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Rigid plastic packaging industry worth US$296 billion by 2027

Source:ResearchAndMarkets.com Release Date:2023-01-23 395
ChemicalPlastics & RubberOthersCompoundingRaw Materials & CompoundsMaterials Handling, Measuring & TestingMolds & ComponentsPlastics Machinery
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Projected to grow by 5.35% annually from 2021-2027, worldwide rigid plastic packaging industry could reach US$296 billion by 2027, according to ResearchAndMarkets.com report

The global rigid plastic packaging market size reached US$ 216.55 bllion in 2021. Looking forward, the market is projected to reach US$ 296.05 billion by 2027, exhibiting a CAGR of 5.35% during 2021-2027, according to a recent report added to ResearchAndMarkets.com's offering.

 

Keeping in mind the uncertainties of COVID-19, the direct as well as the indirect influence of the pandemic on different end use industries are being evaluated and monitored. These insights are included in the report as a major market contributor.

 

Rigid plastic packaging refers to the utilisation of plastic materials, such as polypropylene (PP), highly-density polyethylene (HDPE), and polyethylene (PET), for packaging new bottles and containers. It is often sturdier, heavier and stronger than flexible packaging, due to which it is used for wrapping fragile food products that need enhanced protection. These products include recyclable plastic containers with open tops and separate closures, lids, or covers that are generally viewed as nestable food containers.

 

Among the major benefits of rigid plastic packaging are its low cost and longevity. As a result, it finds extensive application in a variety of industries, including food and beverage, agriculture, healthcare, automotive, and personal care.

 

The market is majorly driven by the escalating demand for bottles, jars, containers, and bags for the packaging of food and beverages. This can be attributed to the significant growth in the food and beverage (F&B) industry across the globe. In line with this, the augmenting consumption of packaged goods, coupled with the flourishing e-commerce industry, is providing an impetus to the market.

 

The augmenting adoption of rigid plastic packaging for the protection of medicines from contamination is resulting in a higher product uptake in the healthcare sector. Also, the rising consumer awareness regarding biodegradable rigid plastic packaging is acting as a significant growth-inducing factor for the market.

 

Additionally, continual technological advancements in the automotive industry are creating a positive market outlook. Some of the other factors contributing to the market growth include stringent government regulations regarding product safety standards, expanding construction activities on the global level, rapid urbanization and industrialization, inflating disposable incomes of the masses, and extensive research and development (R&D) activities.

 


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