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.
Request a Brochure to get extensive insights into the Rigid Industrial Packaging Market
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.
Stuck in a neck-to-neck competition with other brands? Request a custom report on “Rigid Industrial Packaging Market”
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.