The Future is Bright For Global Rigid Plastic Packaging Market Industry & Revenue

Northbrook, IL, USA, 2021-Oct-06 — /EPR Network/ —

The global rigid plastic packaging market is projected to grow from USD 198.9 billion in 2021 to USD 250.2 billion by 2026, at a CAGR of 4.7% during the forecast period. The market is expected to witness significant growth in the future due to its multiple applications in end-use industries such as beverage, food, and healthcare. The global rigid plastic packaging market is driven by factors such as strong demand in major Asia-Pacific markets such as India and China and increasing demand from food & beverage packaging industries.

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Rigid plastic packaging is defined as any plastic package having a relatively inflexible shape or form, with a minimum capacity of eight fluid ounces, which makes it capable of maintaining its shape. Rigid plastic packaging is the aggregation of products such as HDPE bottles, PET bottles, jars, specialty cosmetic containers, and thin wall plastic containers.

The tubs, cups, & pots segment,by type, is projected to grow at the highest CAGR during the forecast period. Rigid plastic tubs, cups, and pots are used in the foodservice and retail industry to package anything from cream and dips to insecticides. Cups are precision thermoformed, which are sealed using a heat sealable flexible lid. These cups generally have flat edges for perfect seals. Some rigid cups also have rolled rims. These products are generally used to pack dairy products such as cream, yogurt, and dairy desserts. The segment is projected to witness the highest growth rate as a result of the growing demand for single-serve packs and properties such as cost-effectiveness, portion control, and less environmental impact.

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The PE segment, by raw material, accounted for the largest share in the rigid plastic packaging market, in terms of value. Polyethylene is produced by the polymerization of ethylene and can be self-sealed under controlled heat. It is highly durable, versatile, and resistant to moisture and light. It is therefore widely used in rigid plastic packaging. Polyethylene provides a good barrier against moisture but a relatively poor one against oxygen and other gases. Low-Density Polyethylene (LDPE) and High-Density Polyethylene (HDPE) are used for manufacturing blister packs.High-Density Polyethylene (HDPE) is a cost-effective thermoplastic with a linear structure and no or low degree of branching. It is manufactured at low temperature (158–572°F) and pressure (10–80 bar) and is derived from either modifying natural gas (a methane, ethane, propane mix) or the catalytic cracking of crude oil into gasoline.

In terms of geographic coverage, the rigid plastic packaging market has been segmented into five regions, namely, North America, the Asia Pacific, Europe, the Middle East and Africa, and South America. The Asia Pacificregion accounted for the largest share in 2020 and is also projected to record the highest growth rate during the forecast period.Countries such as India and China are expected to post high growth in the rigid plastic packaging market due to growing developmental activities and rapid economic expansion. In addition to this, the growing population in these countries presents a huge customer base for FMCG products and consumer durables, which, in turn, is expected to lead to the growth of the rigid plastic packaging market.

Key factors such as industrialization, growing convenience food industry, rising manufacturing activities, increasing disposable income, rising consumption level, and the growing e-retail sales have contributed to the growth of the rigid plastic packaging market during the forecast period.