CLEVELAND, April 17, 2020 /PRNewswire/ -- As a key contributor to human health, drug-producing industries are expected to continue to operate at normal or near normal capacities despite the COVID-19 pandemic. Thus they will continue to provide demand for a full range of packaging products.
One important segment, plastic and glass pharmaceutical bottles, is forecasted by The Freedonia Group to expand 3.9% annually to $5.8 billion – equivalent to 30.3 billion units – in 2024. Applications in packaging solid oral and liquid medicines, nutritional preparations, and dietary supplements will lead gains. Additionally, this product group will continue to derive sizable demand from use as containers for selected topical and inhalation pharmaceuticals, including ophthalmic solutions, nasal sprays, and dermatological agents. The increasing use of medical and legal recreational marijuana will also boost growth opportunities for plastic and glass jars as well as specialty plastic bottles.
For more information visit the study page for Pharmaceutical Packaging.
The following represent the major trends affecting US demand for plastic and glass pharmaceutical bottles:
- The product group will retain the largest share of unit demand among all primary pharmaceutical containers over the long term, but will eventually being passed by blister packaging and parenteral containers in value demand in 2029.
- Plastic bottles are expected to account for 95% of value demand and 94% of the unit demand in 2024, as they continue to capture market share from glass bottles based on cost, processing, and intrinsic advantages. However, plastic bottles will post gains in unit and value demand that are below the average for primary pharmaceutical containers and they will continue to lose market share to blister packs.
- Glass bottles are forecast to experience a gradual erosion in both value and volume demand as plastic bottles, blister packaging, and other competitive containers are favored.
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About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group