Demand for rigid bulk packaging in the US is expected to expand 3.3 percent per year to USD 7.2 billion in 2020, spurred primarily by a favorable production outlook for chemicals and pharmaceuticals, the largest market for rigid bulk packaging products. Rigid packaging is an important as of the overall packaging market. It is extensively used for protecting various types of products from physical shocks and damage. The excellent durability of rigid packaging is the primary reason why is it used for packing volatile and highly reactive products along with other types of products.
The global rigid packaging market is estimated to be worth USD 166.8 bn by the end of 2024 as compared to USD 589 bn in 2016. Over the forecast years of 2016 and 2024, the global market is likely to register a CAGR of 3.2 percent. Rigid packaging is known for being robust form of packaging which can adhere significant amount of load and insulate a reactive product from the external environment without contaminating the product. Applications where flexible packaging fails to compete with the rigid packaging such as liquid packaging, chemical packaging, bulk packaging, heavy duty packaging, secondary packaging is the key driver for the rigid packaging market. Expansion of the geographic customer base of the companies is increasing the global trade and the need for protecting the goods during shipping is generating the demand for rigid packaging market.
Materials such as metal, glass, paper & paperboard used in rigid packaging are reusable and recyclable and together they contribute for over 60percent of the rigid packaging market According to Transparency Market Research. The global rigid packaging market is categorized on the basis of material type, end user and geography. By material type, the market is bifurcated into metal, plastics, paper & paperboard, glass and others. On the basis of end user, the market is segmented as food and beverages, pharmaceuticals, durable goods, cosmetics, industrial packaging and others. Geographically, the market is segmented into North America, Europe, Asia-Pacific and Rest of World. Asia-Pacific is the largest market in terms of rigid packaging. However, Europe is expected to witness the fastest growth during the forecast period of 2016-2024 according to Esticast Research. The last two decades have witnessed a drastic change in the lifestyle and living standards of the people all around the globe.
This has led to an increasing demand for convenience food which includes pre-processed and pre- packaged food articles, packaged meals, energy drinks and various others. In addition to this, pharmaceutical industry is one of the fastest growing industries globally. The requirement of packaging tonics, vaccines and tablets in durable and isolated packages is stimulating the rigid packaging market. Moreover hiking food & beverage sector growth in countries such as India, is also supposed to bring growth opportunities for the very market. A steep rise in the demand for personal care products as a result of changing lifestyle, urbanization and increased personal health awareness has boosted the growth of rigid packaging market, especially in the region such as Asia-Pacific. However, increasing implementation of flexible packaging materials, fluctuating raw material prices and stringent government led regulations in different countries regarding usage of plastic packaging and its disposal might act as restraining factors for the market growth according to Esticast Research.