Press release
Rigid Packaging Market is projected for significant growth of $307.14 Bn with a CAGR of 6.4% over Forecast Period 2024-2033
Rigid Packaging Market Report
The Business Research Company offers in-depth market insights through Rigid Packaging Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The rigid packaging market size has grown strongly in recent years. It will grow from $223.47 billion in 2023 to $239.9 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to material innovation, consumer preferences, globalization, e-commerce boom, supply chain efficiency.
The rigid packaging market size is expected to see strong growth in the next few years. It will grow to $307.14 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to circular economy initiatives, evolving consumer demands, climate change mitigation, customization and personalization, rise of sustainable practice, logistics optimization. Major trends in the forecast period include sustainability initiatives, innovative materials and technologies, e-commerce impact, cost efficiency and supply chain optimization, brand differentiation.
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Market Segmentation:
The rigid packaging market covered in this report is segmented -
1) By Product Type: Boxes, Trays, Containers And Cans, Bottles And Jars, Other Product Types
2) By Raw Material: Polyethylene (PE), Polyethylene Terephthalate (PET), Polystyrene (PS), Polypropylene (PP), Polyvinyl Chloride (PVC), Expanded Polystyrenes (EPs), Bioplastics, Other Raw Materials
3) By Production Process: Extrusion, Injection Molding, Thermoforming, Other Production Processes
4) By Application: Food And Beverages, Chemical Industry, Cosumer Goods, Healthcare And Pharmaceuticals, Other Applications
Major Driver - Sustainable Revolution Driving Forces Behind Rigid Packaging Market's Growth
Growing need for environmentally friendly and sustainable packaging is expected to propel the growth of the rigid packaging market going forward. Environmentally friendly and sustainable packaging refers to packaging products and solutions that have the ability to reduce ecological impacts, preferably observed as an alternative to plastic packaging or other harmful metal packaging. Rigid packaging, such as cans, ampoules, and bottles, provides longer shelf life and excellent product protection, reducing food waste and the need for additional packaging. For instance, in 2022, according to the Ellen MacArthur Foundation, a UK-based non-profit organization aims to ensure 100% of plastic packaging is reusable, recyclable, or compostable, and to increase the share of post-consumer recycled content. Therefore, the growing need for environmentally friendly and sustainable packaging is driving the rigid packaging market.
Competitive Landscape:
Major companies operating in the rigid packaging market report are Amcor plc, Reynolds Packaging, Berry Global Inc., Sonoco Products Company, Sealed Air Corporation, Silgan Holdings Inc., Plastipak Holdings Inc., Consolidated Container Company, Ball Corporation, Georgia-Pacific LLC, Crown Holdings Inc., Bemis Company Inc., Holmen AB, Mondi plc, Amcor Group GmbH, Alpla Werke Alwin Lehner GmbH & Co KG, DS Smith Plc, Graham Packaging Company, Huhtamaki Inc., Albea Group, Pactiv LLC, Takween Advanced Industries, Al Jabri Plastic Factory, Anivive Lifesciences, Ardagh Group SA, Brambles Ltd., Grief Inc., IPL Plastics, Metals, QBiotics Group, Regeneus, SABIC, Schoeller Allibert, Torigen Pharmaceuticals, Vetropack Holding
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Top Trend - Focus On Strategic Partnership And Collaboration
Companies in the rigid packaging market are increasingly focusing on partnership and collaboration to improve their financial strength and product portfolio. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For example, in February 2023, TotalEnergies, a French multinational integrated energy and petroleum company, and Ecolab, an American corporation that develops and offers services, technology and systems that specialize in treatment, purification, cleaning and hygiene of water in a wide variety of applications, have partnered to launch plastic packaging incorporating recycled material for heavy-use purposes. The new product from the RE:use range - part of the RE:clic circular polymers portfolio - combines PCR with high-performing booster resin with the aim of enabling circularity while maintaining the same performance.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Rigid Packaging Market Characteristics
3. Rigid Packaging Market Trends And Strategies
4. Rigid Packaging Market - Macro Economic Scenario
5. Rigid Packaging Market Size And Growth
…..
27. Rigid Packaging Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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