Press release
Preformed Rigid Solutions Market: Key Players and Production Information analysis
Packaging plays a significant role in increasing shelf life of the product as well as in product differentiation. Key packaging manufacturers across the globe readily design & innovate novel solutions for meeting the unique requirements from the manufacturing industry. The global food packaging market is estimated to exceed US$ 300 billion in terms of revenue and is expected to grow at a CAGR of over 5% during the forecast period.
One of such novel type of packaging solutions are the preformed rigid containers which attract a great demand for packaging in food & beverages, pharmaceutical, electronics and automotive industries. Also growing prominence on quality of packaging has given a significant push to the global preformed rigid solutions market. Preformed rigid solutions for instance trays, cups, bottles, jars, bowls, clamshell containers, etc. are gaining traction, owing to its attractive as well as innovative packaging features
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Global Preformed Rigid Solutions Market: Market Dynamics
Food & beverage is projected to be the top investment pocket for the global preformed rigid solutions market as the preformed containers provide a safe & robust packaging solutions. The Higher operational performance of preformed containers such as trays, cups, bottles, jars, etc. has furthered the growth in the preformed rigid solutions market across the globe. However, high initial installation cost coupled with regular maintenance of equipment used for manufacturing preformed rigid containers is expected to negatively affect the preformed rigid solutions market during the forecast period.
Moreover, the escalating demand for lightweight, cost-efficient and easy-to-use flexible packaging products such as pouches, wraps, bags, sachets, etc., is projected to further hamper the growth prospects of preformed rigid solutions market across the globe.
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Global Preformed Rigid Solutions Market: Company Developments and Industry Level Trends
Pretium Packaging LLC, a U.S. based rigid plastic bottles and containers launched a new product SureHandle, a polyethylene terephthalate (PET) container designed with integrated handle.
In September 2015, Sonoco Products Company launched DivvyPack which is a combination of thermoformed pack and sliding lid
In 2015, PACTIV LLC launched tamper resistant container and lids named as TimeSquare to serve packaging requirements from food & beverages packaging verticals
In November 2013, Anchor Packaging, Inc. launched 6” square RPET containers & lids to cater the increasing demand for small salads, sides, and reduced portions.
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The APAC preformed rigid solutions market is estimated to witness a blistering growth during the forecast period. Rise in population, resulting in growth of urbanization in the economies like India & China is anticipated to direct the APAC market in the uphill direction. In the coming years, due to the rise in consumption of food & beverages and pharmaceutical products coupled with the emergence of automobile industries, consumer electronics, construction, etc. this regional segment shall arise as the key revenue generator from the global economic perspective in the preformed rigid solutions market.
Moreover, North America and the European countries are expected to follow APAC with respect to market share in the preformed rigid solutions market across the globe. Countries like Mexico, Brazil, Argentina, etc. in Latin America are estimated to steer the demand for re-usable rigid packaging solutions, thus leading to the growth in the consumption of preformed rigid solutions.
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