Global Rigid Plastic Packaging Market 2019-2023| Use of Fiber-Based Material for Packaging to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--Jan 29, 2019--The global rigid plastic packaging market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by .
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Technavio has released a new market research report on the global rigid plastic packaging market for the period 2019-2023. (Graphic: Business Wire)
Rigid plastic helps enterprises protect medicines from contamination. Airtight seals protect the contents from moisture, particulate matter, and oxidation. The inert properties of rigid plastic along with its durability, transparency, lightweight, and cleanliness make it the perfect choice for storing complex medical products. Most of the demand for pharmaceutical packaging comes from APAC as the region is driven by factors such as increased contract manufacturing and the presence of a large geriatric population. Hence, all these factors will lead to the growth of the global rigid plastic packaging market during the forecast period.
As per Technavio, the use of fiber-based material for packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global rigid plastic packaging market: Use of fiber-based material for packaging
Sustainability is one of the critical factors in the packaging industry. Therefore, many enterprises in this industry are opting for materials that can be recycled easily and comply with national and international environmental protection guidelines. Fiber-based materials are one of the most suitable forms of sustainable packaging materials. They are widely accepted among consumers in the food and beverage, chemical, and construction industry. Hence, several enterprises are offering packaging products made of fiber-based material, which will boost the growth of the overall global market.
“Apart from the use of fiber-based material for packaging, the rising demand for rigid plastic packaging from the food and beverage industry, growing consumption of bottled water, and the emergence of smart packaging are some major factors that will boost the growth of the global market,” says a senior analyst at Technavio.
Global rigid plastic packaging market: Segmentation analysis
This market research report segments the global rigid plastic packaging market by component (bottles, containers, caps and closures, and others) and geographical regions (APAC, Europe, North America, MEA, South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA, and South America, respectively. However, during the forecast period, the MEA region is also expected to witness significant incremental growth due to several factors such as rising population, increasing disposable income, and the growing demand for clean bottled water instead of utility supply.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS PACKAGING
SOURCE: Technavio Research
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PUB: 01/29/2019 10:15 AM/DISC: 01/29/2019 10:15 AM