Global Rigid Packaging Market by Material Global Rigid Packaging Market by Material 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. The market is expected to exhibit a CAGR of 4.05% during the forecast period (2017-2025). Request For Sample Copy of this Research :https://www.coherentmarketinsights.com/insight/request-sample/846 Report Plastics are the most widely used rigid packaging material. This can be attributed to the high chemical resistance, high strength and toughness compared to glass which is 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, which has resulted in its dominance in the rigid packaging market. Despite its numerous advantages, plastic is non-biodegradable and is a major source for environmental pollution, which has resulted in the shift towards sustainable packaging. Paper & paperboard are increasingly being utilized as a replacement for plastic packaging. In 2016, according to the U.S. Forest and Paper Association, the country recycled over 70% of its used paper. Further, metal, wood and glass are losing importance due to their high manufacturing costs and lack of flexibility. Asia Pacific is projected to witness the fastest growth in rigid packaging market. 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. North America and Europe markets are also expected to exhibit significant growth due to high consumption of consumer goods and electronics. Furthermore, the pharmaceutical 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. The GCC in Middle East has a populace with high disposable incomes, which has led to increasing consumerism. 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 Latin America 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.Figure 1. Global Rigid Packaging Market Share (2016), By Region Asia Pacific dominated the global rigid packaging market in 2016 and is expected to retain market dominance throughout the forecast period, with major contribution coming from the emerging economies of India and China. Major Players in the Global Rigid Packaging Market Global rigid packaging market is extremely competitive and consolidated, with the presence of large players accounting for the major market share. Key players operating in the rigid packaging market include 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. For More Information:https://tinyurl.com/yysdtcm8 About Coherent Market Insights: Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity. Contact Us: Mr. Shah Coherent Market Insights 1001 4th Ave, #3200 Seattle, WA 98154 Tel: +1-206-701-6702 Email: [email protected]
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