Steady Product Development Brings Consistent Success in Rigid Packaging Market
Rigid packaging is a crucial part of the global market for packaging materials and is likely to attain growing significance in the coming years thanks to the steady march of globalization. The global rigid packaging market has exhibited steady growth in the past few years thanks to the rising demand for shipping of commodities as well as finished products. The high durability of rigid packaging makes them ideal for storage and transportation of volatile or otherwise dangerous substances as well as delicate finished products that require protection from the physical impacts inevitable during a longwinded shipping process. The global rigid packaging market is thus likely to enjoy sustained growth over the coming years.
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According to Transparency Market Research (TMR), the global rigid packaging market was valued at US$589.1 bn in 2016. Exhibiting a steady 3.2% CAGR, the market is expected to rise to a valuation of US$755.9 bn by 2024.
Steady Evolution of End-use Industries Leads to New Product Development in Rigid Packaging Market
One of the key drivers for the global rigid packaging market is the steady growth of end users such as the consumer goods, chemicals, and medical devices sectors. Rapid evolution of the demands from the product and the presence of a number of players keen to gain a clear edge in the market has led to the development of new rigid packaging materials emerging as a key strategy for market players.
SPE’s International Polyolefins Conference saw a number of new product launches in 2017. LyondellBasell Industries led the way with its announcement of the Spherizone process. The process is useful in the production of new PP grades that have promising applications in inter-material applications. The new advancement offer significant weight reduction, with some exhibiting an advantage of up to 30% over conventionally used PP grades. Refinement of the polymers also imparts better transparency, as a result of the improved homogeneity.
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The expanding consumer demographic for a variety of industries, due to the rising purchasing power of consumers in emerging regions such as Southeast Asia and Latin America, is a key driver for the global rigid packaging market. The rising demand for international shipping has led to rising use of intermodal shipping modes, leading to a steady need for packaging materials that protect the product comprehensively. The recyclability of most rigid packaging materials, such as paperboard, metals, and glass, has also become a key driver for the global rigid packaging market.
Asia Pacific Set to Lead Rigid Packaging Market
The global rigid packaging market is geographically segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of these, Asia Pacific is likely to hold on to a dominant lead in the global rigid packaging market in the coming years. The rapid urbanization drive in leading Southeast Asian economies such as India, China, Thailand, Indonesia, and Vietnam has led to a steady rise in demand from the rigid packaging market. The accompanying rise in the prosperity of consumers in these regions has also driven the consumer goods and electronics sectors at a solid rate, ensuring a steady demand outlet for the Asia Pacific rigid packaging market.
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Leading players in the global rigid packaging market include Bemis Company, Sealed Air Corp., Amcor Limited, Reynolds Group Holding Ltd., DS Smith Packaging Limited, Mondi Group, Resilux NV, Holmen AB ADR, Berry Plastic Group Inc., and Georgia-Pacific LLC. Growth of the rigid packaging market in Asia Pacific and the Middle East is likely to help players in these regions carve out significant shares in the global rigid packaging market in the coming years.