- The key vendors in the global rigid packaging market 2016-2020 are Amcor, Ball, Berry Plastics, Crown Holdings and Owens-Illinois.
London, 19 October 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global rigid packaging market 2016-2020. The development of new lightweight glass packaging that enhances end-user usability and reduces waste is gaining momentum. This type of packaging is both recyclable and cost-effective. Making lightweight products allows vendors to lower the unit cost of production by 80% in the face of rising raw material costs, and this cost benefit is passed onto the customer. The global rigid packaging market is expected to grow at a CAGR of 5.57% during the period of 2016-2020.
The global rigid packaging market will grow at a moderate rate during the forecast period, owing to rising demand from major end-users such as the beverage and pharmaceutical industries. The durable and recyclable nature of rigid materials makes them a viable material for various applications. Increased investment in the development of new technologies and products is also fueling the growth of the market. In addition, growth in end-user industries will boost the demand for rigid packaging products.
The market is increasing on a global scale along with the growing demand for packaged food and beverages. Technological innovations and premium packaging solutions featuring sophisticated printed graphics have been introduced by various vendors, which are also exerting a positive influence on the market. These solutions permit beverage manufacturers to differentiate their products and provide more value to consumers. Also, the growing use of biopolymers and advanced barrier materials in containers are expected to propel market growth.
“Due to the development of lightweight packaging material, rigid packaging has gained prevalence over glass and metal packaging,” says Faisal Ghaus, Vice President of Technavio Research.
“Lightweight rigid packaging material helps in cost reductions and ease of transportation without compromising on packaging material functionality.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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