LONDON--(BUSINESS WIRE)--The pharmaceutical caps and closures market is set to grow by USD 2.43 billion accelerating at a CAGR of about 10%, during the period spanning over 2020-2024. One of the key factors driving growth is the development of child-resistant and tamper-evident packaging. Child-resistant packaging reduces the risk of children ingesting hazardous materials. Growing global sales of pharmaceuticals is a significant trend that will further stimulate market growth. The ongoing COVID-19 pandemic has increased the demand for pharmaceuticals across the world.
Parent Market Analysis
Technavio categorizes the global pharmaceutical caps and closures market as a part of the global metal and glass containers market within the overall global containers and packaging market. The global metal and glass containers market includes products of metal, glass, or plastic containers, including corks and caps. The global containers and packaging products market includes the combined revenue generated by manufacturers/providers of metal, glass, and plastic containers and paper packaging.
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Pharmaceutical Caps and Closures Market: Geographic segmentation
The report segments the market by geography: APAC, North America, Europe, South America, and MEA. About 41% of the market’s growth will originate from APAC during the forecast period. Expanding population and the rise in the sale of self-medication and OTC drugs will fuel market growth in the region. China and Japan are the key markets for pharmaceutical caps and closures in APAC.
Pharmaceutical Caps and Closures Market: Segmentation by Material
The plastic material segment was leading the market in 2019. Many companies prefer plastic packaging over metal and glass because of its lightweight and durable characteristics. Besides, the increasing demand for PET containers across the world is fueling the growth of the segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the pharmaceutical caps and closures market size.
Pharmaceutical Caps and Closures Market: Growth Drivers
The market is driven by the development of child-resistant and tamper-evident packaging. The rising number of incidences of children opening and ingesting hazardous pharmaceutical materials has led regulatory bodies across the world to pass several regulations. For example, according to the US FDA, the packaging of OTC drug products must be tamper-evident. This is increasing the demand for pharmaceutical caps and closures, which is driving market growth.
Pharmaceutical Caps and Closures Market: Challenges to overcome
The non-biodegradable property of plastics is limiting the use of certain plastic products such as caps and closures. This has prompted many organizations to opt for alternatives such as glass, metal, and rubber. The environmental risks caused by the use of plastics is expected to hinder the growth of the market during the forecast period.
Pharmaceutical Caps and Closures Market: Vendor landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading pharmaceutical caps and closures companies, including:
- Amcor Plc
- Berry Global Group Inc.
- Caps & Closures Pty Ltd.
- Closure Systems International Inc.
- Phoenix Closures Inc.
- Röchling SE & Co. KG
- Saudi Basic Industries Corp.
- Silgan Holdings Inc.
- Tecnocap SpA
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Technavio reports cover the following key research areas:
- Detailed Analysis of Market Eco System
- Market favorability index
- Market opportunity by segments
- Analysis of drivers of price sensitivity
- Key purchase criteria
- Customer purchase basket
- Impact of drivers and Challenges
- Factors of differentiation
- Landscape disruption
- Key industry risks
- Market position of vendors
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