Increase in demand for packaged beverages and food, changing demographic trends, and rising urban population, have led to the growth of the global rigid packaging market. Changing dietary habits will lead to further development of the global rigid packaging market during the forecast period. The easy availability of recycling infrastructure for metal, plastics, and glass has also fueled rigid packaging in the recent past. Properties such as high impact strength, high barrier properties, and high stiffness have helped rigid packaging gain global acceptance.
The
global rigid packaging market is expected to grow at a CAGR of 4.5% during the forecast period from 2015 to 2021. Growing demand for packaged foods and beverages is expected to drive the global rigid packaging market from US$549.71 billion in 2014 to US$750.57 billion by 2021. Asia Pacific dominated the market in 2014 and will continue to be in the leading position during the forecast period.
Plastic Raw Materials Segment Driving Global Rigid Packaging Market
The global rigid packaging market is classified on the basis of three criteria, namely geography, type of raw material, and application. On the basis of the type of raw materials, the global rigid packaging market is divided into glass, paperboard, metal, and plastic. By application, the market is divided into durable goods such as furniture, home appliances, toys, firearms, and furniture. Beverages and food, pharmaceuticals, and cosmetics are amongst other segments of the market, by application. Industrial packaging, including automotive equipment, sports equipment, electronics, and footwear boxes, is also a part of the global rigid packaging market by application.
Food and beverage led the application segments in 2014 and is expected to grow at a CAGR of 4.3%, followed by industrial packaging, during the forecast period. The pharmaceuticals segment is expected to develop at a CAGR of 5.4% by 2021, thus contributing heavily towards the development of the global rigid packaging market.
In 2014, the raw material segments were led by plastic, with a share of 41.2% of the total revenue. The plastic raw materials segment is forecast to expand at a CAGR of 4.3% during the forecast period. Paperboard holds the second position among the raw material segments and is expected to grow at a CAGR of 4.7% during the period between 2014 and 2021.
Asia Pacific Rigid Packaging Market Generating Highest Revenue
By geography, the global rigid packaging market is segmented into Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific led the global rigid packaging market in 2014, with a 41.2% share. The growing beverages and food industry has fueled the Asia Pacific rigid packaging market. Growth in population and high GDP in the developing economies of China and India has led to growth of the Asia Pacific rigid packaging market. By geography, North America holds the second position in the global rigid packaging market, accounting for a 26.2% share in the global rigid packaging market.
Tetra Pak International, DS Smith Plc, Ball Corporation, Crown Holding Inc., Reynolds Group Holdings Limited, Rexam PLC, Holmen AB, Georgia-Pacific LLC, and ALPLA Werke Alwin Lehner GmbH, are some of the international players in the global rigid packaging market.
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