The global demand for rigid packaging is expected to reach $472 billion by 2016, according to a study put forth by The Freedonia Group, Packaging Digest reported.
Food and beverages packages are the largest markets for rigid packaging, accounting for 64 percent of the total demand for the product in 2011. The group expects there to be significant gains in rigid packaging in the plastic bottles and food-grade materials segments. The packaging news predicts demand in pharmaceutical applications will increase rigid packages in the industry due to the rise in recent manufacturing capabilities, the source reported.
Rigid packaging will increase more in developing regions, with the Asia-Pacific region expected to capture the fastest growth and remain the world's largest market. The study estimates that China alone will account for 46 percent of the global value gains from rigid packaging between 2011 and 2016.
In North America, companies are beginning to make moves to better position themselves in the rigid packaging market. Canada-based Premier Tech recently acquired vonGAL Corporation, headquartered in Alabama, to prepare for the increased demand in the rigid packaging industry, Food Production daily reported.
The company hopes to double its business in the next five years, the source said.