CHICAGO, May 19, 2021 / PRNewswire / – According to the new market research report, Rigid Plastic Packaging Market By Raw Material (PE, PET, PP, PVC, EPS, PS, Bioplastics), Type (Bottles And Jars, Trays, Mugs, Mugs And Pots), Production Process (Extrusion , Injection Molding), Application and Region – Global Forecast to 2026, “published by MarketsandMarkets ™, Rigid Plastic Packaging market size is projected to be by $ 198.9 billion in 2021 to $ 250.2 billion by 2026 with a CAGR of 4.7% in the forecast period.
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Due to its diverse applications in end-user industries such as beverages, food and healthcare, the market is expected to see significant growth in the future. The global rigid plastic packaging market is driven by factors such as strong demand in large Asia Pacific Markets such as India and China and increasing demand from the food and beverage packaging industry.
The bottles and jars segment is expected to lead the global rigid plastic packaging market by 2026
The Bottles & Jars segment acquired the largest share of the market for rigid plastic packaging in terms of value in 2020 and is expected to grow with the second-highest CAGR in the forecast period. Rigid plastic bottles are used to package various products such as water, juices, carbonated soft drinks, cosmetics, food, personal care products, and pharmaceutical products. Most of these bottles and jars are made from PET, PE, PP, HDPE, PS and PVC. The thriving retail trade combined with the rise in consumer disposable income. The growing population, increasing urbanization and increasing demand for beverages and household care products are fueling market growth.
The extrusion segment is expected to lead the rigid plastic packaging market during the forecast period
The extrusion segment is expected to lead the rigid plastic packaging market during the forecast period. The process enables a variety of tool profiles that enable manufacturers to produce parts and products with a variety of simple to highly complex continuous cross-sections. The extruded roll material is ready for thermoforming with no curing time required. Because the extrusion process often uses thermoplastics that can repeatedly go through the melting, molding, and curing processes, the overall material and disposal costs for an extrusion process are lower than other molding processes.
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The Asia Pacific is expected to hold the largest share of the rigid plastic packaging market in the forecast period
The Asia Pacific Region had the largest share in 2020 and is also expected to experience the highest growth rate in the forecast period. Countries like India and China Due to the growing development activities and the rapid economic expansion, high growth is expected in the market for rigid plastic packaging. In addition, the growing population in these countries represents a huge customer base for FMCG products and consumer durables, which in turn should lead to growth in the rigid plastic packaging market.
Key factors such as industrialization, growing convenience food industry, increasing production activities, increasing disposable income, increasing consumption levels and growing e-retail sales have contributed to the growth of the rigid plastic packaging market in the forecast period.
The main players in the rigid plastic packaging market are Amcor (Switzerland), Berry Global Group Inc. (USA), Pactiv LLC (USA), Silgan Holdings (USA), Sonoco Products Company (USA), ALPLA-Werke (Austria), SABIC (Saudi Arabia) and Plastipak Holdings (USA). These players have pursued various growth strategies in order to expand their global presence and increase their market share.
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