CHICAGO, September 25, 2018 /PRNewswire/ --
According to the new market research report on the "Blow-fill-seal Technology Market by Material (Polypropylene & Polyethylene), Product (Bottles, Vials, Ampoules), End-use Industry (Pharmaceutical), and Region (North & South America, Europe, Asia Pacific, Middle East & Africa) - Global Forecast to 2023", published by MarketsandMarkets™, the market size is projected to grow from USD 292.3 million in 2018 to reach USD 386.0 million by 2023, at a CAGR of 5.71%.
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Browse in-depth TOC on "Blow-fill-seal Technology Market"
160 - Tables
23 - Figures
139 - Pages
The global Blow-fill-seal Technology Market is growing steadily owing to the rise in manufacturing activities and growth in demand for conveniently packaged products. The increase in demand from the pharmaceutical industry also provides an opportunity for market growth, especially in the emerging Asia Pacific and South American regions.
Polypropylene technology segment, by material, projected to lead during the forecast period
The polypropylene segment is projected to account for the largest share in 2018, mainly because of the growth in consumption of single unit dose drug products. Polypropylene is a versatile and cost-effective raw material; it is highly resistant to a wide variety of chemical solutions, such as acids and solvents with a temperature range of up to 10000C. Growth of the pharmaceutical industry also provides an opportunity for the growth of the Blow-fill-seal Technology Market due to the rise in consumption of polypropylene material for the manufacture of bottles, vials, and ampoules using the BFS technology, especially in the emerging markets of Asia Pacific and South America.
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Bottles segment, by product, to grow at the CAGR during the forecast period
Products such as vials, ampoules, bottles, and pre-filled syringes & injectables are manufactured using the blow-fill-seal technology. There is high demand from pharmaceutical manufacturers for the BFS technology which provides versatility in the quick changeover between many different packaging formats to accurately and aseptically pack single doses; this segment is thus projected to be the fastest-growing in the Blow-fill-seal Technology Market.
Pharmaceutical segment, by end-use industry, is projected to grow at the highest CAGR during the forecast period
The demand for the BFS technology in the pharmaceutical sector is growing due to the increasing demand for advanced aseptic technology. The BFS technology is mainly used to fill parental preparations as this is done with minimum contamination, and therefore, the principal demand is from the pharmaceutical segment. The BFS technology has a high potential demand from the food & beverage sector, as a growing number of food & beverage manufacturers are using advanced aseptic processing technologies, such as the BFS technology to minimize the risk of contamination in filling and packaging products. The rising demand from these industries is expected to drive the BFS technology market during the forecast period.
Asia Pacific to lead the Blow-fill-seal Technology Market by 2023
On the basis of key regions, the Blow-fill-seal Technology Market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific region is estimated to account for the largest share among all the regions in 2018, and is projected to grow at the highest CAGR from 2018 to 2023, in terms of value. This can be mainly attributed to the increase in demand for the blow-fill-seal technology in China and Japan coupled with the growth in the pharmaceutical industry in these countries. The urbanized population is shifting its preference to healthy and safe packaged products owing to the rise in disposable incomes.
The major players include Catalent (US), Recipharm (Sweden), Rommelag (Germany), Unither Pharmaceuticals (France), Pharmapack (Japan), Unipharma (US), Curida (Norway), Weiler Engineering (US), The Ritedose Corporation (US), and Unicep Packaging (US). These companies have adopted strategies, such as acquisitions, expansions, and agreements to meet the increase in demand in emerging markets.
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