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The pharmaceutical caps and closures market share is expected to increase by USD 3.56 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 11.59%.
This pharmaceutical caps and closures market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers pharmaceutical caps and closures market segmentation by material (plastic, metal, and rubber or cork) and geography (North America, Europe, APAC, South America, and MEA). The pharmaceutical caps and closures market report also offers information on several market vendors, including Amcor Plc, Berry Global Group Inc., Caps & Closures Pty Ltd., Closure Systems International Inc., O.Berk Co. LLC, Phoenix Closures Inc., Rochling SE, and Co. KG, Saudi Basic Industries Corp., Silgan Holdings Inc., and Tecnocap SpA among others.
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The development of child-resistant and tamper-evident packaging is notably driving the pharmaceutical caps and closures market growth, although factors such as risks associated with biodegradability and carcinogenicity of plastics may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the pharmaceutical caps and closures industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Pharmaceutical Caps And Closures Market Driver
The development of child-resistant and tamper-evident packaging is one of the key factors driving the growth of the global pharmaceutical caps and closures market. Child-resistant packaging is a type of packaging with safety caps or closures. It reduces the risk of children ingesting hazardous materials. Child-resistant packaging is required for prescription drugs, as well as OTC medications, for both adults and children according to regulations. The occurrence of numerous accidents that involved children opening the packaging and ingesting the contents led the United States Congress to pass the Poison Prevention Packaging Act of 1970. According to the regulations of the US FDA, the packaging of OTC drug products must be tamper-evident. Tamper-evident packaging must have one or more indicators or barriers to entry, which, if breached or missing, can provide visible evidence to consumers that tampering has occurred. Moreover, the indicator or barrier must be designed from materials that are not readily available to the public to prevent duplication. This drives the demand for child-resistant and tamper-evident caps and closures and reassures people about the authenticity of the pharmaceuticals. Hence, the development of child-resistant and tamper-evident packaging is likely to drive the global pharmaceutical caps and closures market during the forecast period.
Key Pharmaceutical Caps And Closures Market Trend
The growing popularity of lightweight packaging materials will fuel the global pharmaceutical caps and closures market growth. The increasing demand for innovative lightweight materials is one of the major trends in the global pharmaceutical caps and closures market. Vendors are increasingly providing lightweight and high-performance corrugated grades to reduce costs and improve the performance of packaging. Reduced costs resulting from low material consumption during the manufacturing process and high shipping efficiency of lightweight caps and closures. Low material consumption during the manufacturing process also reduces the environmental impact during the entire process. Lightweight packaging materials provide a barrier that is resistant to light, air, and moisture. Packaging materials such as rigid plastics are suitable for airtight seals in caps and closures, which protect the contents from moisture, particulate, and oxidation. Therefore, goods manufacturers are adopting lightweight rigid plastic packaging. For instance, Amcor has developed a lightweight, hot-fill beverage plastic bottle for its client product, Agua Enerviva. Hence, the increase in the adoption of lightweight packaging materials will simultaneously aid the growth of the caps and closures market during the forecast period.
Key Pharmaceutical Caps And Closures Market Challenge
Risks associated with biodegradability and carcinogenicity of plastics are the major challenge for the global pharmaceutical caps and closures market growth. Pharmaceutical packaging heavily relies on the use of plastics, such as polyethylene, polypropylene, polyolefin, poly (vinyl chloride), and polyethylene terephthalate. However, there are several concerns with the use of plastics for pharmaceutical packaging, especially regarding the biodegradability and carcinogenicity of the material. There are numerous leachables from plastics that may cause harm to customers or even interact with pharmaceuticals. Some of the leachables include bisphenol A; di(2-ethylhexyl) phthalate, a potential carcinogen and endocrine disrupter that helps make plastics. The non-biodegradable property of plastic limits the wide use of certain plastics in caps and closures. These factors have prompted various agencies across the world to discourage the use of plastic and opt for substitute materials such as glass, metal, and rubber, which can potentially make caps and closures more expensive, thereby hampering their use in pharmaceutical packaging. Hence, the risks associated with the biodegradability and carcinogenicity of plastics are likely to hinder the growth of the global pharmaceutical caps and closures market during the forecast period.
This pharmaceutical caps and closures market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
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. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the pharmaceutical caps and closures market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the pharmaceutical caps and closures market encompasses successful business strategies deployed by the key vendors. The pharmaceutical caps and closures market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The pharmaceutical caps and closures market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the pharmaceutical caps and closures market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global containers and packaging market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturer providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Material
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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