Rigid Plastic Packaging Market to Reach $ 342,772.5 Million, Globally, by 2032 at 4.6% CAGR: Allied Market Research

Allied Market Research United Kingdom United States of America

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Prime determinants of growth

The rigid plastic packaging market has revolutionized consumer industries by introducing cost-effective innovations and design enhancements, bolstering brand differentiation and sales. Widely used in producing various items such as jars, bottles, cosmetics, and pharmaceuticals, materials such as HDPE, PP, PET, and PVC offer durability, cost-efficiency, and easy availability. In addition, surge in online retail has heightened the need for robust packaging to protect products during shipping. Trends like smaller households drive the demand for smaller pack sizes, increasing the packaging per consumed product unit. Overall, the rigid plastic packaging market thrives on innovation, adapting to changing consumer lifestyles and preferences, while regional dynamics play a significant role in market growth.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2020

$218,621.3 Million

Market Size in 2032

$342,772.5 Million

CAGR

4.6 %

No. of Pages in Report

220

Segments covered

Material, Production Process, End-user Industry, and Region

Drivers

Rise in global consumption of consumer goods

Improved recycling rates for packaging

Low cost of rigid plastics

Restraints

Shift toward flexible packaging.

Implementation of stringent regulations toward the use of plastic

Fluctuation in raw material prices

Opportunity

Rise in e-commerce sales globally

The polyethylene terephthalate (PET) segment to maintain its leadership status throughout the forecast period

Depending on material, the polyethylene terephthalate (PET) segment held the highest market share in 2022, accounting for more than two-thirds of the rigid plastic packaging market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the polypropylene (PP) segment is projected to garner the highest CAGR of 5.5% from 2023 to 2032, owing to high demand for polypropylene plastic packaging and their associated benefits such as prolonged durability, robust & economic nature, and easy availability.

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The injection molding segment to maintain its leadership status throughout the forecast period

On the basis of production process, the injection molding segment held the highest market share in 2022, accounting for nearly half of the rigid plastic packaging market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the benefits associated with the injection molding process such as cost-effectiveness, high production efficiency, and versatility in creating intricate and customizable packaging designs. However, the thermoforming segment is projected to register the highest CAGR of 5.6% from 2022 to 2032. This is attributed to versatility, low tooling costs, and suitability for producing lightweight, durable, and customizable packaging solutions.

The food & beverage segment to maintain its lead position during the forecast period.

By end-user industry, the food & beverage segment accounted for the largest share in 2022, contributing to nearly two-thirds of the rigid plastic packaging market revenue. This is attributed to rapid expansion of the food & beverage industry and rigid plastic packaging's ability to preserve freshness, ensure product safety, and offer convenient, lightweight. Furthermore, the availability of recyclable solutions for various food and beverage products contributes toward the segment growth. However, the healthcare payload segment is expected to garner the highest CAGR of 5.7% from 2023 to 2032.

Asia-Pacific to maintain its leadership status throughout the forecast period

Region wise, Asia-Pacific held the highest market share in 2022, accounting for nearly two-fifths of the rigid plastic packaging market revenue and is estimated to register the highest CAGR of 5.1% from 2023 to 2032. This is owing to rise in investment by key market players and policies such as "Make in India" as well as the region's dense population. In addition, rise in demand for rigid plastic packaging from the packaging industry is expected to drive the market growth.

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Leading Market Players: -

ALPLA-Werke Alwin Lehner GmbH & Co KGAmcor LimitedDS Smith PlcBerry Plastics CorporationKlöckner PentaplastPlastipak Holdings, Inc.Pactiv Evergreen IncSealed Air CorporationSilgan Holdings, Inc.Sonoco Products Company

The report provides a detailed analysis of these key players in the rigid plastic packaging market. These players have adopted different strategies such as new product launches, investments, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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