Rigid Plastic Packaging Market Emerging Trends, Growth Insights 2030

 Theglobal rigid plastic packaging market was valued at USD 192,070.0 million in 2021 and is projected to reach USD 281,619.9 million by 2030, growing at a CAGR of 4.9% from 2022 to 2030. Rigid plastic packaging involves the utilization of plastic material for packaging. These materials are widely used to produce trays, containers, boxes, cases, and other plastic packages. Plastic is among the highly used materials for packaging due to its innovative visual appeal and durability. Rigid plastic packaging offers unique benefits such as stiffness, high impact strength, and high barrier properties, a boon for the market. Though rigid packaging has existed for many decades, it continues to evolve to meet the needs of changing consumer landscape.

Consumer goods is a highly fragmented industry where product differentiation and packaging play a key role. A rise in the global consumption of consumer goods fuels the demand for rigid plastic packaging. Additionally, improving packaging recycling rates worldwide will drive market growth. Furthermore, Rigid plastics are being used in a wide range of packaging due to their cost-effectiveness. Though, the key restraint for the rigid plastic packaging market is related to plastics. Plastics have several harmful effects on the environment and people. There have been several calls from organizations on banning plastics. The ban on plastic packaging would negatively affect the growth of the market. Also, the rise in e-commerce sales would offer lucrative growth opportunities for the market's growth.

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Plastics play a significant role in the packaging industry for functional and economic reasons. Plastics are comparatively lower in cost and lightweight than other packaging materials. Rigid plastics are used in a wide range of packaging due to their cost-effectiveness. Apart from cost, their versatility and ability to perform exceptionally well at low temperatures also drive the market for rigid plastics in packaging. One of the primary examples is the trend of glass replacement by rigid plastics to satiate the high demand for bottles. Heat resistant and high barrier plastics replace traditional materials such as metal and glass.

Global Rigid Plastic Packaging Market Dynamics

Drivers: Improved recycling rates for packaging

The reuse and recycling of packaging materials have gained significant attention globally over the last few years. Recycling refers to the conversion of any waste into a reusable material. Recycling of packaging is highly witnessed for PET bottles and HDPE milk bottles. The recycling of rigid plastic packaging reduces the consumption of raw materials, which leads to a decline in water and air pollution. Thus, helping in the reduction of greenhouse gases. With recycled packaging materials, CO2 emissions can also be controlled. The rigid plastics packaging materials have witnessed significant recycling rates. Many governments and industry players have formulated plans to tackle plastic waste by recycling.

Restraints: Uncertain raw material prices

Some of the key raw materials packaging companies use board, paper, aluminum, polymer, glass, and steel. These materials are used for both consumer and industrial packaging. The fluctuating prices of these raw materials put the packaging companies in a potentially vulnerable position in the value chain. Key material suppliers are typically large enterprises, which have the power to pass on their higher commodity costs which leads to an increase in prices of materials, which in turn increases input prices.

On the buyer side, packaging companies have to supply their products to large and powerful consumer goods companies, which cannot pass on the price increase to end consumers, thereby using the threat of switching to keep suppliers in line. Fluctuating prices and unavailability of certain raw materials at certain geographic regions constitute higher costs for rigid packaging manufacturers.

Opportunities: Rise in e-commerce sales globally

E-commerce sales grew by 18% from 2017 to 2018. The boom in e-commerce offers huge potential for the future growth of retailing worldwide, which, in turn, accelerates the growth of the rigid plastic packaging sector. Over the past few years, e-commerce has become a preferred mode of purchase for many consumers, mainly due to technological advancements. The rigid plastic packaging industry is mitigating its supply by being ahead of the technological curve and adjusting to different sets of challenges presented by the e-commerce industry compared to traditional sales channels. Packaging companies design packages that must be durable enough to withstand the often complex manual and automated supply chains involved in delivering products to consumers’ doorstep. The development of the e-commerce industry presents a widespread opportunity for the rigid plastic packaging market.

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Scope of the Report

The study categorizes the rigid plastic packaging market based on material and end-users at the regional and global levels.

By Material Outlook (Revenue, USD Million, 2017-2030)

• PET
• PP
• HDPE
• Others

By End-Users Outlook (Revenue, USD Million, 2017-2030)

• Food and Beverage
• Personal Care
• Household
• Healthcare
• Others

By Region Outlook (Revenue, USD Million, 2017-2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The PET segment is projected to account for the largest market share, by material

On the basis of type, the global rigid plastics packaging market is segmented into—polyethylene terephthalate (PET), polypropylene (PP), High-density polyethylene (HDPE), and others. In 2021, the PET segment accounted for the largest market share of 70.1% in the global rigid plastic packaging market. Polyethylene terephthalate is a thermoplastic polymer resin. It is combined with glass fiber for engineering resins, fibers for clothing, thermoforming for manufacturing, and containers for foods and beverages.

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Polyethylene terephthalate (PET) is among the important commercial polymers with applications ranging from the packaging of electronics, automotive parts, and others. PET rigid plastic packaging provides significant advantages over other types due to their recycling and reusable capacities. It includes soft drink cans, food cans, drums & pails, aerosol containers, tubes, etc. Moreover, recycled PET can be converted into fabrics, fibers, and sheets for manufacturing and packaging automotive parts. The recycling rate of PET has increased to 0.8% from 2016 to 2017. This increase reflects the growth opportunities for the market.

Asia Pacific accounts for the highest CAGR during the forecast period

The report segments the global rigid plastics packaging market with five key regions: North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 6.4% in the global rigid plastic packaging market during the forecast period. China is the leading market for rigid plastic packaging in Asia-Pacific and is expected to witness significant growth during the forecast period and India, owing to the high demand for plastic products and components. Moreover, the demand for rigid plastic packaging is mainly driven by growth in the soft drinks market.

After Aisa Pacific, North America is the fastest growing region with a CAGR of 5.1% during the forecast period. In North America, there has been a tremendous shift from customers toward environmentally sustainable packaging that has increased the use of recycled plastics such as LDPE. Other factors that lead to the growth of the rigid plastic packaging market in North America include the surge in demand for packed food largely by developing markets, increased consumer awareness, and concerns to drive stricter legislation and control.

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Key Market Players

DS Smith Plc, Amcor Limited, Berry Plastics Corporation, ALPLA-Werke Alwin Lehner GmbH & Co KG, Klöckner Pentaplast, Reynolds Group Holdings, RPC Group Plc, Silgan Holdings, Inc., Plastipak Holdings, Inc., and Sonoco Products Company are among the important firms examined in this paper. On the basis of geographical analysis, the research examines the rigid plastics packaging market in terms of development opportunities and constraints. Porter's five forces analysis of the industry is used in the research to identify the influence of suppliers, rivals, new entrants, substitutes, and purchasers on market growth.