LONDON--(BUSINESS WIRE)--The global pharmaceutical caps and closures market size is expected to grow by USD 2.43 billion during 2020-2024, progressing at a CAGR of about 10% during the forecast period.
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The development of child resistant packaging is one of the major factors propelling market growth. However, factors such as risks associated with biodegradability and carcinogenicity of plastics will hamper market growth.
The growing use of child-resistant and tamper-evident packaging has gained huge popularity in the market which has encouraged vendors to use superior quality plastics such as cyclic olefin copolymer (COC) as a raw material in the manufacturing of pharmaceutical caps and closures because of their exceptional barrier properties. COCs are clear amorphous copolymers and have a unique combination of properties like low density, high transparency, and resistance to aqueous and polar organic media. Also, these materials are halogen-free and environmentally-friendly. Other plastic materials, such as High-density polyethylene (HDPE), polyester, and PP, are also being used as raw materials in the construction of caps and closures because of their flexibility, lightweight, and corrosion resistance.
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Global Pharmaceutical Caps and Closures Market: Material Landscape
The main reason for the growth of plastic segment is the surging demand for PET bottles across the globe, which results in high demand for plastic caps and closures. This segment is anticipated to be the fastest-growing segment during the forecast period, as most manufacturing companies prefer plastic packaging over metal and glass because of its lightweight and durable properties. Market growth in this segment will be faster than the growth of the market in the metal and rubber or cork segment.
Global Pharmaceutical Caps and Closures Market: Geographic Landscape
APAC was the largest pharmaceutical caps and closures market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as increased contract manufacturing, increased government initiatives, burgeoning population, and rise in the sale of self-medication and OTC drugs will significantly drive pharmaceutical caps and closures market growth in this region over the forecast period. 41% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for pharmaceutical caps and closures in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Companies Covered
- Amcor Plc
- Berry Global Group Inc.
- Caps & Closures Pty Ltd.
- Closure Systems International Inc.
- O.Berk
- Phoenix Closures Inc.
- Röchling SE & Co. KG
- Saudi Basic Industries Corp.
- Silgan Holdings Inc.
- Tecnocap SpA
What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2019, 2020, till 2024
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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Pharmaceutical Caps and Closures Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist in pharmaceutical caps and closures market growth during the next five years
- Estimation of the pharmaceutical caps and closures market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the pharmaceutical caps and closures market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of pharmaceutical caps and closures market, vendors
Table of Contents:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Material
- Market segments
- Comparison by Material
- Plastic - Market size and forecast 2019-2024
- Metal - Market size and forecast 2019-2024
- Rubber or cork - Market size and forecast 2019-2024
- Market opportunity by Material
Customer Landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
- Competitive scenario
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Amcor Plc
- Berry Global Group Inc.
- Caps & Closures Pty Ltd.
- Closure Systems International Inc.
- O.Berk
- Phoenix Closures Inc.
- Röchling SE & Co. KG
- Saudi Basic Industries Corp.
- Silgan Holdings Inc.
- Tecnocap SpA
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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