LOS ANGELES, April 16, 2020 /PRNewswire/ — According to Acumen Research and Consulting, the global rigid plastic packaging market size is poised to reach around US$ 772 Bn by 2027 with CAGR of 6%.
Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Rigid Plastic Packaging Market (By Type: Bottles & jars, Rigid bulk products, Trays, Tubs, cups, & pots, Others (blister & clamshell packs and rigid plastic tubes); By Production Process: Bioplastics, Polyethylene (PE), Polyethylene Terephthalate (PET), Polystyrene (PS), Polypropylene (PP), Polyvinyl Chloride (PVC), Expanded Polystyrene (EPS), Others (PC, PLA, Polyamide); By Application: Food, Beverage, Healthcare, Cosmetics & toiletries, Industrial, Others (consumer goods, agricultural and homecare)) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027″.
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The global demand for rigid plastic packaging has significant expansion during forecast period, led by specific properties such as flexible, lightweight, and durable rigid plastic packaging. Furthermore, rigid plastic packaging maintains the products remain safe for a long period of time. In addition, the changing lifestyle and growing consumption costs of packaged products are leading to the projected growth over the forecast period in the global rigid plastic packaging market. Increasing environmental concerns have led to an increase demand for recyclable products and thus paved the way for the development of numerous recyclable plastics infrastructures, which in turn accelerate the growth of the rigid plastic packaging market. Across a variety of industries, such as food & beverage, pharmacy and personal care, rigid plastic packaging is used.
Asia-Pacific to Hold the Largest Market Share
The Asia Pacific held the maximum market share in 2019 and expected to grow during forecast period this is due to emerging economies of China and India. Increasing demand of rigid plastic in various applications such as beverage, food, and healthcare sectors is driving the growth of market. The rise in the plastic packaging industry in the Asia-Pacific is likely to boost demand for consumer products through factors including rising disposable income, higher consumer spending and rising population demand. In addition to customer demand for comfort, manufacturers are launching innovative packaging designs, sizes and features. Asia-Pacific is also an interesting and competitive region for packaging manufacturers with rising numbers in oral and skin care, specific categories such as men’s care and baby care.
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Market dynamics
The rapid development in the rigid plastic packaging market fuels increased recycling rates for packaging. Recycling eliminates raw material consumption, reducing water and air emissions which help in reducing greenhouse gases. Reuse and recycling of the materials has hold major of the market share of global rigid plastic packaging market. The non-biodegradable characteristics of rigid plastic packaging have been shown to have a significant environmental effect and this may serve as a limitation to growth over the forecast period on the rigid plastic packaging market. However, some manufacturers use renewable raw materials to make rigid plastic packaging forms with synthetic materials. This trend is likely to reduce the environmental risks associated with rigid plastic packaging.
Volatility in raw material prices
Raw material pricing provides a significant challenge to market growth. Crude oil is the key raw material used for the manufacturing plastic products and variations in crude oil price influence final product prices. Fluctuations in the price of raw materials directly impact the manufacturing prices of plastics like rigid transparent plastics and affect vendor’s profit margins.
The global automotive Label market is include major players are ALPLA-Werke Alwin Lehner GmbH & Co KG, DS Smith Plc, Klöckner Pentaplast, Berry Plastics Corporation, Plastipak Holdings, Inc., RPC Group Plc, Reynolds Group Holdings, Silgan Holdings, Inc., Sonoco Products Company, and others.
Recent Developments
In June 2019, ALPHA and PPT Global Chemical (GC) is a partner to do research for the construction of a recycling plant in Thailand.
In February 2019, Amcor Limited has launched Genesis for the recyclable laminate solution. It is designed to accommodate a broad variety of categories from fresh fruits and vegetables, frozen produce, dried fruits, nuts, desserts, baked goods and animal food.
In January 2019, Amcor Limited acquired Danone to develop a latest spoonable yogurt which was sold in Argentina.
Target Audience
- Traders, distributors, and suppliers of rigid plastic packaging
- Importers and exporters of rigid plastic packaging
- Manufacturers of rigid plastic packaging
- End users (food & beverage, healthcare, and cosmetics & toiletries industries)
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