The global rigid transparent plastic market is likely to grow substantially in the coming seven years, owing to the continuously increasing incomes and regularly changing lifestyles that promote the rigid plastic material for packaging purposes. The surging demand for packaged food products and the rising popularity of online shopping is likely to boost demand over the forecast period. Also, increasing consumer demand for on-the-go and ready-to-use products, which requires a healthy functioning and convenient packaging, is anticipated to bring a considerable upturn in the rigid transparent plastic market over the projected period.
The rigid transparent plastic market is segmented by applications including Beverages, food, pharmaceuticals, personal care, and consumer goods. The personal care packaging market alone accounted for around USD 23 billion in the year 2014, of which a substantial amount of share owes to the rigid transparent plastic manufacturing. The synthetic organic polymer, which is used as the basis of plastics, can also segment the market into PE rigid plastic, PVC rigid plastic, and PET rigid plastic markets. Among these, the PET market is expected to take a leap forward, keeping in mind the steadily growing market for food and beverages. The PET rigid plastic bottles and containers have excellent barrier properties which help them resist gas and moisture in extreme conditions. Also, they are robust and clear which altogether makes up a good driver for the market growth of this particular product.
The food and beverage industry is rolling out a lot of property on a daily basis, of which many are filled in the containers at high temperatures. The PETs rigid plastic is the best choice as it has excellent resisting capabilities to the mild temperature, water, oxygen, and other compounds. This branch of rigid plastic sees a great opportunity for investment in the future owing to the fast-growing market of food and beverages & the possession of good qualities like shatterproof material, smooth surfaces, resistivity to most solvents, etc.
The developing economies including India, China, Indonesia, and Brazil are slowly becoming the largest consuming nations of packaged mineral water, packaged food & beverages, medicines, and other consumer goods, as a result of which the demand of the rigid transparent plastic is expected to grow drastically in these nations. Companies prefer using rigid plastics for packaging over other alternatives, because rigid plastics have better durability, and they are light-weight. The high-end confectionary market uses rigid transparent plastics to showcase better their product and make it cost-effective, as the plastic adds less to the overall cost compared to the other alternatives.
The companies are now focusing more on the designs and looks of the packaging by using different molding techniques, and they invest a considerable amount of research and development in the same. The new designs, mainly into personal care products, attract more consumers and this, in turn, is expected to drive more demand for the concerned product. This increasing awareness among the consumers about the compact and durable packaging solution is supposed to affect the market growth, positively.
The surging demand for skincare and hair care products, as an effect of increasing awareness among consumers towards a healthy lifestyle, is expected to expand the industry by creating, even more, demand for the concerned product. Also, the rising consumption of toiletries, aftershaves, perfumes, and nail paints is likely to bring about an upward change in the rigid plastic market. The rapid industrialization which leads to the establishment of some cosmetic products, especially in India and China, expects to stimulate the industry’s growth for the forecast period.
The Asia-Pacific packaging market dominated the industry at the global level and was evaluated highest among other regions in the year 2015. The trend seems to continue for the next seven years about the continuously growing demand for food & beverages, personal care products, and consumer goods and thus driving the market growth for the industry in countries such as India, Sri Lanka, Indonesia, and Vietnam. In addition to the increasing awareness among people about the newest lifestyles, the growing income levels are also one of the primary market drivers for the industry and are expected to propel the industry growth to the next levels. The MEA regional segment is anticipated to foresee a considerable upturn with a cumulative annual growth rate of around 7% for the forecast period, on account of always increasing demand for several products using the rigid transparent plastic for packaging purposes.
The industry is highly competitive as the big players in the market are involved in innovations and invest a lot in research and development activities. Few market dominators are Bemis Company, Amcor, Westrock Company, etc. which hold the most of the market share of the concerned industry.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.