Global Rigid Plastic Packaging Market 2019-2023
About this market
Products made from rigid transparent plastics are used across the automotive, aviation, construction, electrical and electronics, and lighting sectors. primarily because of their optical clarity. durability, and insulation. In the automotive sector. rigid transparent plastics are extensively used for making windshields and sun visors, light covers. and automotive glazing as they offer UV light resistance and optical clarity. In the aviation sector, rigid transparent plastics are used for making windows and canopies of airplanes as they can withstand high pressure and temperature differences. In the electronics industry, these plastics are used for making screens of laptops, smartphones and television. In the electric industry. rigid transparent plastics are used for manufacturing LED because of their optical clarity. Rigid transparent plastics are durable and are used for making facades and aquarium structures in the construction industry. Technavio’s analysts have predicted that the rigid plastic packaging market will register a CAGR of close to 6% by 2023.
Increasing demand for convenient packaging solutions
Customer convenience is a top priority for most vendors operating in the consumer goods market. Therefore, products that require minimum effort to store and transport are enticing potential consumers. R&D activities are focusing on developing packaging help end-users carry and store products. Rigid transparent plastic packaging is an alternative for conventional packaging, such as glass or metal, as they are lightweight and can be easily carried. For vendors. lightweight packaging is cost-effective.
Volatility in raw material prices
Volatility in raw materials poses a serious challenge to the growth of the market. Crude oil is the major raw material required for making plastic-based products and fluctuations in crude oil prices impact the price of the end-products. Fluctuations in raw material prices have a direct impact on the production cost of materials made of plastics including rigid transparent plastic and affect the profit margins of vendors.
For the detailed list of factors that will drive and challenge the growth of the rigid plastic packaging market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Rigid Plastic Packaging Market 2019-2023
Technavio recognizes the following companies as the key players in the global rigid plastic packaging market: ALPLA, Amcor, Berry Global, RPC Group, Sonoco Products Company.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing use of rigid transparent plastics in 3D printing.”
According to the report, one of the major drivers for this market is the rapidly increasing demand from emerging economies.
Further, the report states that one of the major factors hindering the growth of this market is the vo0laitulity of raw materials prices.
and Sonoco Products Company
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