ALBANY, New York, December 22, 2016 /PRNewswire/ --
Global bag on value market is expected to reach a valuation of US$500.1 mn by the end of 2024 as compared to US$356.5 mn in 2016. During the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 4.3%.
Benefits of BOV Technology for Consumers and Manufacturers Lend Positive Impact on Demand
The global market for bag on valve technology is being driven by the rising awareness about its cost-effectiveness amongst consumers and manufacturers. Consumers are showing a strong inclination toward bag on valve technology as a packaging solution as it minimizes product wastage, thereby ensuring complete value for money. Thus, this technology is being used for several high-end products. Yet another noticeable benefit working in favor of the global market is minimal to nil amount of contamination this technology allows due to its airless bags and the method of packaging that separates the product and the propellant.
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As for the manufacturers, the preference for bag on valve has only grown in the past few years as this technology promises a longer shelf life for oxygen sensitive products that contain less or no preservatives. Furthermore, various types of viscous and liquid products can be packaged using bag on valve technology irrespective of the fact that they may be water or solvent-based. Growing number of manufacturers are also investing this technology as the absence of propellant in the product reduces the risk of explosion or fire. Also, the efficient filling process is and additional advantage.
Europe to Exhibit CAGR of 4.2% in Global Market 2016-2024
The various products available in the global market are aerosol B.O.V, standard B.O.V, and non-spray/low pressure B.O.V. Of these, the aerosol B.O.V is expected to acquire a mammoth share of 61.8% in the global market by the end of 2024. In terms of geography, the global bag on valve technology market is divided into North America, Europe, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of these, Europe is projected to a show growth rate in the global market. The region is expected to rise at a CAGR of 4.2%, between the forecast years of 2016 and 2024.
Lack of Communication across Distribution Chain Hampers Global Industrial Packaging Market
Preference for Conventional Packaging Acts as Impediment for Growth
Despite the headstrong market drivers, the market is being tugged in the opposite direction as consumers still prefer traditional forms of packaging such as jars, dosing bottles, and tubes for products such as oils, lotions, and medicines. This perception has created a significant decline in the sales of products in the global market. This restraint is also being supported by the easy availability of conventional forms of packaging. Furthermore, the high cost of BOV technology is also dissuading companies from opting for this type of packaging and limiting its preference for high-income groups.
The top four players operating in the global bag on valve (BOV) technology market are AptarGroup, Inc., Coster Tecnologie Speciali S.p.A, Toyo & Deutsche Aerosol Gmbh, and Summit Packaging System, Inc. These companies collectively held a share of about 39% in the global market in 2015. These players are expected to capitalize on the booming pharmaceutical industry that is anticipated to present several lucrative packaging opportunities in the coming years, says Transparency Market Research. "Development of packaging methods that are transparent, allow dual product storage, and technologically advanced are expected to trigger a significant demand for BOV technology in the pharmaceutical industry," states the lead author of this research report.
This review is based on Transparency Market Research's report, titled "Bag On Valve Technology Market - Global Industry Analysis and Forecast 2016-2024."
The global bag on valve technology market is segmented on the following basis:
Product type assessed in the report are:
- Aerosol B.O.V.
- Standard B.O.V
- Non-Spray/low pressure B.O.V
Valve type assessed in the report are:
- Male Valve
- Female Valve
Container type assessed in the report are:
- Tin Plate
Capacity type assessed in the report are:
- Below 30ml
- 30ml - 100ml
- 100ml - 275ml
- 275ml - 500ml
- Above 500ml
Application type assessed in the report are:
- Cosmetics & Personal Care
- Home Care
- Food & Beverages
- Automotive & Industrial
Regions assessed in the report are:
- North America
- Latin America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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SOURCE Transparency Market Research