Lightweight plastic containers account for around half of rigid industrial packaging sales worldwide, a report has found.
Around 1.85 billion units of rigid industrial packaging were sold in 2018 for a total value of US$26bn, according to the Rigid Industrial Packaging Market report by Future Market Insights, driven by fast-paced industrialisation and growing demand for chemicals and pharmaceuticals. The global market is expected to grow at a 4.5 per cent CAGR over the 10 years to 2029.
The study shows that the market depends heavily on the four key industries of chemicals and solvents; food and beverage; oil and lubricants; and automotive. It also found that manufacturers continue to use plastic as a convenient material due to its lower cost compared to metal and its technical and operational advantages, despite recent negative publicity on its environmental impact.
“Accounting for approximately 50 per cent revenue share in 2018, sales of rigid containers made up of plastic are likely to witness significant growth in the future, backed further by the lightweight property and advances in technologies of polymer processing.
“However, low degradability of plastic will remain a key concern among manufacturers as well as end users,” the report said. “Reuse of containers is gaining ground in the rigid industrial packaging space, and to align with the current trends, manufacturers are placing more focus on R&D activities and innovations to increase the efficiency of products and maximise repeat use.”
East Asia had the lion’s share of revenue last year at 50 per cent, due to exponential growth in manufacturing, as well as the expansion of the food and beverage industry which has boosted demand for safe and contamination-proof packaging.
The report is available from Future Market Insights.