The Rigid Plastic Packaging Market to Witness Growth at CAGR of 6% by 2023
There is an expected growth rate of 6% by the year 2023 in the Plastic Packaging Market. As per the Market Mirror report, there is a considerable amount of growth rate in the near future. This is related to the high usage of rigid plastic packaging in a myriad of industries. Since rigid plastic is known for its durability, the tough material is the first choice for vendors for strong packaging.
Different industries such as Aviation, Electronic, Automotive and Construction are used using rigid plastic to create products. This material is specifically known for its insulation, lucidity and durability.
As we take a closer look, the rigid plastic is used for creating the following products;
- The automotive industry uses the material for creating light covers and windshields. This is because the rigid plastic is known for its lucidity and ability to resist UV light.
- The aviation industry uses it for making the windows of the airplanes. Once again, this is due to the clarity of the material. Also, the material can resist the temperature drop and increase efficiently.
- The construction industry uses the durable material to create aquarium structure.
- The electronics industry uses it for creating screens for smart phone, television and laptops.
Market Mirror sees a growth rate in the rigid plastic packaging industry because it is cheap, durable, light-weight and non corrosive. As per the forecast, it will reach approximately $439.49 billion by the year 2023.
Rigid plastic has a bright future ahead! In the food and beverage industry, India and China are the primary users of rigid plastic packaging. Even the pharmaceutical industry is considering this type of packaging. There is no doubt that the packaging is durable and non corrosive, but it also increases the shelf life of the products inside the package. While the packaging market includes several segments like plastic, metal, glass, paper and other material, rigid plastic packaging tops the list. It has better preserving traits which make it an ideal choice as per the vendors.
We have listed the key players in the industry:
- Amcor Limited
- Reynolds Group Holding
- Holmen AB
- Ball Corporation
- Tetra Pak International
- Bemis Company Inc.
- Plastipak Holdings Inc.
- Berry Plastics Corporation
- DS Smith Plc
- Georgia-Pacific Corporation
After using primary and secondary research, Market Mirror produced the report and the growth rate of rigid plastic will continue to increase. The main cause of turning to rigid plastic packaging is primarily due to the rising environmental concern. The food and beverage industry is certainly the top user of this form of packaging. Since the world is opting for packaged foods, rigid plastic packaging seems to be a durable and better choice because the material has excellent preserving qualities.
Note: We take special care in providing the latest and accurate results, but the figures may keep changing as we move forward. The growth rate calculated by us is an expected figure.