Definition of Market/Industry:
Rigid packaging is done by using different materials such as paper, metal, plastic, wood, and paperboard materials. Rigid packaging is ideal for safeguarding products during transportation as it helps in keeping the product safer for a longer time. Rigid packaging can be done in different forms such as ampules, bottles, cans, aluminum bottles, aerosol containers, and jars. Rigid packaging is employed across various industries such as electronic, healthcare & pharmaceuticals, food & beverages, and chemicals.
Global rigid packaging market is estimated to account for around US$ 648,555.9 million in terms of value in the year 2019 and it predicted to grow at a CAGR of 3.3% during the forecast period (2020-2027).
Increasing trade around the globe has boosted the demand for industrial bulk packaging. This is expected to impact the market of rigid packaging positively. Increasing global exports exports of oil and food &agriculture products is also expected to augment the market growth of the rigid packaging. Moreover, favorable trade policies around the globe have further boosted the demand for rigid packaging during shipping and transport of the product to the consumers.
The growing use of eco-friendly rigid packaging solutions such as wood and metal packaging is expected to bring new opportunities to the market of rigid packaging. For instance, in May 2019, Stora Enso introduced DuraSense™ by Stora Enso – wood-based biocomposites for premium cosmetics, food, and luxury brands seeking alternatives to plastic packaging for eco-friendly packaging. Thus, the growing demand for eco-friendly packaging will favor the market growth of rigid packaging.
Fluctuating price of raw materials such as plastic which is produced from crude oil is expected to hamper the market growth. The price of crude oil is affected by various economic factors which leads to a gap in demand and supply, thus increase in the overall price of the final product.
On the basis of region, Asia Pacific region dominated the global rigid packaging market in 2019 with a 38.8% of market share in terms of value, followed by Europe and North America respectively.
On the basis of application, food & beverage segment dominated the global rigid packaging market in 2019 with 36.7% of market share in terms of value, followed by consumer goods & chemical industry respectively.
Product innovation by the major player is a trend in the market and this trend is expected to foster the market growth of rigid packaging. For instance, in April 2019, Braskem, the petrochemical company in the Americas and the biopolymer producer, launched four new products in the rigid packaging segment for chemical and agrochemical products. The new products are from the Braskem RigeoTM family, a brand launched in 2017 to unify Braskem's robust portfolio in rigid polyethylenes.
Strategic alliance such as collaborations and agreements among key manufacturers is a current trend in the market and this trend is expected to augment the market growth of the rigid packaging. For instance, in June 2020, Amcor Rigid Packaging Caribbean Limited has partnered with Hillview Renegades to provide emergency food parcels and relief to families adversely affected by the Coronavirus in Trinidad and Tobago.
COVID-19 Impact on Rigid Packaging Market
Measures such as lockdown, and cease in the economic activities has reduced the discretionary spending of a consumer, which has in turn impacted the sales of luxury goods, perfumes, apparel and other non-essential goods. Many packaging solution and service providers have shifted their offerings, and are producing personal protective equipment (PPE) products, with an aim to meet the surge in sudden demand for PPE. In April 2020, Smurfit Kappa Smurfit Kappa introduced the ‘Design for Help’ line of products, which include workplace dividers, protective face masks, and temporary furniture such as tables and shelves. Berry bpi started manufacturing personal protective equipment in its manufacturing facilities based in U.K. and Scotland in May 2020.
Few Recent Developments
By Material Type
By Application Type
By Product Type
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