Sterilized Packaging Market trends
Sterilized Packaging Market trends Synopsis:
The sterilized Packaging Market is projected to be worth USD 27,890 million by 2030, registering a CAGR of 6.10% during the forecast period (2022–2030)
The growing need for preserving the integrity of pharmaceuticals is the major factor responsible for driving the growth of the Sterilized Packaging Market trends. The accelerated economic activities in the pharmaceutical industry are likely to lead to the expansion of the market in the upcoming years. In addition, the industry has a penchant for innovative packaging technologies which is anticipated to motivate the market players to invest in research & development. Furthermore, other end-user industries such as food & beverage, cosmetics, etc. are presumed to contribute significantly to the development of the market over the assessment period.
The elevation of the standard of living is further projected to support the growing demand for standard packaging across different industry verticals. Additionally, the standard set and mandates issued by the governments for regularizing packaging norms to ensure safety and health are prognosticated to augment the sterilized packaging market over the next few years. The rising incidences of diseases coupled with increasing demand for hygiene are primarily responsible for the expansion of the sterilized packaging market.
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Market Segmentation:
By material, the global sterilized packaging market has been segmented into plastic, glass, and others.
By type, the sterilized packaging market has been segmented into trays, bottles, vials, and others.
Competitive Dashboard:
The major players of the global sterilized packaging market are Barger Packaging Inc. (U.S.), 3M (U.S.), E. I. du Pont de Nemours and Company (U.S), Amcor Limited (U.S.), Bemis Company, Inc. (U.S.), Gerresheimer AG (Germany), SCHOTT AG (Germany), West Pharmaceutical Services, Inc. (U.S.), SteriPack Contract Manufacturing (U.S.), and North American Sterilization & Packaging Company (U.S.).
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Regional Analysis:
The global sterilized packaging market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is expected to hold the lion’s share of the global market. The economic growth of the region has led to an increase in disposable income and a rise in the standard of living. It is poised to have a favorable impact on the growth of the sterilized packaging market in the region by increasing demand for hygiene.
The region is quick in the adoption of novel packaging technologies which is anticipated to favor the proliferation of the market across the review period. The expansion of the dairy sector of the region is majorly responsible for the development of the sterilized packaging market. North America is projected to exhibit substantial growth over the next couple of years. Furthermore, the rising demand from the pharmaceutical industry is also presumed to catapult the market on an upward trajectory. It is forecasted to exhibit a similar trend in the forthcoming years.
Industry News:
- In February 2019, the merging of flexible packaging innovator Rollprint Packaging Products with Ireland-based EuroFoil Teo and Singapore-based Alliantz Flexible Packaging has led to the establishment of a new company named PAXXUS. The new company is established for the supply and manufacture of flexible packaging.
- In February 2019, is an FDA-registered medical packaging provider, CleanCut Technologies, has been acquired by a leading supplier of roll stock, die-cut lids, pouches and mounting cards — Oliver Healthcare Packaging.
- In September 2018, a global materials science company, W. L. Gore & Associates, has announced the launch of its latest GORE STA-PURE flexible freeze containers at 2018 BioProcess International Conference and Exhibition in Boston. The sterile pouch is designed to withstand extreme temperatures without losing its integrity.
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