The global pharmaceutical caps and closures market size is expected to grow by USD 2.43 billion during 2020-2024, progressing at a CAGR of about 10% during the forecast period.
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The development of child resistant packaging is one of the major factors propelling market growth. However, factors such as risks associated with biodegradability and carcinogenicity of plastics will hamper market growth.
The growing use of child-resistant and tamper-evident packaging has gained huge popularity in the market which has encouraged vendors to use superior quality plastics such as cyclic olefin copolymer (COC) as a raw material in the manufacturing of pharmaceutical caps and closures because of their exceptional barrier properties. COCs are clear amorphous copolymers and have a unique combination of properties like low density, high transparency, and resistance to aqueous and polar organic media. Also, these materials are halogen-free and environmentally-friendly. Other plastic materials, such as High-density polyethylene (HDPE), polyester, and PP, are also being used as raw materials in the construction of caps and closures because of their flexibility, lightweight, and corrosion resistance.
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Global Pharmaceutical Caps and Closures Market: Material Landscape
The main reason for the growth of plastic segment is the surging demand for PET bottles across the globe, which results in high demand for plastic caps and closures. This segment is anticipated 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 properties. Market growth in this segment will be faster than the growth of the market in the metal and rubber or cork segment.
Global Pharmaceutical Caps and Closures Market: Geographic Landscape
APAC was the largest pharmaceutical caps and closures market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as increased contract manufacturing, increased government initiatives, burgeoning population, and rise in the sale of self-medication and OTC drugs will significantly drive pharmaceutical caps and closures market growth in this region over the forecast period. 41% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for pharmaceutical caps and closures in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Pharmaceutical Caps and Closures Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Material
Customer Landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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