Pharma Packaging Films Market Revenue to Cross US$ 28.2 Bn by 2031 to Expand at a CAGR of 5.7% Says, Transparency Market Research

Wilmington, Delaware, United States, July 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global pharma packaging films market was valued at US$ 16.7 Bn in 2022. It is projected to grow at a CAGR of 5.7% from 2023 to 2031 and reach US$ 28.2 Bn by 2031.

Increase in utilization of mono and barrier films in pharmaceutical packaging is likely to augment market size in the next few years. Consumers are seeking pharma packaging that enables them to dispense the medication with precision. This is bolstering the demand for specialty pharma packaging solutions. Surge in demand for eco-friendly pharmaceutical packaging is anticipated to broaden market outlook.

Advancement in the aseptic packaging technology is likely to create significant growth opportunities for companies in the pharma packaging films market. Rise in popularity of flexible packaging for a range of pharmaceutical products is expected to augment market value in the next few years. Focus on development of sustainable packaging films is projected to propel the pharma packaging films industry.

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Market Snapshot:

Competition Landscape

Prominent companies operating in the pharma packaging films market are 3M Company, Berry Global Inc, Honeywell International Inc, Toray Plastic, Constania Flexibles Group GmbH, Dunmore Corporation, ProAmpac Ltd, Klöckner Pentaplast Group, Glenroy Inc, Winpak, Renolt Group, Uflex ltd, Tekni-plex, and ACG Pharmapack Pvt Ltd.

Key Growth Drivers of Pharma Packaging Films Market

• Increase in development of a range of flexible packaging materials is a key factor expected to drive the global pharma packaging films market. Considerable demand for user-friendly and environmental-friendly packaging in the pharmaceutical industry is anticipated to bolster the usage of flexible packaging.
• Continuous R&D activities in improving the barrier protection properties of flexible packaging materials is likely to augment market size. Increase in utilization of barrier rigid films and mono rigid films in pharmaceutical packaging films is estimated to fuel market development.

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Key Findings of Study

Significant Demand for Flexible Packaging in Pharmaceutical Industry: Rise in development of novel drug delivery drugs is expected to accelerate market development in the next few years. For instance, introduction of oral thin film drug delivery is likely to bolster the market growth. Innovative drug delivery systems utilize a range of pharma packaging films to cater to the demand for targeted drug systems. Demand for drug delivery that enables patients and clinicians to deliver medications to the specific target site presents significant business opportunities for companies in the market.

Rise in Preference for Aluminum Tubes to Offer Barrier Protection: Increase in usage of recyclable packaging in the pharmaceutical industry is anticipated to offer significant opportunities to companies in the market. PET material-based films are widely utilized in pharma packaging. Considerable usage of aluminum foils for the packaging of tablets and pills is expected to create significant revenue opportunities for market players. Aluminum foils are recyclable and hence widely preferred in tubes and strip packaging.

Regional Landscape

Asia Pacific is projected to account for the leading market share in the next few years. Rise in availability of pharmaceutical products on online distribution channels is expected to accelerate the market growth in the region in the near future. Rapid expansion of the pharmaceutical industry, driven by surge in drug development activities, is a key trend bolstering the market in Asia Pacific. High prevalence of chronic diseases, such as heart ailments and diabetes, in the elderly population in the region presents significant revenue opportunities for companies in the market. Surge in export of medicines from developing countries to less developed nations in Asia is anticipated to broaden market outlook.

Segmentation

The pharma packaging films market is segmented based on

Material Type

• Plastic
  • Polyethylene
  • Polypropylene
  • Polystyrene
  • Polyamide
  • Others (PVC, PVDC)
• Aluminum
• Oxide

Product Type

• Higher Barrier Films
  • Metallized Films
  • Coated Films
• Co-extruded Films
• Formable Films
  • Thermoformable Films
  • Formable Films
    

Application

• Blister Packs
• Bags & Switches
• Lidding
• Sachets
• Tubes
• Others

End-use

• Pharmaceutical
• Medical Devices

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
  

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