Increase in the global consumption of consumer goods, low cost of rigid plastics, and improved recycling rate for packaging drive the growth of the global plastic packaging market. The market across Asia-Pacific is estimated to portray the highest CAGR of 5.5% during the forecast period. Lack of workforce and increased prices of raw materials hampered the manufacturing of rigid plastic.
Portland, OR, July 13, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global rigid plastic packaging market was pegged at $182.07 billion in 2020, and is expected to reach $270.59 billion by 2028, growing at a CAGR of 4.9% from 2021 to 2028.
Increase in the global consumption of consumer goods, low cost of rigid plastics, and improved recycling rate for packaging drive the growth of the global plastic packaging market. However, increase in shift toward flexible packaging, fluctuations in raw material prices, and strict regulations hinder the market growth. On the contrary, surge in e-commerce sales across the globe would open lucrative opportunities for the market players in the future.
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The Covid-19 outbreak presented unprecedented challenges for the demand for rigid plastic. Governments of several countries imposed strict regulations and closed manufacturing facilities temporarily to curb the spread of the virus.
Lack of workforce and increased prices of raw materials hampered the manufacturing of rigid plastic. Moreover, the prolonged lockdown in several countries disrupted the supply chain and revenue flow.
However, the market is expected to get back on track post-pandemic as the packaging industry recovers from the losses.
The global rigid plastic packaging market is segmented on the basis of material, production process, end-user industry, and region.
Based on material, the PET segment dominated the market in 2020, accounting for more than two-thirds of the market. However, the PP segment is expected to register the highest CAGR of 5.5% during the forecast period.
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On the basis of end-use industry, the healthcare segment is projected to manifest the highest CAGR of 6.4% during the forecast period. However, the food & beverage segment held the largest share in 2020, contributing to nearly three-fifths of the market.
The global rigid plastic packaging market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to portray the highest CAGR of 5.5% during the forecast period. Moreover, the region held the largest share in 2020, accounting for more than one-third of the market.
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The report on the global rigid plastic packaging market includes an in-depth analysis of the prime market players such as Amcor Limited, ALPLA-Werke Alwin Lehner GmbH & Co KG, Berry Plastics Corporation, DS Smith Plc, Plastipak Holdings, Inc., Klöckner Pentaplast, Sealed Air Corporation, Pactiv Evergreen Inc, Sonoco Products Company, and Silgan Holdings, Inc.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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