Market Analysis
The blister packaging market is predicted to touch USD 38.17 billion at a 7.2% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Drivers
Demand for Tamper-Free Packaging to Boost Market Growth
The growing need for tamper-free and convenient packaging will boost the need for blister packaging in the pharmaceutical industry. This in turn will augment the market growth.
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Opportunities
Lower Cost to offer Robust Opportunities
The blister packaging needs fewer resources for packaging that occupy less retail shelf space and offer a good hang-hook display that leads to lower cost over other packaging formats like rigid bottles that makes it cost-effective. This will offer robust opportunities to the market over the forecast period.
Restraint
Not Ideal for Packing Heavy Items to act as Market Restraint
Blister packaging is used to extend the product’s shelf life, but is not an ideal choice to pack heavy items and is largely used to protect lightweight items. This may act as a market restraint over the forecast period.
Challenges
Compliance with Strict Regulations to act as Market Challenge
Strict regulations imposed on blister packaging especially in the healthcare industry may act as a market challenge over the forecast period.
COVID-19 Analysis
The COVID-19 pandemic possessed a negative impact on all the business sectors such as chemicals, food and beverages, and automotive. Yet its impact on the blister packaging market is a positive one as it is a highly used application in the healthcare sector. Almost 70% of the blister packaging is accounted to the healthcare packaging system. At the time of COVID, the demand for medical products and pharmaceuticals has gone up that led to an increase in blister packaging. Owing to the increase in COVID patients, the establishment of new hospitals and COVID-19 centers has gone up across the globe and thus increased the need for medical services. The demand for blister packaging in industrial and consumer goods may be accepted to increase the market growth. The exponential increase in demand for multivitamin tablets and the growing need for medical products like medical blister trays, syringes, etc. will boost the need for blister packaging. Besides, the establishment of new COVID-19 hospitals across the globe and the exponential rise of new COVID-19 cases in some Asian and European economies are adding market growth.
Segmentation:
MRFR analysts have based their findings on a segmentation of the blister packaging report and that includes types, applications, materials, and production methods. Researchers have also loaded these segments with fetched data using scientific methods and parameters to make the insights credible.
By types, the global market study on the blister packaging market includes segments like consumer goods blister packaging, carded blister packaging, and clamshell blister packaging.
By applications, the global study on the blister packaging market has been segmented into food & beverages, pharmaceuticals, consumer goods, and others. The pharmaceutical sector is expected to bolster the market growth. The food & beverage industry is also set to inspire changes in the market.
By production methods, the global market report on the blister packaging market includes an assessment of thermoforming & cold forming.
By materials, the global study of the blister packaging market includes information on PVC, COC, PVDC, cold form foil, and others.
Regional Analysis:
North America is expected to impact the global market in remarkable ways as the region is showing huge participation from several top-grade pharmaceutical companies. In Europe, the market will also find support from pharmaceutical companies. In Asia Pacific, emerging economies would play a crucial role in developing grounds for regional market growth.
Competitive Landscape:
Bemis, Berry Plastics, Valley Industries, Mitsubishi Chemical Holdings, Dupont, Albea, DOW Chemical, Amcor Limited, SteriPack, Constantia Flexibles, and others are some of the efficient companies developing methods to bolster the global blister packaging market growth. These companies are mostly using methods like a merger, branding, research funding, innovation, collaboration, acquisition, and other methods to bolster their market position and improve chances for the market to ensure a hike in revenues. MRFR recorded the latest changes inspired by these companies to keep track of trends that may change the market outcome.
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Industry News:
The global market for blister packaging is getting huge traction due to the massive rise in demand from the pharmaceutical sector. This rise is to bolster the COVID-19 pandemic treatment across countries and supply frontline fighter like doctors and nurses with sufficient medical support that they can use on their patients to improve their conditions. The segment is also getting a huge tailwind from the research and development sector, where universities and laboratories invest much time finding a proper cure for the disease. This growth would remain strong in the coming years as the pandemic is yet to subside.
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