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The global pharmaceutical plastic packaging market will reflect steady growth, supported by a surge in sales of pharmaceutical products to manage the coronavirus pandemic and a wide number of other chronic ailments.
Plastic packaging is increasingly being used on account of superior barrier properties. According to Future Market Insights, the global pharmaceutical plastic packaging market is projected to surpass US$ 83 Bn by the end of 2030.
Pharmaceutical plastic packaging is highly sought-after for superior barrier characteristics. In addition, resistance to breakage, leaks and corrosion, and high compatibility with modern printing technologies make plastics a favorable option for drug manufacturers.
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The market for pharmaceutical plastic packaging is witnessing a promising growth owing to efforts by manufacturers towards the incorporation of anti-counterfeiting technologies such as QR codes, and nanomaterials, along with sustainability initiatives including bio-based plastics, and recycled plastics.
The integration of smart-packaging technologies to improve patient compliance, and to prevent unauthorized access will also support market growth.
Rising demand for medication, particularly in developing countries, the vast population of geriatrics, issues of antimicrobial resistance, and stricter rules associated to medical safety and the environment are major influencers in the market.
However, manufacturers continue to be challenged by factors such as poor ductility and heat resistance, potential risk of instability and interactions between, pharmaceutical formulations and the container. Also, plastic packaging does not provide high clarity levels, which can be an issue in terms of inspections.
“In the near future, pharma plastic packaging will transition towards sustainable material options for design and production. Efforts to minimize plastic waste will bolster use of polyethene terephthalate (PET), which can be easily recycled,” says the FMI analyst
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Covid-19 Impact on Pharmaceutical Plastic Packaging Market
The ongoing coronavirus pandemic will have significant influence on the pharmaceutical plastic packaging industry. The outbreak has revealed faults in supply chains, and will force market players to optimize strategies, minimizing vulnerabilities. In addition, restrictions on international trade will generate opportunities for local suppliers.
Also, the pandemic is expected to result in a surge of demand for antiviral and antimicrobial properties to reduce the risk of Covid-19 transmission through packaging services.
Ampoules and vials in particular are likely to gain investments. Blister packs and trays will find lucrative opportunities. On the other hand, sustainability initiatives will lose priority, while automation and robotics in production processes will gain traction.
In a new report, FMI has studied the strategies deployed by major companies participating in the pharmaceutical plastic packaging market. Market leaders have been pushing for strategic expansions of production capabilities with the deployment of new facilities or the expansion of existing ones. The expansion strategy also focuses on bolstering geographic penetration in emerging economies to leverage operational cost benefits.
Some of the participants operating in the contact tracing applications market include
Key Segments Covered in Pharmaceutical Plastic Packaging Industry Research
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Explore FMI’s Extensive ongoing Coverage on Packaging
Box and Carton Overwrapping Machines Market- The global box and carton overwrapping machines market is estimated to be valued at nearly US$ 1.1 Bn in 2022 and is projected to expand at a CAGR of 4.0% during the assessment period from 2022 to 2028.
Stretch Wrappers Market - The global stretch wrappers market is all set to witness a linearly progressive simulation, reaching US$ 710.4 Mn by the year 2031 at a CAGR of 5.6%.
Anti-counterfeit Packaging Market - The anti-counterfeit packaging market is estimated to reach US$ 137.4 Bn in 2022. With demand growing at a robust 11.9% CAGR, the market valuation will reach US$ 422.8 Bn by 2032.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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Future Market Insights is the premier provider of market intelligence and consulting services
Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, UAE, and has its global delivery center in India. In addition to these, FMI also carries out business development and client engagement through its US and UK offices.
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