Global Rigid Industrial Packaging Market: Overview
In the last few years, the global rigid industrial packaging market has seen a surge in demand due to numerous reasons. These include an increase in consumer demand to ship varied and sometime hazardous or environmentally sensitive products to locations that are far and wide. The only way logistics can handle this kind of load is through ensuring efficient and specialized packaging which players in the market are taking seriously, coming up with sturdy solutions regularly. As products that protect such material from unfavourable external factors, spillage or leakage, market is set to expand.
It comes as no surprise than that the global rigid industrial packaging market is set to see a steady CAGR (compound annual growth rate). As per the upcoming TMR, the market would see a notable improvement in value over the forecast period of 2019 to 2027.
The market, currently, is facing a demand for light and safe variants that are recyclable because environment is becoming more and more important for an increasing number of businesses. Therefore, with feeling the heat of this trend, manufacturers are investing in advanced technologies to mitigate negative effects.
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Global Rigid Industrial Packaging Market: Notable Development
The market is witnessing a dynamic competitive landscape. To add to it, there are new products hitting the market, demonstrating very high potential for future. Few are mentioned below.
- 2019: Berry completed RPCs acquisition (at a value of USD 6.5 bn) to become a giant force in the Global Rigid Industrial Packaging Market. While the latter has its expertise in recycling, the former has its expertise in dispenser technology. With the help of RPC, Berry can reach its Impact 2025 Sustainability Goals and accelerate growth in advantaged products domain. It is noteworthy that both companies are doing extremely well in their respective regions. RPC, in particular, has a strong foothold in developing nations that can increase Berry’s global footprint. With Berry’s know-how in material science and product development, the two companies are set to create one global leader in plastic packaging.
- 2017 – Development of Jockey Eco Concept is a testimony of how serious businesses are in terms of contributing to environment. By presenting their eco buckets at the IK Industrievereinigung Kunststoffverpackungen e. V’s management guide “eco design of plastic packaging” in Berlin on 12 June, Michael Schmitz orved the viability of the idea. The buckets contain 25% recycled materials as part of their design. The material was collected from beaches. The other 75% includes recyclable material from households.
Market for rigid industrial packaging is fragmented. Prominent players include Reynolds Group Holding, Amcor Limited, Bemis Company Inc, Sealed Air Corporation, Plastipak Holdings, Inc, Berry Plastics Corporation.
In order to be ahead of their competitors, players are investing in technology and innovation. Optimizing cargo space, while at the same time, maintaining safety standards is the key focus area for most. Other strategies include mergers and acquisitions, a measure quite popular with businesses looking to expand footprint.
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Global Rigid Industrial Packaging Market: Key Trends and Drivers
One of the biggest growth drivers in the global rigid industrial packaging market is rise in inter-continental trade. It has necessitated additional industries to use the said type of packaging. The industries mainly include cosmetics and processed food. With a change in lifestyle leading to an increase in awareness regarding personal grooming has led to a demand growth in cosmetics of the best of brands from across the globe. Similarly, hectic lifestyles are leading to a demand for more variants of processed food.
Global Rigid Industrial Packaging Market: Regional Analysis
In terms of growth, East Asia will take center stage. The rigid industrial packaging market is witnessing high growth in this region primarily because of rapid globalisation. This has led to a rise in the need to optimize logistics in worldwide distribution of freight. As the region experience an increase in original equipment manufacturers and significant expansion in the construction industry, growth will see a positive chart. Besides, quick adoption of advanced technologies and favourable government policies is fuelling it further.
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