Rigid Plastic Packaging Market Size, Analysis And Forecast To 2030

(MENAFN- Straits Research) Introduction

Rigid plastic refers to an item predominantly composed of plastic resin, has a somewhat rigid established shape or form, and is capable of holding its shape or form during frequent usage, whether empty or full, regardless of the product it contains or other external support. Plastic materials are used in rigid plastic packaging to manufacturing boxes, trays, containers, and other plastic packages. Plastic is one of the most popular packaging materials due to its distinctive visual appeal and long-lasting sturdiness. Unique advantages given by rigid plastic packaging, such as better impact resistance and enhanced rigidity, serve as a significant market driver. Although rigid packaging has been for some time, it is continually evolving to meet the needs of a changing consumer base.

Market Dynamics Increased Consumption of Consumer Goods and Advancements in Recycling Rates to Drive the Global Rigid Plastic Packaging Market

Over the past quarter-century, the consumer-packaged goods (CPG) industry has undergone significant growth. The surge in consumer spending in developing nations is one of the main drivers fueling the expansion of the CPG industry. For instance, between 2019 and 2023, consumer spending in the United Kingdom is anticipated to expand at a rate of 5.8%. The consumer products business encompasses various retail and wholesale items, such as electronics, luxury goods, apparel, fences, and deck railings. Due to their demanding schedules and chaotic lifestyles, consumers need easy packaging to transfer and utilize. The packaged consumer goods industry is anticipated to grow due to rising consumer spending, even though the things consumers purchase depend on the state of the economy.

In addition, the consumer goods industry is increasingly fragmented, with packaging and product differentiation crucial elements. Thus, it is projected that the market for rigid packaging will expand in unison with the growth of the consumer products sector. In addition, the reuse and recycling of packaging materials have garnered significant global attention during the past few years. PET and HDPE milk bottles are commonly observed to be recycled. Recycling rigid plastic packaging minimizes the demand for raw materials, reducing air and water pollution and the emission of greenhouse gases. For rigid plastic packaging, significant recycling rates have been recorded. Numerous governments and industry players have created recycling-based plans to decrease plastic waste.

Between 2014 and 2024, global e-commerce revenues are expected to rise by 8.1%. The advent of e-commerce offers immense potential for future global retail growth, which stimulates the expansion of the rigid plastic packaging business. In recent years, technological advancements have increased the number of people who shop online. The rigid plastic packaging sector is cutting its supply because it is technologically savvy and has adapted to the challenges posed by e-commerce compared to traditional sales channels.

Packaging companies manufacture robust packages to withstand the frequently complex manual and automated supply networks required to deliver items to consumers' doorsteps. Therefore, it is envisioned that throughout the forecast period, the growth of the e-commerce industry would offer the rigid plastic packaging market enticing growth possibilities.

Regional Insights

The Asia Pacific will command the market while expanding at a CAGR of 5.6%. Rising nations in the Asia-Pacific area, including China, India, Vietnam, Australia, and Indonesia, are the market leaders for rigid packaging. In several Asia-Pacific countries, rigid plastic packaging demand has remained positive and consistently robust due to rising consumer disposable income, expanding urbanization, and increased consumption of cosmetics, food, beverage, and dry goods.

According to Plastics Europe, a European business organization, Asia-Pacific yearly produces 359 million tons of plastic, of which 38% is used for consumer goods. On the other hand, China prohibited the import of plastic for recycling, as it would negatively impact the growth of the rigid plastic packaging business. The region's booming e-commerce business is one of the key growth drivers in the Asia-Pacific region. In addition, the growing adoption of rigid plastic packaging in the food and beverage industry throughout the forecast period may benefit the market.

Europe is predicted to expand at a CAGR of 4.23% and hold USD 72,939 million. Increasingly, the growth of the European market is dependent on the packaging, which has become an indispensable component. An efficient supply chain is utilized to channel the influence of rigid plastic packaging solutions to give value and meet continually increasing consumer needs. As a result of environmental concerns, governments in western Europe are addressing the problem of plastic packaging waste and recycling.

The increasing use of recycled plastic materials in packaging applications by European packaging companies is one of the primary reasons driving the industry. In addition, packaging companies have shifted their focus to using lightweight materials for packagings, such as high-density polyethylene, which can save transportation and material handling expenses. Europe's economic prosperity has unwittingly benefited the rigid plastic packaging industry by expanding the consumer market. It is envisioned that the growth of the automotive, electrical appliance, and packaging industries will increase the adoption of rigid plastic packaging solutions, hence accelerating the rise of the market for rigid plastic packaging in Europe.

Key Highlights

• The global rigid plastic packaging market had a revenue holding of USD 1,93,358 million in 201. It is expected to reach USD 2,97,911 million by 2030, growing at a CAGR of 4.92% during the forecast period (2022-2030).
• Based on the material, the polyethylene terephthalate section will likely have the highest shareholding, expanding at a CAGR of 5.3%.
• Based on the production process, the injection molding section will likely have the highest shareholding, expanding at a CAGR of 5.13%.
• Based on the end-user industry, the food & beverage section is forecasted to hold the largest share, growing at a CAGR of 4.5%.
• Based on the regional analysis, the Asia Pacific will command the market while expanding at a CAGR of 5.6%.