Global Rigid Packaging Market- Global Specialty Paper Market Analysis, Share, Trends and Forecast by 2024Rigid packaging is an important as of the overall packaging market. It is extensively used for protecting various types of products from physical shocks and damage. The excellent durability of rigid packaging is the primary reason why is it used for packing volatile and highly reactive products along with other types of products. The global rigid packaging market is estimated to be worth US$166.8 bn by the end of 2024 as compared to US$589 bn in 2016. Over the forecast years of 2016 and 2024, the global market is likely to register a CAGR of 3.2%. Rigid packaging is known for being robust form of packaging which can adhere significant amount of load and insulate a reactive product from the external environment without contaminating the product.
Applications where flexible packaging fails to compete with the rigid packaging such as liquid packaging, chemical packaging, bulk packaging, heavy duty packaging, secondary packaging is the key driver for the rigid packaging market. Expansion of the geographic customer base of the companies is increasing the global trade and the need for protecting the goods during shipping is generating the demand for rigid packaging market. Materials such as metal, glass, paper & paperboard used in rigid packaging are reusable and recyclable and together they contribute for over 60% of the rigid packaging market.
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Paper and Paperboard Segment Paces Ahead as Demand for Paper for Packaging Spikes
On the basis of material, the global rigid packaging market is segmented into plastic, metal, wood, glass, and paper and paperboard. Of these, plastic and paper and paperboard segment are expected to account for the 70% of the rigid packaging market by material type. Increased consumption of tobacco products and the use of glass for alcoholic beverage packaging is expected to boost the rigid packaging market. Furthermore, paper and paperboard are manufactured in varying grades to match the required standards, which is also expected to favor market growth.
Rigid packaging is predominantly used in industries such as food and beverage, consumer goods, healthcare and pharmaceuticals, chemical and petrochemical industries and other industries. Out of these, the food and beverage is expected to account for over 1/3rd of the rigid packaging market while exhibiting a CAGR of 3.6% over the forecast period. China is the largest consumer for soft drinks hence is expected to contribute largest value share for bottles and jars segment.
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Asia Pacific to Lead Global Rigid Packaging Market
From a geographic point of view, Asia Pacific region is anticipated to lead the rigid packaging market and is estimated to rise at a CAGR of 3.8% over the forecast period. Europe is expected to follow the APAC region in terms of value. On the other hand, MEA is expected to be the smallest but second most attractive market over the forecast period. North America is the third largest consumer for rigid packaging market. However, the region is seeing significant shift from the rigid packaging to flexible packaging. Latin America is expected to contribute only more than the MEA region over the forecast period.
Key Players for the rigid packaging market include Amcor Limited, Sealed Air Corp., Resilux NV, Bemis Company, Inc., Berry Plastic Group, Inc., Reynolds Group Holdings Ltd., Georgia-Pacific LLC, DS Smith Packaging Limited, Holmen AB ADR and Mondi Group.
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