Global Rigid Plastics Packaging Market to Surpass USD 203.42 billion by 2030 Driven by Increasing Demand for Durable Plastic Packaging
SkyQuest projects that the global rigid plastics packaging market will attain a value of USD 203.42 billion by 2031, with a CAGR of 5.5% during the forecast period (2024-2031). One of the major factors driving the global rigid plastics packaging market expansion in recent years is the increasing demand for durable plastic packaging by the healthcare industry. The healthcare industry uses hard plastic packaging to protect medicines from infection. Chemical packaging must comply with international safety regulations. Consequently, rigid plastics are ideal for pharmaceutical installations due to their properties, which also include strength, light weight, purity and clarity.
Westford, USA, Feb. 20, 2024 (GLOBE NEWSWIRE) — Some extended uses of polypropylene include medicine bottles, bottle caps and closures, and ketchup and syrup bottles. Unilever, for example, introduced ice cream in containers made from recycled PP plastic under the Magnum brand, a first for the global rigid plastics packaging market. The move was part of the company’s ambitious plan to make at least 25% of plastic packaging by 2025 from recycled materials.
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Browse in-depth TOC of “Rigid Plastics Packaging Market”
● Pages – 157
● Tables – 131
● Figures – 77
Governments in developing countries are increasingly concerned about environmental protection, measures have been taken to promote sustainable packaging. This Act prohibits companies from purchasing products manufacturing products that do not meet environmental standards, input costs have increased, increase operating costs in the global rigid plastics packaging market.
Prominent Players of Global Rigid Plastics Packaging Market
- 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
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Bottles and Jars Segment to Dominate Market Owing to Increasing Growth in Beverages
The bottles and jars segment recorded the strongest share of the global rigid plastics packaging market during the forecast period. The growth in segmentation is driven by significant growth in beverages, cosmetics and pharmaceuticals globally. The increasing consumption of dairy products, sodas and soft drinks across the globe has also had a positive impact on market growth. The Campaign for Rural England predicts that 2 billion pots of alcohol will be produced and sold worldwide each year. For every person on earth, that equates to more than five a week and it keeps growing every year.
Asia-Pacific has the largest market share in the global rigid plastics packaging market. Owing to their expanding economic and economic activities, the rigid plastic packaging industry is predicted to grow in countries such as China and India Besides, the expanding population of these countries provides a market for an important for FMCG products and consumer durables, to fuel the expansion of durable plastic packaging.
PE Segment to Witness Significant Growth Owing to Increasing Demand for Polyethylene
The PE segment recorded the strongest share of the global rigid plastics packaging market during the forecast period. Polyethylene produced by medium or low-pressure processes is referred to as ‘high-density polyethylene; widely used in the plastic packaging industry. By 2021, global demand for polyethylene was expected to reach 50 million tonnes, with a 59 million tonne increase in production capacity. Polyethylene is the most common polymer used in packaging and other materials.
North America in the global rigid plastic packaging market was valued at $54.67 billion last year. It is expected to register a CAGR of 1.33% during the forecast period amounting to US$ 59.46 billion over the next five years. As consumption and manufacturing in the consumer and industrial sectors increases, there is a demand for durable plastic packaging that can withstand extreme conditions without compromising product quality demand is increasing.
A comprehensive analysis of the major players in the global rigid plastics packaging market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments of Global Rigid Plastics Packaging Market
- In June 2022, the project by US-based WWP Beauty will be completed has teamed up with OceanWorks to help customers incorporate recycled ocean plastic into their products. They will provide environmentally friendly beauty packaging made from OceanWorks ocean plastic.
- Siegwerk, a global supplier of printing ink coatings for packaging applications and labels by June 2022, recently announced a new development, an improved ink especially for rigid plastic packaging that is especially useful in industrial and mechanical recycling.
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Key Questions Answered in Global Rigid Plastics Packaging Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market’s future growth?
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