The Future of Rigid Packaging Market to 2024: Demand for Sustainable Packaging Opens up Numerous Opportunities for Players, Says TMR

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May 31, 2017, 06:30 ET

ALBANY, New York, May 31, 2017 /PRNewswire/ --

Transparency Market Research (TMR) observes that the leading players in the global rigid packaging market held a share of 38% in the global market in 2015. These players are expected to focus on mergers and acquisitions, new product launches, and expansions in the coming years to stay ahead of the competition. Companies are also likely to focus on developing eco-friendly materials as the demand for sustainable packaging materials continues to mount.

Asia Pacific to Lead Global Rigid Packaging Market between 2016 and 2024

According to the research report, the global rigid packaging market is likely to register a CAGR of 3.2% during the forecast period of 2016 and 2024. The market is projected to reach a valuation of US$755.9 bn by the end of 2024 from US$589.1 bn in 2016. Out of the various materials, the paper and paperboard segment is expected to dominate the global market as it held a share of 72% in the overall market. Geographically, Asia Pacific is expected to lead the pack in the coming years as it estimated to register a CAGR of 3.8% between 2016 and 2024.

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The global rigid packaging market has been thriving over the past few years due to the consistently growing opportunities for end users. The high uptake of advanced packaging methods and materials in industries such as pharmaceutical and chemicals has been instrumental to the positive trajectory of the global market. The market's growth will be propelled by the burgeoning automotive industry, especially in the emerging economies, that are in constant need for lubricants. The growing demand for high-valuable reusable packaging solutions is also likely to fuel the rise of the global rigid packaging market. In light of this trend, the demand for kegs, pails, and drums along with other types of bulk packaging solutions are expected to draw attention. Industries selling liquid products will heavily rely on rigid packaging solutions.

Innovation in Packaging Materials to Augment Demand

The demand for rigid packaging is also expected to be high in the chemicals industry due to the volatile nature of the materials that requires efficient packaging. Rigid packaging materials are can be recycled, reused, and are durable, all of which are promoting their sale. The rise of e-commerce and trade has augmented the demand for rigid secondary packaging to protect the goods during transport and shipping. Emerging economies such as Brazil, India, Russia, and China are also expected to provide a significant impetus to the global market due to rising number of industries that demand excellent packaging solutions. Innovation in packaging materials, which has made their sustainable has proven to be a key market driver for the overall market.

On the downside, the global rigid packaging market is being held back by a few factors. Currently, the key factor restraining the market growth is the technological challenge involved in production of rigid packaging products. In comparison to flexible packaging, rigid packaging is higher in weight, cost, and requires bigger storage area. There is no technology to make it at par with flexible packaging, which is why flexible packaging continues to have a wider application area.

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This review is based on Transparency Market Research's report, titled "Rigid Packaging Market (Material - Plastic, Metal, Glass, Wood, and Paper and Paperboard; Product - Trays, Boxes, Containers and Cans, and Bottle and Jars; Application - Food and Beverages, Chemical and Petrochemical Industry, Consumer Goods, and Healthcare and Pharmaceuticals) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."

Rigid packaging market segmentation is below

Rigid Packaging Market - By Material Type

Plastic
Metal
Glass
Wood
Paper & Paperboard

Rigid Packaging Market - By Product Type

Boxes
Trays
Containers & Cans
Bottles & Jars
Others

Rigid Packaging Market - By Application Type

Food & Beverages
Chemical & Petrochemical Industry
Consumer Goods
Healthcare & Pharmaceuticals
Other Industries

Rigid Packaging Market - By Region Type

North America
Latin America
Europe
Asia
MEA

Other Research Reports by TMR:

Thermoform Packaging Market:http://www.transparencymarketresearch.com/thermoform-packaging-market.html
Industrial Packaging Market:http://www.transparencymarketresearch.com/industrial-packaging-market.html

About Us:

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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