Rigid Plastic Packaging Market valued at US $221.01 Billion in 2022 is anticipated to reach a value of US $3908.10 Billion in 2030, growing at a CAGR of 43.2%.
Global Rigid Plastic Packaging Market– Overview
Rigid plastic packaging mainly involves the utilization of plastic materials that includes, polypropylene (PP), high-density polyethylene (HDPE), as well as polyethylene (PET) for the packaging of new bottles and containers.
Also, these materials are durable as well as lightweight. The polyethylene and polypropylene packaging solutions are also applicable across various industries including food & beverages, agriculture, aerospace, automotive, and medical.
The rigid plastic packaging solution is mainly used in various industry verticals that includes, agriculture, medical, personal care, and pharmaceuticals because of the rising demand for plastic packaging systems over the forecast period.
Key Market Trends
Every market has its growth determinant and challenges. One of the major factor that has boosted the market growth over the forecast period is the rapid expansion of food and beverages market.
With the expansion of food and beverages market, it has also fuelled the demand for bottles, jars, fruit juice containers, food package container, and foodie bags over the forecast period.
Also, the increasing government spending on construction building activities has also projected to boost the market growth over the forecast period. the rise in e-commerce sales has also boosted the market growth.
On the flip side, the strict government policies and rules have hampered the market growth over the forecast period.
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Segmental analysis of the Market
Based on Material
The PET segment has dominated the market growth over the forecast period.
Based on Production Process
The injection molding segment has dominated the market growth over the forecast period. This is because the injection molding exhibits features that includes, high efficiency, enhanced strength, and low labor costs.
Based on End User
The food and beverages segment has dominated the market growth over the forecast period.
Asia Pacific is anticipated to amplify at a considerable CAGR
Global Rigid Plastic Packaging Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, Asia Pacific has dominated the market growth over the forecast period. This is because of the largest revenue generated by the market and the rising industrialization and urbanization.
Competitive Landscape
Some of the prominent companies operating in the market are
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Nov 07, 2022