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Rigid Packaging Market 2016 – Industry Trends and Forecast to 2024
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Asia Pacific to Lead Global Rigid Packaging Market between 2016 and 2024
According to the research report, the global rigid packaging market is likely to register a CAGR of 3.2% during the forecast period of 2016 and 2024. The market is projected to reach a valuation of US$755.9 bn by the end of 2024 from US$589.1 bn in 2016. Out of the various materials, the paper and paperboard segment is expected to dominate the global market as it held a share of 72% in the overall market. Geographically, Asia Pacific is expected to lead the pack in the coming years as it estimated to register a CAGR of 3.8% between 2016 and 2024.
The global rigid packaging market has been thriving over the past few years due to the consistently growing opportunities for end users. The high uptake of advanced packaging methods and materials in industries such as pharmaceutical and chemicals has been instrumental to the positive trajectory of the global market. The market’s growth will be propelled by the burgeoning automotive industry, especially in the emerging economies, that are in constant need for lubricants. The growing demand for high-valuable reusable packaging solutions is also likely to fuel the rise of the global rigid packaging market. In light of this trend, the demand for kegs, pails, and drums along with other types of bulk packaging solutions are expected to draw attention. Industries selling liquid products will heavily rely on rigid packaging solutions.
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Innovation in Packaging Materials to Augment Demand
The demand for rigid packaging is also expected to be high in the chemicals industry due to the volatile nature of the materials that requires efficient packaging. Rigid packaging materials are can be recycled, reused, and are durable, all of which are promoting their sale. The rise of e-commerce and trade has augmented the demand for rigid secondary packaging to protect the goods during transport and shipping. Emerging economies such as Brazil, India, Russia, and China are also expected to provide a significant impetus to the global market due to rising number of industries that demand excellent packaging solutions. Innovation in packaging materials, which has made their sustainable has proven to be a key market driver for the overall market.
On the downside, the global rigid packaging market is being held back by a few factors. Currently, the key factor restraining the market growth is the technological challenge involved in production of rigid packaging products. In comparison to flexible packaging, rigid packaging is higher in weight, cost, and requires bigger storage area. There is no technology to make it at par with flexible packaging, which is why flexible packaging continues to have a wider application area.
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