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Rigid Plastic Packaging Market to reach USD 331.4 Billion by 2032, Says Global Market

Global Market Insights Inc.Global Market Insights Inc.

Global Market Insights Inc.

Rigid Plastic Packaging Industry size is expected to register 4.6% CAGR between 2023 and 2032 propelled by growing food and beverage industry.

Selbyville, Delaware, June 10, 2024 (GLOBE NEWSWIRE) — Rigid Plastic Packaging Market value could reach USD 331.4 billion by 2032, as per a recent study by Global Market Insights Inc.

The demand for rigid plastic packaging is experiencing phenomenal growth due to increasing partnerships and synergies between industry-leading companies, leading to productivity and enabling innovative packaging solutions.

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For instance, in April 2024, Manjushree Technopak Limited (MTL), India’s leading manufacturer of rigid plastics, finalized agreements to acquire the plastic packaging division of Oricon Enterprises Limited (OEL) known as Orient Containers. Oriental Containers is one of India’s leading manufacturers of plastic tops, closures, and preforms for medium-sized PET bottles mainly used in beverages. Furthermore, consumer demand for flexible, portable packaging solutions is driving the demand for rigid plastic packaging.

Polypropylene to witness high demand
The rigid plastic packaging market size from the polypropylene segment could exhibit a commendable growth rate over 2023-2032, claims the report. Polypropylene is a versatile thermoplastic polymer that finds widespread usage in various packaging applications due to its excellent properties. It provides superior strength, rigidity, and chemical resistance, making it suitable for packaging a wide range of products, including food, pharmaceuticals, beverages, and personal care products. Rigid plastic polypropylene is lightweight, hard, and cost-effective, satisfying the consumer demand for convenient, durable, attractive packaging solutions. Polypropylene’s efficiency and widespread use are contributing to the strong demand for rigid plastic packaging in the market.

Caps and closures to register increased sales
The caps and closures segment will accumulate a healthy rigid plastic packaging market share by 2032, as per the report. They play an important role in preserving fresh produce, preventing leaks, and ensuring product safety. Durable plastic caps and closures provide excellent sealing properties, durability, and versatility, making them suitable for a wide range of applications in the food, beverage, pharmaceutical, and personal care industries, Propelling the packaging market forward.

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Asia Pacific to witness a high market value
Asia Pacific rigid plastic packaging market will register a robust CAGR from 2023 to 2032. The region’s growing population, rising disposable income, and rapid urbanization are fueling the demand for packaged goods. With the rise of the middle class, there is a demand for products that are convenient and ready for extensive use, which requires durable plastic packaging solutions. Moreover, the expansion of end-user industries such as the food and beverage industry, healthcare, and personal care further contributes to the market growth. Consequently, Asia Pacific is a major vendor for the market, representing a significant portion of the global demand.

Rigid Plastic Packaging Market Players
Amcor plc, Silgan Holdings Inc., Berry Global Group, Inc., AptarGroup, Inc., Greif, Inc., Sealed Air Corporation, Crown Holdings, Inc., Sonoco Products Company, Huhtamäki Oyj, Bemis Company, Inc., Printpack Inc., Ball Corporation, Plastipak Holdings, Inc., RPC Group Plc, Consolidated Container Company LLC, among others
Companies are intensifying their efforts to meet demand in the rigid plastic packaging industry through targeted strategies. Amcor, Berry Global, and Sealed Air are investing in research and development to develop innovative, sustainable packaging solutions. These efforts focus on reducing environmental impact while maintaining production equity. In addition, strategic partnerships and acquisitions increase market presence and expand supply chains. The alignment with consumer preferences and regulatory requirements drives growth and defines the future of the rigid plastic packaging market.

In January 2024, Mold-Tech Packaging Ltd, a leading manufacturer of rigid plastic packaging, invested Rs 120 crore to expand capacity to 5,500 metric tonnes per annum (MTA). The expansion aimed to manufacture an injection mold for the paint, food, FMCG, and pharmaceutical industries.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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