Pharmaceutical Caps and Closures Market Recorded 9.57% Y-O-Y Growth Rate in 2021, Development of Child-resistant & Tamper-evident Packaging to Fuel the Market Growth - Technavio

NEW YORK, July 26, 2022 /PRNewswire/ -- The pharmaceutical caps and closures market is expected to grow by USD 3.56 billion from 2020 to 2025, progressing at a CAGR of  11.59% as per the latest market report by Technavio. The pharmaceutical caps and closures market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. The pharmaceutical caps and closures market report 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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Pharmaceutical Caps And Closures Market: Market Dynamics

• Driver: The key factor driving growth in the pharmaceutical caps and closures market is the development of child-resistant and tamper-evident packaging. 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.
• Challenges: The risks associated with the biodegradability and carcinogenicity of plastics will be a major challenge for the pharmaceutical caps and closures market during the forecast period. 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.

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Pharmaceutical Caps And Closures Market: Segmentation Analysis

The pharmaceutical caps and closures market is segmented by material (plastic, metal, and rubber or cork) and geography (North America, Europe, APAC, South America, and MEA).

• Material Landscape - The pharmaceutical caps and closures market share growth by the plastic segment will be significant for revenue generation. This segment is likely 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 characteristics. One of the reasons for the growth of the market is the increasing demand for polyethylene terephthalate (PET) containers worldwide, which results in the demand for plastic caps and closures. The demand for plastic containers is on the rise across numerous industries, including healthcare and food and beverage. In addition, the compatibility of plastic caps with other packaging materials such as glass containers and gable top cartons encourages demand for plastic in this market. 
• Geography Landscape - 32% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for pharmaceutical caps and closures in North America. However, the market growth rate in this region will be slower than the growth of the market in the European, APAC, and MEA regions. The growing value of pharmaceutical exports from the US, increasing healthcare spending, and rising aging population will facilitate the pharmaceutical caps and closures of market growth in North America over the forecast period.

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Get ready to achieve excellent business outcomes from this exclusive Pharmaceutical Caps and Closures Market report by Technavio. The report will include highlights of the overall market which includes frequently asked questions such as -

• What are historical revenue figures and estimated revenue figures as well as CAGR during the forecast timeframe?
• What is the current trend taking place in the market space?
• Which are business tactics that will influence competitive scenarios along with defining the growth potential of the market?
• What are market drivers, restraints, and challenges impacting demand & growth of the market?
• Which regions & segments will garner massive revenue and emerge as market leaders in upcoming years?

The competitive scenario provided in the Pharmaceutical Caps and Closures Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc. Don't wait, Make a strategic approach & boost your business goals with our Pharmaceutical Caps and Closures Market  Forecast Report -  Buy Now!

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• The rigid plastic packaging market share is expected to increase by USD 75.47 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.5%.
• The metal cans market share is expected to increase to USD 7.59 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 2.64%.

Table of Content

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2020
• Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

• 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 2020-2025
• Metal - Market size and forecast 2020-2025
• Rubber or cork - Market size and forecast 2020-2025
• Market opportunity by Material

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2020-2025
• Europe - Market size and forecast 2020-2025
• APAC - Market size and forecast 2020-2025
• South America - Market size and forecast 2020-2025
• MEA - Market size and forecast 2020-2025
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• 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.
• Tecnocap SpA

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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SOURCE Technavio