Pharmaceutical Glass Packaging Market Overview
The global Pharmaceutical Glass Packaging Market is estimated to grow at a CAGR of 8.5% during the period 2022-2028. The market is estimated to reach a value of USD 8.5 billion within the forecast period.
Glass packaging is evolving as one of the most sought-after alternatives to plastic packaging in recent times. Glass is dust-resistant and easy to clean. Glass is chemically inert and that is why considered safe for packaging both consumable and non-consumable stuff. Glass can be recycled and reused and that is one of the reasons why it is considered as the best packaging option for pharmaceutical components across the world.
The global Pharmaceutical Glass Packaging Market Growth was hampered due to the COVID-19 pandemic. Strict lockdown led to low production, logistics problem, and disruption of transportation. All these affected the market negatively but at the same time, the demands for pharmaceutical components were very high. This had opened up opportunities for the market and it is expected to have steady growth in the coming years.
The Pharmaceutical Glass Packaging Market is segmented based on material type, product, application, and region.
Based on material, the market is further classified into Type I, Type II, and Type III. The Type II sector is projected to grow during the forecast period. The Type III sector is also projected to grow significantly during the forecast period.
Based on product, the market is divided into ampules, vials, bottles, jars, cartridges syringes. Due to the significant growth of the pharmaceutical sector in recent times, the bottles jars market is expected to grow in the coming years.
The segmentation of the global Pharmaceutical Glass Packaging Market is done into South America, North America, Europe, Asia-Pacific, and the Middle East Africa.
Investments in research and development, innovations, and increase in drug consumption have contributed to steady Pharmaceutical Glass Packaging Market Growth. The Asia-Pacific region is also expected to show steady market growth due to increased demand for drugs.
Multinational companies in this market are taking up strategic measures for business expansion. Company acquisitions, joint ventures, setting up of new production houses, investing in research and development, and adoption of new technologies are some of the measures taken by the companies to expand their reach.
Many companies are shifting their base to places that have more opportunities for the Pharmaceutical Glass Packaging Market.
In April 2019, SCHOTT had invested in its pharmaceutical tubing production located in Rio de Janeiro to enhance its growth.
Piramal Enterprise, India has decided to use eco-friendly energy supplies and recycles glass so that it can reduce its carbon footprint. The company has also started producing lightweight glass bottles that will help in lesser raw material and energy consumption.
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