NEWARK, Del, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The global pharma grade plastic packaging market is projected to experience steady growth over the next decade, with estimated sales valued at USD 56.6 billion in 2024 and anticipated to reach USD 74.2 billion by 2034. The market is expected to expand at a CAGR of 3.0% from 2024 to 2034.
In 2023, the pharma grade plastic packaging industry generated USD 54 billion in revenue, reflecting the sector's robust demand and essential role in the pharmaceutical supply chain. The industry is expected to exhibit a year-on-year (Y-o-Y) growth of 2.5% in 2024, indicating continued momentum in the market.
The global market for pharma-grade plastic bottles continues to thrive, driven by their exceptional versatility and wide-ranging applications across various pharmaceutical products. These plastic bottles are increasingly preferred for packaging solid medicines, liquid syrups, and topical medications, offering a reliable and cost-effective solution for the pharmaceutical industry.
Insight into Market Drivers Impacting Global Pharma Grade Plastic Packaging Market
Growth in Demand for Sustainable Pharma Grade Packaging across the Globe
Sustainable packaging is an essential part of pharmaceutical industry driven by the shift towards the eco-conscious choices. Sustainability can be achieved in pharmaceutical packaging industry by incorporating biodegradable, recyclable, or compostable materials in the manufacturing and focusing on transporting packages in an eco-friendly way.
The packaging waste can be reduced by using packaging products that fit the materials being packaged. Removing not degradable materials and using materials that are biodegradable, recyclable, or compostable will reduce impact of plastic on the planet.
Using correct type of transportation that are used to deliver products. Leaving behind the smallest carbon footprint possible is modes should be important in the pharmaceutical packaging market to minimize environmental impact. The smallest impact of carbon footprint behind should be achieved in the industry.
Impact of Regulations on Pharma Grade Plastic Packaging
The impact of regulation is very high on the pharma grade plastic packaging. As the manufacturers and business operating in pharmaceutical packaging must comply with the standards and procedures set by high authorities like World Health Organization’s and others. These standards ensure that the products must be safe and properly labelled with the correct information.
Some innovations are heaping in the pharma grade plastic packaging for ensuring the compliance. Smart packaging is becoming a popular choice for the manufacturers to provide the utmost security to the products. Smart labels, QR codes, and NFC technology is being used by the business to meet the regulatory standards. Smart labels are used for track and trace of the packages. This will help in gathering the information about their lifecycle which will be useful in management and delivery.
QR codes are the moat often used in packaging in current period. It offers easy accessibility to the information about the product including ingredient, dosage, lifespan, etc. NFC, or near-field communication technology has enabled devices close to one another to communicate and share information. In the world of pharma packaging, this can take many forms, including medication adherence, temperature information, protection from tampering and counterfeiting, addressing sustainability, patient safety, and more.
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Key Takeaways from Global Pharma Grade Plastic Packaging Market
- Plastic bottles are the most common packaging formats in pharma grade plastic packaging for solid formulation. It is anticipated to hold more than 44% of the market share in 2024 and is further projected to expand with the highest CAGR of 3.1% through 2034.
- Polyethylene terephthalate (PET) among other materials is highly consumed in pharma grade plastic packaging due to its durability and strength. It is expected to have more than 33% of the market share in 2024. Polyethylene (PE) material packaging are growing rapidly with a CAGR of 4.3% expanding 1.6 times its current market value over the forecast period.
- Europe is at the major shareholder in the pharma grade plastic packaging industry with almost 28% of the value share by the end of the assessment year. East Asia is expected to contribute maximum incremental opportunity while South Asia is projected to grow at 4.8% by the end of 2034.
“The burgeoning prevalence of chronic diseases, infectious viruses, the ageing population, and the increasing focus on healthcare are influencing the pharma grade plastic packaging market. Growing need to protect and safeguard medications from external factors resulting in improved barrier-proof and convenient pharma grade plastic packaging.”- Says a Lead Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Implementation of 3D Printing Technology into the Manufacturing and Packaging Process
The International Journal of Pharmaceutics published a study in which scientist has recommended that 3D printing technology can be very helpful for pharmaceutical companies and patients. The research group showcased the personalized medicine packaging which offers manufacturing companies in production of containers with tailored dosages.
Pharmaceutical packaging made from 3D printing technology would reduce the amount of redundant equipment manufacturers should produce and use. This technology will also quantify into reducing waste, saving time and money. Many pharmaceutical brands have found that such technology allows them to test more effectively.
Global Pharma Grade Plastic Packaging Market Landscape
Gerresheimer AG, Berry Global, Inc., Amcor plc, AptarGroup, Inc, West Pharmaceutical Services, Inc., Schott AG, Drug Plastics Group, Alpla Werke Alwin Lehner GmbH & Co KG, Parekhplast India Limited, Nipro Corporation, West Pharmaceutical Services, Inc., Alpha Packaging Company, Mykron Plus India Pvt. Ltd, Comar LLC,, and others are some of the noticeable players in the market. The tier 1 players in the market hold 10 – 20% of the overall pharma grade plastic packaging market.
Global Pharma Grade Plastic Packaging Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global market for pharma grade plastic packaging, analysing historical demand from 2019–2023 and forecast statistics for 2024–2034.
The study reveals market growth projections based on product type (bottles, blisters, vials & ampoules, syringes, pouches, and other (tubes, cartridges)), material type (polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polystyrene (PS), acrylonitrile butadiene styrene (ABS), polycarbonate (PC), and other), application (oral drugs, injectable drugs, topical medications, inhalable medications, transdermal patches, and diagnostic devices), and end use (pharmaceutical companies, biotechnology companies, contract manufacturing organizations (CMOS), hospitals and clinics and research laboratories.), across seven regions.
Key Segments of Pharma Grade Plastic Packaging Industry
By Product Type:
Pharma grade plastic packaging industry is divided into bottles, blisters, vials & ampoules, syringes, pouches, and other (tubes, cartridges).
By Material Type:
Pharma grade plastic packaging industry is segregated into polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polyethylene terephthalate (pet), polystyrene (PS), acrylonitrile butadiene styrene (ABS), polycarbonate (PC), and other.
By Application:
The industry is classified by oral drugs, injectable drugs, topical medications, inhalable medications, transdermal patches, and diagnostic devices.
By End Use:
The industry is classified by end use as pharmaceutical companies, biotechnology companies, contract manufacturing organizations (CMO), hospitals and clinics and research laboratories.
By Region:
Key countries of North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East and Africa (MEA), have been covered in the report.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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