Wilmington, Delaware, United States, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global child resistant closures market is estimated to reach a value of US$ 2.4 Bn by the end of 2027, according to a research report by Transparency Market Research (TMR). In addition, the study finds that the market for child resistant closures is expected to grow at a CAGR of 5.1% during the forecast period, from 2022 to 2027.
The adoption of safe and child resistant packaging is being increasing in several nations from North America for chemical, household & personal care, and pharmaceutical products. Owing to this factor, the North America market is expected to maintain its leading position in the child resistant closures market during the forecast period, note TMR report analysts.
Companies in the child resistant closures market are focusing on the expansion of their businesses by using organic and inorganic strategies such as mergers, acquisitions, and new product launches. Furthermore, several players are investing heavily in R&Ds in order to develop technologically advanced products. Such initiatives are prognosticated to drive the growth prospects in the global child resistant closures market during the forecast period.
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Child Resistant Closures Market: Key Findings
- The demand for child resistant closures is being increasing in the recent years owing to their ability to allow for safe packaging of different types of medicines and pharmaceutical products. Over the period of past few years, major pharmaceutical companies as well as customers across the globe are taking initiatives in order to maintain the child safety. This factor is resulting into surge in the demand for child-resistant packaging for pharmaceuticals, note analysts at TMR.
- With increase in the production of different types of medicines and drugs across the globe, the need for secure and safe packaging is being rising. This factor is leading to lucrative avenues for child resistant caps manufacturers, note analysts of a TMR review report. Moreover, the global child resistant closures market is being driven by increase in the number of R&D projects focused on the new drug developments.
- The cases pertaining to drug intoxication are being rising globally, specifically among the child populace, as children tend to consume harmful drugs accidentally. Increase in the understanding pertaining to the safety of children while handling pharmaceutical products is prognosticated to create high demand for child resistant packaging solutions in the near future. This aside, the global child resistant closures market is anticipated to gain prominent business opportunities in the upcoming years owing to rise in the need for safe and secure packaging in pharmaceuticals so as to reduce the number of intoxication cases globally, according to a TMR assessment.
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Child Resistant Closures Market: Growth Boosters
- The expansion of the pharmaceutical industry is estimated to lead to increased demand for varied child resistant closure types
- Surge in the need for decreasing the number of intoxication cases is expected to help in the expansion of the child resistant closures market share during the forecast period
Child Resistant Closures Market: Key Players
Some of the key players profiled in the report are:
- Silgan Plastic Closures Solutions
- Closures Systems International, Inc.
- Parekhplast India Limited
- BERICAP GmbH & Co. KG
- Berry Global, Inc.
- Aptar Group, Inc.
- Blackhawk Molding Co. Inc.
- Amcor plv
- Georg MENSHEN GmbH & Co. KG
- CL Smith Company
- United Caps Luxembourg S.A.
- Mold-Rite Plastics LLC
- Plastic Closures Limited
- Guala Closures S.p.A.
- Tecnocap S.p.A.
- Weener Plastik GmbH
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Child Resistant Closures Market Segmentation
- Material
- Polypropylene
- Polyethylene
- Other Plastics
- Closure Type
- Push & Turn
- Squeeze & Turn
- Others (Dropper Caps)
- Tamper Evidence
- Tamper Evident
- Non Tamper Evident
- End Use
- Pharmaceuticals
- Household & Personal Care
- Chemicals & Fertilizers
- Others (Food & Beverage, Automotive, etc.)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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