Seattle, WA -- (SBWIRE) -- 02/27/2020 -- The global rigid packaging market was valued at US$ 529.97 billion in 2016 and is slated to reach US$ 753.39 billion by 2025, registering a CAGR of 4.05% during the forecast period (2017-2025).
Plastic is the most widely used material in rigid packaging, as it offers high chemical resistance, high strength, and toughness in comparison to glass, which is more brittle. Its low weight allows greater flexibility during transit, which results in both space and fuel efficiency. Moreover, plastic is more easily recycled than glass, and this has resulted in its dominance in the global rigid packaging market. Despite its numerous advantages, plastic is non-biodegradable and is a major source of environmental pollution, which has led to a major shift in preference towards sustainable packaging. Thus, paper and paperboard are increasingly being utilized as a replacement for plastic packaging. According to the U.S. Forest and Paper Association, the country recycled over 70% of its used paper in 2016. While, on the other hand, metal, wood and glass are slowly losing their importance due to their high manufacturing costs and lack of flexibility.
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Global Rigid Packaging Market Insights
Asia Pacific is projected to witness the fastest growth in the global rigid packaging market over the forecast timeline. High demand for rigid packaging products in the pharmaceutical industry in emerging economies such as India and China is one of the major factors driving the demand for rigid packaging in the region. Increasing infant and geriatric population has led to the heightened demand for healthcare products. Moreover, affordable healthcare in countries such as Thailand and India has boosted medical tourism sector in the region. According to the Indian Ministry of Tourism and Culture, in 2016, 361,060 foreign patients visited India for medical treatments.
The North America and Europe markets are also expected to exhibit significant growth, owing to high consumption of consumer goods and electronics. Furthermore, the pharmaceuticals industry in these regions is highly matured and due to the high prevalence of lifestyle diseases in these regions, the market in the region is projected to witness significant growth during the forecast period. The rigid packaging market in North America was valued at US$ 74.4 billion in 2016, while Europe stood at US$ 98.6 billion in the same year.
High disposable income of the population in the GCC of the Middle East has led to an increased consumerism in the region. Electronics and consumer goods sales have significantly risen, driving the rigid packaging industry as well. Political and economic turmoil in Syria, Iraq and Iran has resulted in a declining market in these countries. This has been compensated by high growth in the GCC countries.
The rigid packaging market in Latin America is experiencing a significant growth at present. Brazil has the fourth largest pharmaceutical industry in the world. Argentina, Mexico and Brazil are also among the largest producers of non-patented generic drugs, which are exported to over 40 countries. Mexico being a member of North American Free Trade Agreement (NAFTA), has access to the lucrative markets of U.S and Canada which has resulted in Mexico becoming a manufacturing hub for international pharmaceutical companies. However, other end-use industries in the region are stagnant and may hinder market growth. The Latin America rigid packaging was valued at US$ 61.4 billion in 2016 and is projected to expand at a CAGR of 3.31% during the forecast period.
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Global Rigid Packaging Market – Competitive Backdrop
The global rigid packaging market is extremely competitive and consolidated, with the presence of well-known market players, including E.I. Du Pont de Nemours and Company, Honeywell International Inc., Mondi Group Plc, Amcor Ltd., Sonoco Products Company, Sealed Air Corporation, Alwin Lehner GmbH, and Tray Pack Corporation.