Jan 3, 2019 SOURCE: BusinessWire

Global Rigid Plastic Packaging Market Analysis & Forecast to 2022 - Increasing Competition - ResearchAndMarkets.com

The "Analysis of Global Rigid Plastic Packaging Market, Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.

There are various factors that have promoted the use of rigid plastic packaging products among the consumers. Increasing demand from end-use industries such food & beverage and pharmaceuticals, changing consumer preferences for convenient packaging, and new product and technology innovations have supported the market growth.

The food and beverage manufacturers have focused on efficient packaging systems that would ensure safe food supply and long-term storage, thus extending a product's shelf life. This makes the food & beverages industry as one of the biggest users of rigid plastic packaging.

In addition, rigid plastic products such as vials also find application in pharmaceutical industry. The products used to store pharmaceutical products should fulfill the necessary functional requirements such as chemical compatibility, hygiene, and sustainability. As the rigid plastic products such as fitments or vials are chemically unreactive, they do not react with the drugs contained in them and, hence, preserve the formulation of the drug.

Moreover, with the population turning more conscious and aware about the ingredients they consume in their food, innovative trends such as smart packaging seems to further uplift the rigid plastics packaging market. Smart packaging includes the incorporation of microchips in food packages to provide accurate information about packaged product.

Furthermore, intelligent packaging, which involves the use of temperature indicators to provide information about the history of package and quality of food, further expands the innovation standards of the rigid plastic packaging market. Although plastics, with its ever-expanding application areas, have delivered many benefits to the society, the environmental impact associated with its production and disposal has raised serious concerns.

Moreover, the emergence and preference of flexible packaging is restraining the market for rigid packaging. This is primarily due to the fact that flexible packaging uses fewer resources and their process of manufacturing also consumes less energy compared to that by rigid plastics. The market of rigid plastics packaging is fragmented with numerous global as well as local participants.

Acquisition and mergers to expand the customer base and strengthen the market position has been a significant strategy adopted by the participants in the market. For instance, in November 2016, Amcor acquired the North American rigid plastics blow molding operations of Sonoco Products Company. As a part of the acquisition, Amcor gained control over six production sites in the US and one in Canada, which significantly enhanced Amcor's product offerings.

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