priorities and interests of the host government in emerging industries, the organisation may also investigate the taxation rules that are relevant to the industry. High trade barriers can further complicate the economic climate by hurting exports and ties with overseas trading partners. Moreover, the significant danger of ideas being stolen will discourage entrepreneurs from investing in organisations if the government of the country under consideration is not serious about preserving the intellectual property rights of business organisations.
Economic Factors- The ability of the rigid plastic packing market to pursue its long-term growth strategy will depend on the GDP growth rate. A high GDP also indicates that consumers are able to spend more money on the goods being offered. The availability of surplus labour at relatively lower salaries is indicated by high unemployment. rigid plastic packing market can reduce its production costs by operating in such a market. The interest rate and how it affects borrowing capacity and investment mindset should also be carefully taken into account by the company. The high-interest rate will promote an investment-friendly mindset and broaden Amcor Limited's potential for expansion. Finally, profitability and global trade can both be impacted by exchange rate fluctuations. rigid plastic packing market may have major concerns because of the local currency's high rate of change.
Social Factors- The purchasing power of customers' money affects their spending habits. Analyzing consumer interests and spending habits requires analysing and predicting consumer purchasing power based on pertinent economic data. Consuming the supplied commodity is seen as a prestige symbol in some cultures, while others use it for practical purposes. Amcor Limited. should spend time learning about the social trends and consumption reasons that shape consumer behaviour. To ascertain how local consumers evaluate imported goods, rigid plastic packing markets should also make an effort to comprehend the extent of consumer ethnocentrism and take into account the country of origin effect.
Technological Factors- To comprehend how new technologies affect the firm's value chain and current cost structure, Amcor Limited. must take into account the investments made by rivals on a micro and macro level. In a setting where creative disruption is prevalent, research and development efforts are crucial. Amcor Limited. should make investments in disruptive technologies in this environment to maximise earnings and reinvest those profits in disruptive technologies in the future. The lifecycle of developing new products has been shortened by the adoption of new technology. New products are created swiftly today, and supply chain partners have more clout as well. It puts pressure on the rigid plastic packing market to create new goods fast, diversify its product line, incorporate flexibility into the value chain, and cultivate positive commercial relationships with partners in the chain.
Environmental Factors- Weather and climatic changes can have an impact on how effectively businesses operate. For instance, severe weather might raise operating costs and force a rigid plastic packing market to make the value chain more adaptable. These modifications may also affect consumer buying habits, which would need a firm to adjust its product and marketing tactics. The use of green/eco-friendly items is becoming more popular. Amcor Limited. can seize the chance and implement green business strategies to gain the confidence of stakeholders. Priorities for product innovation are changing as a result of regulatory organisations' emphasis on ensuring conformity with environmental standards. Amcor Limited. must place more emphasis on promoting the eco-friendliness of their products than on conventional value propositions.
Legal Factors- Since certain nations have strong requirements to maintain labour safety, Amcor Limited. must abide by the laws governing employee/labor health and safety. rigid plastic packing market has an ethical and moral duty to give its employees a safe working environment. In a similar vein, anti-discrimination laws (such as equal employment opportunity laws) also need to be carefully considered when developing human resource practises as discriminatory lawsuits against employers harm the organisational image and affect organisations' capacity to attract and retain talent. The privacy and security concerns of consumers have made data protection a crucial issue. To protect client data, the rigid plastic packing market must research data protection laws. Laws are also in place to limit prices, guarantee a particular level of quality, and shield customers from deceptive marketing promises.
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