Impact of COVID-19 on Economy, Industry and Company :
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"Global Rigid Industrial Packaging Market was valued at US$ XX Mn in 2019 and it is Anticipated to Exhibit a CAGR of 3.8% during the Forecast Period."
Rigid industrial packaging is a sturdy and high-performance packaging product created for storage and transportation of the products that offer enhanced storage and transportation facilities, these products include toxic and harmful products such as chemicals, perishable and pharmaceuticals offerings. In contrast to the conventional packaging materials rigid industrial packaging are effective and highly specialized, and reduces the environmental influence, rising value of offerings and sustainability. The worldwide rigid industrial packaging market is expected to grow exponentially along with innovative packaging products. The key drivers of the global rigid industrial packaging market are increased bilateral trade activities. Various governments across the globe are imposing regulations in the usage of rigid industrial packaging materials that comply with the policies.
Such industrial packaging are essential among the manufacturing industries for eliminating environmental pollution and increase the performance of packaging products. The industries that consume rigid industrial packaging products consist of cosmetics and processed food products etc. A shift in the customer lifestyle coupled with market trends is contributing to the increased market share of rigid industrial packaging globally. Similarly, hectic lifestyles are leading to a demand increase of demand for processed food. Advancement in the commercial activities between the countries is increasing the demand for rigid industrial packaging materials that could withstand extremities and substantiates the standards of the offerings to customers. According to the European Union Commission announced “Green deal for Europe inclusive of bioplastics that shall play a crucial role henceforth in the packaging materials”. Such initiatives of countries globally are contributing to the technological advanced rigid industrial packaging materials in comparison to the traditional methods of packaging. Hence the rigid industrial packaging materials manufacturers are currently focusing on compostable packaging products that could comply with environment-friendly policies.
By Product Type, the Plastic Segment is anticipated to Expand at Rapid Pace during the Forecast Period.
The rigid plastic industrial packaging is expected to expand at a rate of 4.9% during the forecast period. There are major applications of rigid industrial packaging materials for protecting industrial products such as machines, electronics, and chemicals, etc. These industries required a substantial amount of packaging sources that could safeguard the standards of industrial offerings. An increase in the industrialization process among various regions globally is fuelling the rigid plastic industrial packaging products because of its increased significance among the other packaging materials. Therefore, the rigid plastic industrial segment held the largest share in the global rigid industrial packaging market in 2019.
The Rigid Industrial Packaging Market in the Asia Pacific Accounted for the Largest Share in 2019 and is Expected to Remain Dominant during the Forecast Period.
The Asia Pacific region accounted for an increase in the demand for rigid industrial packaging products that are substantial contributions to the expansion of the businesses. The region is exhibiting a high industrialization rate in recent years by the liberal government policies and growing technological advancements. The market of rigid industrial packaging market is demanding in this region because of increased bilateral trade activities among the countries for increasing profitability and market share. Companies are investing in rigid industrial packaging in order to improve their market value and offer businesses a reliable source of packaging products.
The market of rigid industrial packaging is competitive by the presence of various packaging manufacturing organizations globally. Therefore the market is fragmented hence require higher investment in order to capture the market opportunities that are present worldwide in rigid industrial packaging.
Key players offering rigid industrial packaging products to the companies are listed as follows; Amcor Limited, Sealed Air Corporation, Plastipak Holdings, Inc, Berry Plastics Corporation, Reynolds Group Holding, Bemis Company Inc., Plastipak Holdings, Inc.
Key Segments of the Rigid Industrial Packaging Market:
- Other Materials
- Industrial Bulk Containers (IBC)
- Other Products
- North America
- Asia pacific
- Middle east and Africa
- Latin America