Pharmaceutical caps and closures: Key market research findings
- APAC dominates the market geographically
- Plastic segment accounts for a majority share of the market’s revenue
- Key vendors – Amcor, Caps & Closures, O.Berk, CSI, and GCS
Market research analysts at Technavio expect the global market for pharmaceutical caps and closures to grow at a CAGR of over 5% between 2016 and 2020. The growth of this market can be accredited to the increasing use of COC as a raw material. COC are preferred over PVC because they are 10 times less permeable to water vapor or any other packaging material. These COCs are halogen-free and so are environmentally-friendly. Topas Advance polymer is the biggest leading manufacturer of COC. Several applications of COCs include caps and closures, pre-filled syringes, needleless injectors, and other drug delivery systems. During 2015, APAC accounted for more than 32% of the overall market share to become the dominant shareholder in the global market. The region has huge market opportunities owing to the governments’ initiatives in offering affordable healthcare and drugs to their people, whch will further contribute to the growth of the market in this region by 2020.
The new market research report from Technavio presents a breakdown and analysis of the pharmaceutical caps and closures segments based on the material type.
“At present, pharmaceutical aerosol closures are gaining traction in the market. Companies are focusing to make aerosol form of packages, which provide versatility and usefulness for the providing medication in various treatment. It provides safe delivery of active/principles ingredient of medicine in many different health therapies ranging from metered dose inhalers (MDIs) to topical application. Coster Packaging has introduced aerosol closures for its healthcare product range. Also, Rieke has launched child resistant aerosol closures,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research.
In 2015, the plastic segment led the global pharmaceutical caps and closures market by accounting for around 63% of the overall market revenue. Drugs such as syrups, ointments, and other cosmeceutical products use plastic caps and closures as it does not react with the product packed inside. This segment is likely to be the fastest-growing one during the forecast period, as most manufacturing companies prefer plastic packaging over metal and glass because of its lightweight and durable characteristics.
The key vendors in the global pharmaceutical caps and closures market include Amcor, Caps & Closures, O.Berk, CSI, and GCS. The market is highly fragmented, with the presence of several domestic and international vendors. There is intense competition among the market vendors in terms of product differentiation, portfolio, and pricing. The caps and closures sector is important for the packaging industry, as it helps packaging producers, raw material suppliers, end-users, and processors industries.
A more detailed analysis is available in the Technavio report, Global Pharmaceutical Caps and Closures Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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