Business

Rigid Packaging Market to Expand at a Sluggish CAGR of 3.20% over 2016-2024

The demand within the global market for rigid packaging has been rising on account of advancements in the domain consumer goods manufacturing, finds Transparency Market Research (TMR). Rigid packaging is used for mostly used for boxing breakables across a range of industries. The vendors in the global market for rigid packaging have been making prolific efforts to ensure that their consumer base keeps expanding. The key vendors have shifted from direct marketing to inbound practices for attracting consumers. It is projected that the vendors within the global rigid packaging market can largely benefit from tying up with packaging bases of various industries. There is also a high possibility of new mergers becoming formed within the global rigid packaging market in the years to come.

The global rigid packaging market is swelling with growth opportunities for new and old vendors. Rigid packaging is used across a wide array of industries, and hence, the vendors stand a chance to permeate into multiple sectors and domains. Furthermore, the possibility of strategic alliances being formed in the global rigid packaging market is also quite high. The small vendors in the global rigid packaging market are capitalising on building improved manufacturing capabilities. Some of the key vendors in the global rigid packaging market are Sealed Air Corp., Resilux NV, Inc., Berry Plastic Group, Inc., Reynolds Group Holdings Ltd., and Georgia-Pacific LLC.

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Transparency Market Research (TMR) predicts that the global rigid packaging market would expand at a sluggish CAGR of 3.20% over the period between 2016 and 2024. Furthermore, the total value of the global rigid packaging market is expected to touch US$755.9 bn by 2024, growing from a value of US$589 bn in 2016. On the basis of material, glass and wood used for packaging are in great demand across the world. Based on regions, the market for rigid packaging in North America is expected to expand at a starry rate.

Popularity of Containers and Cans to Propel Demand

Several type of rigid packaging materials are available in the market, and the most common of these are containers and cans. Containers and cans are used to store and transport a range of products including food, beverages, oils, lotions, and liquids. Owing to this factor, the demand within the global rigid packaging market is projected to escalate to new heights in the years to come. Furthermore, plastic boxes have also become immensely popular for packaging food materials which has in turn propelled market demand. Improvement in manufacturing of jars and bottles is another key driver of demand within the global rigid packaging market.

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Growing Demand for Consumer Goods to Aid Market Growth

The global market for rigid packaging endows lucrative opportunities, and this majorly owes to the popularity of consumer goods. Most consumer goods manufacturers use rigid packaging such as paper, word, glass, or metal. It is therefore safe to project that the global rigid packaging market would expand at a respectable CAGR in the years to follow. The abundant available of rigid packaging materials such as plastic, glass, wood, and metal has also created demand within the market.

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