Published: Jan, 2018
The worldwide rigid packaging market projects a highly competitive and fragmented market scenario, where the key players record a significant amount of shares in overall market. The medium-scale and small players in different regions are emerging as a threat to the development prospects of large organizations. Major merchants, for example, Ball Corporation, Crown Holdings, ALPLA Werke Alwin Lehner GmbH and Co KG, Tetra Pak, and Reynolds Group have concentrated their qualities and assets on merging the market by obtaining small and solid players in regional markets. Material and design advancement additionally get much stressed upon from organizations that are willing to set up their position in the market. The worldwide rigid packaging market is depicted by the emergence of numerous sellers. The expansion in the variety of item or service extensions and developments in innovation will reinforce the competitive condition of the market. Firms are progressively embracing acquisitions and mergers to improve their item portfolio.
According to a recent report by Transparency Market Research, the worldwide rigid packaging market will display a robust CAGR of 3.2% over the forecast period from 2016 to 2024, ascending from a valuation of US$589.1 bn in year 2016 to worth US$755.9 bn before the finish of year 2024. Paperboard and plastic and paper section are relied upon to represent the 70% of the rigid packaging market by product type. Increased use of tobacco items and the utilization of glass for alcohol drink packaging is relied upon to support the rigid packaging market. Asia Pacific is expected to lead the rigid packaging market and is evaluated to ascend at a strong CAGR of 3.8% over the forecast time frame.
Glass Packaging Application to be a Key Driver for Rigid Packaging Market
One of the key drivers that will fortify development of the market amid the anticipated period is the rising demand for glass packaging. The Asia Pacific is experiencing an expanding interest for glass since it is eco-friendly and aesthetic values. It is likewise reusable, sterile, tough, chemically stable, flexible, and non-penetrable. Glass packaging in the rigid packaging industry is favored since it can be utilized to pack refreshments, food items, pharmaceutical items, beautifying agents, and so on. The recyclable life of glass is boundless and can be reused inside 30 days to make another jug. Additionally, it has been observed that the measure of carbon dioxide emission can be lessened by replacing plastic packaging materials with glass as a packaging source.
In the previous years, the market for rigid packaging has hugely expanded from the rising interest for various rigid packaging items around sectors, for example, pharmaceuticals and packaged food and refreshments. In rising economies, particularly, the huge ascent in urban crowd, change in the ways of food consumption, busy lifestyle, and rise in disposable wages have promoted the consumption of packaged food and refreshments. For the busy population seeking comfort of eating has become increasingly prominent, by using plate, boxes, and jars, which permit eating directly out of them. This pattern is relied upon to demonstrate significant improvement in the rigid packaging market.
Demand by Pharmaceutical Industry for Transportation and Storage to Support Market Growth
The pharmaceutical business additionally keeps on demanding a huge variety of rigid packaging items in order to secure the medicines while storage and transportation. With promising development scope for worldwide pharmaceutical segment, the increase in demand for rigid packaging is additionally anticipated to emerge profitable. Vendors are striving to manufacture biodegradable packaging materials because of the rising number of environmental mandates. Additionally, the developing awareness among end-users about the natural advantages of biodegradable materials, for example, polyhydroxyalkanoate, will distinctly impact the market's development.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Rigid Packaging Market (Material - Plastic, Metal, Glass, Wood, and Paper and Paperboard; Product - Trays, Boxes, Containers and Cans, and Bottle and Jars; Application - Food and Beverages, Chemical and Petrochemical Industry, Consumer Goods, and Healthcare and Pharmaceuticals) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
Rigid packaging market segmentation is below
Rigid Packaging Market – By Material Type
- Paper & Paperboard
Rigid Packaging Market – By Product Type
- Containers & Cans
- Bottles & Jars
Rigid Packaging Market – By Application Type
- Food & Beverages
- Chemical & Petrochemical Industry
- Consumer Goods
- Healthcare & Pharmaceuticals
- Other Industries
Rigid Packaging Market – By Region Type
- North America
- Latin America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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