F&B supports with robust growth
India’s rigid plastic packaging market is projected to grow at CAGR of 10.8% to US$14.4 billion by 2024, according to ResearchAndMarkets.
It was US$7.7 billion in 2018, said the report “India Rigid Plastic Packaging Market By Raw Material (PE, PET, PS, EPS, etc.), By Type (Bottles & Jars, Rigid Bulk Products, etc.), By Production Process (Injection Molding, Blow Molding, etc.), By End Use, Competition Forecast & Opportunities, 2024”.
Food and beverages industry, which is the major end-user of rigid plastic packaging, is driving the robust growth, especially as it ensures safety and longer shelf life of food products, said the report released 26 April 2019.
Additionally, the packaging growth comes from increase in spending in the healthcare industry. As a major end-user of rigid plastic packaging, healthcare registered robust growth in the last decade.
Rigid plastic packaging is gaining traction in healthcare sector owing to its properties such as moisture resistance, tamper proof caps, light and chemical resistance, among others.
Moreover, expansion of automobile lubricant industry is expected to positively influence the Indian rigid plastic packaging market during forecast period 2019-2024.
The rigid plastics are made from Polyethylene (PE), Polyethylene Terephthalate (PET), Polystyrene (PS), Polypropylene (PP), Expanded Polystyrene (EPS) and Others.
Companies in the Indian industry are: Time Technoplast Ltd, Manjushree Technopack Limited, Mold-Tek Packaging Limited, Pearl Polymers Limited, Hitech Corporation Limited, Amcor Rigid Plastics India Private Limited, Parekhplast India Limited, Conitex Sonoco India Private Limited, Essel Propack Limited and Sintex Plastics Technology Ltd. fiinews.com
