Market Overview
In its research report, Market Research Future (MRFR), emphasizes that the global rigid plastic packaging market 2020 is expected to grow exponentially over the review period, securing a substantial market valuation and a healthy CAGR over the review period.
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Drivers and Restraints
Diverse factors drive the market, such as increased consumption of processed foods & drinks, and innovation in rigid packaging. For these developing countries the higher disposable income raises buying power. Nonetheless, there are various constraints on the market for rigid plastic packaging, such as fluctuating costs of raw materials and recycling and environmental issues. In the forecast era, the global demand for rigid plastic packaging is projected to rise at a CAGR of 5.6 per cent.
Segmental Analysis
The global market for Rigid plastic packaging was segmented based on content, application, and area.
The market is segmented based on content, including Bio plastics, Polyethylene Terephthalate (PET), Polyethylene (PE), Polyvinyl Chloride (PVC) and others. Polyethylene dominates the market's consumer category, and is expected to be the fastest growing type of products.
The market is segmented as Extrusion, Injection Molding, and others based upon the manufacturing process. Market segment is dominated by injection molding processes. The most widely used manufacturing method for the manufacture of plastic parts is injection molding. It is used mainly because of factors such as faster manufacturing process and low waste volume. Extrusion is another significant fabrication method as well.
The industry was segmented upon application as Food & Beverages, Healthcare, Personal Care, Industrial Packaging and Others. The application segment of the market is dominated by food & beverages and is projected to be the fastest growing application segment. Growing population coupled with rising food and beverage demand, drives market growth.
On the basis of product, the market has been segmented as tubs, trays, bottles & jars, cups and others. Material divisions are dominated by bottles & cans. Many items are packaged with bottles, such as juices, beer, carbonated soft drinks, food products and others. The demand for bottles and jars is driven by factors such as expanding global population, growing urbanization and increased demand for beverages and household care products.
Competitive Analysis
The market is observed to be on a hot streak of expansion in the forecast period. The market players are expected to contribute in a significant way to the progress of the market by investing capital and fortifying their assets and competencies in the market to match the pulse of the market. The customer inclinations are projected to define the growth of the global market more than ever in the coming years. The intensive attention focused on research and development activities are projected to open up new areas for development of the market in the forecast period. The robust marketing activities undertaken by the contenders in the market are inspiring the next steps for market development in the forecast period. The improved backing by government and trade bodies are creating a favorable pace of growth in the market. The control of overhead costs is projected to motivate the market in the forecast period.
The well-known companies in the in the rigid plastic packaging market are Bemis Company, Inc. (U.S.), RPC Group Plc (U.K.), Reynolds Group Holdings (New Zealand), Amcor Limited (Australia), Sealed Air Corporation (U.S.), .), Linpac Packaging Limited (U.K.), Berry Plastics Corporation (U.S.), Silgan Holdings, Inc. (U.S.), Coveris Holdings S.A. (Luxembourg), Plastipak Holdings, Inc. (U.Sand Consolidated Container Company (U.S.).
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Regional Analysis
The geographical synopsis of the global market has been conducted in four major regions, includingNorth America, the Asia Pacific, Europe, and the rest of the world.
Asia Pacific dominates the global market for rigid plastic packaging and North America follows. The fastest growing area for the industry is projected to be the one. It includes countries like China, India, and Japan which lead to the export of goods to different parts of the world. Increasing industrialization and urbanization in developing countries like China and India is providing demand boosting. In addition, the availability of raw materials and low labor costs together allow a positive impact on the growth of the industry. China accounts for the biggest share of the Asia Pacific region's rigid plastic packaging market. North America is the second-largest business area. Increased soda intake is fuelling demand growth. It is also predicted that Latin America and the Middle East & Africa regions will experience high growth over the forecast period due to increasing demand from the manufacturing and e-commerce market. The expected contribution of the European region during the forecast period is important.
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