From PRNewswire/ Future Market Insights
The global pharmaceutical plastic packaging market will grow at a CAGR of 6.1% during the forecast period, 2020-2030. The growth is anticipated to be fuelled by increasing instances of deadly disease outbreaks such as H1N1, COVID-19. This prompts an increase in pharmaceutical plastic packaging demand. Furthermore, developed regions are foreseeing a proliferation of their geriatric populace.
“Manufacturers focusing on eco-friendly packaging solutions attributed to challenges rising from ecological concerns concerning plastic production and disposal. Bio-degradable and bio-based plastics are anticipated to gain traction in the market in the coming years,” states FMI analyst.
Pharmaceutical Plastic Packaging Market – Key Takeaways
- By material, the polyethylene is foreseeing higher demand than others, holding over 30% of the total market share by 2030.
- Based on packaging type, rigid packaging formats will dominate the market by attaining 60% of the share of volume and value, by 2030.
- Bottles remain the majorly preferred product type in the pharma industry, accounting for a projected 37.5% market share in 2020.
Pharmaceutical Plastic Packaging Market – Key Drivers
- New innovations in PE and PET sourcing from biodegradable products for example sugarcane to prove helpful to development prospects.
- Low manufacturing costs, high resistance to breakages and leaks, superior barrier characteristics, and precision for printing operations to drive market growth.
Pharmaceutical Plastic Packaging Market – Regional Analysis
- North America is at present at the forefront holding close to 28% of the total market share in 2020, with an estimation of US$ 13.15 bn.
- Europe will hitherto be the second biggest market for the pharmaceutical plastic packaging market due to progressions in smart packaging, intended towards eco-friendly and energy efficiency options, which will positively impact the industry growth.
- East Asia including South Korea, Japan, and China has set itself as an exceedingly vital pharmaceutical plastic packaging market and is likely to exceed both western markets afore 2030 in terms of both, value and volume.
Pharmaceutical Plastic Packaging Market – Competitive Landscape
Market players in the pharmaceutical plastic packaging sector are at present going forwards with strategies to extend manufacturing capacities amid the COVID-19 outbreak. Leading participants are furthermore involved in strategic geographic extension, predominantly in emerging economies with the purpose of lengthening supply chains and exploiting cost benefits. For instance
Germany-based Schott AG has declared strategies to invest US$ 1 Bn through 2025 to increase its pharmaceutical packaging manufacturing product capacities including cartridges, syringes, ampoules, and polymer vials, with novel plants in Germany, China, and the United States.
Some of the prominent pharmaceutical plastic packaging producers in the global market are Amcor plc, Alpha Packaging Holdings, Becton, Dickinson & Company, Berry Global Inc., West Pharmaceutical Services Inc., Parekhplast India Ltd., Mondi plc, Wipak Group, Constantia Flexibles Group GmbH, and Sealed Air Corporation.