September 12, 2022 17:00 ET | Source: Precedence Research Precedence Research

Tokyo, Sept. 12, 2022 (GLOBE NEWSWIRE) -- The rigid plastic packaging market size was valued at USD 495.67 billion in 2021. The two primary forms of packaging are rigid packaging and the other one is flexible packaging. Rigid plastic packaging has essentially taken the role of conventional packaging materials including glassware bottles and jars, boxes, and metal cans. Among both of these, Rigid plastic packaging is typically chosen over conventional pack types for a number of factors, including less weight, reduced comparative cost, formability, and simplicity of recycling. Solutions for packaging made of rigid plastic are long-lasting, affordable, and sustainable.

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The market for rigid plastic packaging is primarily driven by the rising demand for environmentally friendly and sustainable packaging solutions. For manufacturers, it is generating prospective growth prospects. Researchers and worldwide market participants are working together to find solutions to the rigid plastic packaging industry's problems and meet demand from a range of end-use sectors, including food, home care, personal care, electronics, healthcare items, etc. Due to the region's fast economic development, increased disposable income, and expanding acceptance of eco-friendly packaging options, manufacturers who operate in the rigid plastic packaging market in Asia Pacific stand to benefit.

Rigid plastic packaging is widely used because of its affordability, toughness, and light weight. Plastics that are rigid, like PET and HDPE, can be thrown directly into a recycling container. Additionally recyclable, rigid plastics offer a greener alternative to flexible packaging. The market is expanding as rigid plastic packaging is being used in a variety of end-use sectors.

The COVID-19 outbreak has had a mixed impact on the rigid plastics packaging industry in 2020, and through the end of 2021, the market is anticipated to increase only moderately. The availability of food, health and safety regulations, deliverables, contractual commitments, and project delays or cancellations were the biggest hindrances to the market.

In 2021, the Asia-Pacific region held a 39.6% share of the global market for rigid plastic packaging. Due to the rising demand for rigid plastic packaging in emerging nations like Japan, China, India, and South Korea, the Asia Pacific region is expected to maintain its market dominance over the forecast period. Throughout the forecast period, China is anticipated to maintain its lead in the rigid plastic packaging market. This is a result of the country's expanding food and beverage, personal care and cosmetics, and pharmaceutical sectors. During the projection period, it is also anticipated that the markets for rigid plastic packaging in India and Indonesia would expand.

For instance, the International Trade Administration projects that Indonesia's cosmetics and personal care business would generate US$7.5 billion in revenue in 2021 and continue to expand at a compound annual growth rate of 6.5 percent through 2025. Applications for rigid plastic packaging include bottles and jars, rigid bulk items, trays, tubs, cups, and pots, as well as caps and closures. Thus, the rigid plastic packaging market will increase over the projected period due to the end use industry's growing expansion.

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The increased demand for rigid plastic packaging in the healthcare industry has been one of the major forces behind the market's rise in recent years. Rigid plastic is used by businesses in the healthcare industry to shield pharmaceuticals from contamination. The packaging for medical products must adhere to all international safety regulations. Therefore, because to its qualities, which also include its sturdiness, light weight, cleanliness, and clarity, rigid plastic is perfect for storing medical supplies. Medicine bottles, bottle caps, bottle closures, and bottles for ketchup and syrups are just a few of the growing uses for polypropylene. For instance, Unilever pioneered the ice cream industry by introducing ice creams in tubs with recycled PP plastic packaging under the Magnum brand. The company's overall goal is to have at least 24.9% of its plastic packaging manufactured from post-consumer recycled material by 2025. This particular move was a component of that goal.

Board, papers, aluminum, polymers, glass, and steel are just some of the main raw materials used by packaging firms. Both industrial and consumer packaging uses these materials. The packaging firms are vulnerable with in value chain due to the shifting pricing of these raw resources. Large companies are frequently the primary material suppliers since they have the purchasing ability to pass on increased commodity costs, which raises the cost of commodities and hence input prices. On the buyer's side, packaging firms must sell their goods to significant and influential consumer goods corporations, who are unable to pass on price increases to end users and must instead use the fear of switching suppliers to maintain supplier compliance. Manufacturers of rigid packaging incur greater expenses as a result of fluctuating raw material prices and regional supply issues.

Online store sales increased by 17.9% between 2017 and 2018. The explosion of e-commerce has enormous potential for future global retail growth, which in turn propels the expansion of the rigid plastic packaging industry. E-commerce has grown in popularity among customers over the past several years, mostly as a result of technology developments. By becoming technologically advanced and responding to the various problems offered by e-commerce as opposed to conventional sales channels, the rigid plastic packaging business is reducing its supply. Packaging businesses create packages that need to be sturdy enough to endure the frequently intricate manual and automated supply networks necessary to deliver goods to customers' doorsteps. The market for rigid plastic packaging is presented with a significant potential by the growth of e-commerce.

Governments in developing nations are taking action to promote sustainable packaging because they are becoming more and more concerned with environmental preservation. The cost of raw materials would increase as a result of these restrictions barring businesses from purchasing raw materials that don't meet environmental requirements, increasing operational costs. The amount made from rigid plastic packaging overall is affected when revenues decline.

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