Rigid Plastic Packaging Market Exploring Huge Opportunities with Top Companies Amcor Limited, DS Smith Plc, Berry Plastics Corporation

According to a new report published by Allied Market Research, titled, “Global Rigid Plastic Packaging Market by Material, Production Process, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global rigid plastic packaging market was valued at $180.0 billion in 2020 and is expected to reach $270.5 billion by 2028, registering a CAGR of 4.9% from 2021 to 2028. In 2020, Asia-Pacific dominated the global rigid plastic packaging market accounting for 36.53% share.

The global market growth is expected to be driven by surge in adoption of rigid plastic packaging in the food & beverage industry and rise in demand for foodie bags, bottles, and containers from the healthcare industry. Key market players aim to explore new technologies and products to meet increasing customer demands. Product launch and business expansion are expected to enable them to expand their product portfolios and penetrate different regions.

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Emerging economies provide lucrative opportunities to market players for growth and expansion. For instance, in October 2019, DS Smith launched new UpTap bottle closure through its subsidiary company Worldwide Dispensers. UpTap closure can be used for juices, oils, and water. This product features 48% less plastic usage during manufacturing. In addition, there has been an exponential rise in the packaging industry in economies such as China and India, which drive the demand for high-performance extruded plastic packaging films, thereby driving the growth of the rigid plastic packaging market. . For instance, the packaging industry in India is expected to grow with a CAGR of 26.7% from 2021 to 2026.

KEY PLAYERS:

• ALPLA-Werke Alwin Lehner GmbH & Co KG
• Amcor Limited
• DS Smith Plc
• Berry Plastics Corporation
• Klöckner Pentaplast
• Plastipak Holdings, Inc.
• Pactiv Evergreen Inc
• Sealed Air Corporation
• Silgan Holdings, Inc.
• Sonoco Products Company.

COVID-19 Impacts Analysis:

The outbreak of COVID-19 pandemic had led to partial or complete shutdown of production facilities, which do not come under essential goods, owing to prolonged lockdown in major countries such as the U.S., China, Japan, India, and Germany. It has led to either closure or suspension of their production activities in most of the industrial units across the world. This halt in production activities impacted the revenue of rigid plastic packaging companies. For instance, net sales of DS Smith Plc. dropped by 5.5% from March 2019 to March 2020. In addition, during the pandemic situation, rise in demand for sanitizer containers, medical, and vaccine containers boosts the sales of rigid plastic packaging companies. For instance, the sales of Berry Global Inc. increased by 31.9% from June 2019 to June 2020. Moreover, in 2021, with the availability of vaccine against COVID-19, the global rigid plastic packaging market is expected to witness gradual growth.

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Regional Analysis:

Region wise, the global rigid plastic packaging market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is projected to acquire the leading position in the rigid plastic packaging market throughout the forecast period.

Key Findings Of The Study:

• The report provides an extensive analysis of the current and emerging global rigid plastic packaging market trends and dynamics.
• Depending on material, the PET segment was the largest revenue generator in 2020.
• By production process, the injection molding segment generated the highest revenue in 2020.
• On the basis of end-user industry, the food & beverage segment accounted for the highest revenue in 2020.
• Region wise, Asia-Pacific is anticipated to dominate the global rigid market throughout the study period.
• The report provides an extensive analysis of the global rigid plastic packaging market trends and emerging opportunities of the market.
• The global rigid plastic packaging market forecast analysis from 2021 to 2028 is included in the report.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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This release was published on openPR.