Growth of Packaging Industry Triggers By Rigid Plastic Packaging Innovations
The Rigid plastic packaging, as the name suggests, solely involves the usage of plastic material; it has a relatively inflexible shape or form. The global rigid plastic packaging market has exhibited considerable growth during the past few years, driven by the various beneficial properties of rigid plastic packaging, such as it is light weight, supple, and durable.
The rigid plastic packaging market is expected to be driven by the growth in adoption of rigid plastic packaging in the food & beverages industry, and rise in demand from the healthcare industry. Key market players in rigid plastic packaging market aim to explore new technologies and products to meet the increasing customer demands. Product launch and business expansion are expected to enable them to expand their product portfolios and penetrate different regions. Emerging economies provide lucrative opportunities to market players for growth and expansion in market. 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.
Food and beverages is one of the fastest-growing industries globally, owing to changing lifestyles and consumer preference for eating on-the-go, ready-to-eat, frozen foods, and processed foods. The growth of the food industry in developing economies of Asia Pacific is expected to drive market growth globally.
In 2018, the Asia-Pacific region dominated the global rigid plastic packaging market, in terms of revenue, accounting for around 36.1% share of the global market, followed by Europe. In terms of material, the PET segment accounted for highest share in the overall global market in 2018. The PP segment is expected to witness a significant growth during the forecast period. The key factors that drive the growth of the global rigid plastic packaging market include rise in demand for affordable and recycled plastic products. However, uncertain raw material prices are expected to restrain the rigid plastic packaging market growth. By end-user industry, the food & beverage segment secured the highest share in the market in 2018. The personal care segment is expected to grow at the highest CAGR during the forecast period.
The key market players profiled in the rigid plastic packaging market report include ALPLA-Werke Alwin Lehner GmbH & Co KG, Amcor Limited, DS Smith Plc, Berry Plastics Corporation, Klöckner Pentaplast, Plastipak Holdings, Inc., Reynolds Group Holdings, RPC Group Plc, Silgan Holdings, Inc., and Sonoco Products Company.
The major players such as DS Smith Plc, Berry Plastics Corporation, and Klöckner Pentaplast in global rigid plastic packaging industry focus on developing new products to strengthen their presence in the market. Moreover, these companies expand their business to sustain the intense competition. For instance, in September 2019, Amcor launched a new packaging innovation center in Albany, Ohio, U.S. The Innovation Center is supported by technical designers, specialists to work on new product concepts related to home and personal care rigid plastic products.
Key market players in the market have developed affordable rigid plastic packaging to reach a wider customer base. For instance, in August 2019, Amcor developed new range of polyethylene terephthalate (PET) bottles for the Age’s Salzburg craft beer brand in Brazil. These bottles provide a shelf life of up to 4 months , with 100% recycling. Based on material, the PET segment dominated the global market, whereas PP segment is expected to grow during the forecast period.