Market Synopsis:
As per Market Research Future (MRFR)’s report, the global sterilized packaging market is expected to scale a decent value striking a steady CAGR over the forecast period. Packaging has gained quick mileage in recent years. The developments in packaging technology are likely to unleash tremendous developmental opportunities for the market players over the next couple of years.
The growing need for preserving the integrity of pharmaceuticals is the major factor responsible for driving the growth of the sterilized packaging market. The accelerated economic activities in the pharmaceutical industry are likely to lead 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.
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The rising incidences of diseases coupled with increasing demand for hygiene are primarily responsible for the expansion of the sterilized packaging market. 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.
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.
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.
North America is projected to exhibit substantial growth over the next couple of years. The expansion of the dairy sector of the region is majorly responsible for the development of the sterilized packaging market. It is forecasted to exhibit a similar trend in the forthcoming years. 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. Furthermore, the rising demand from the pharmaceutical industry is also presumed to catapult the market on an upward trajectory.
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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