PHARMACEUTICAL PLASTIC BOTTLES MARKET ANALYSIS

Market Challenges And Opportunities

Global Pharmaceutical Plastic Bottles Market Drivers:

Growing need for lightweight pharma bottles among consumers is primarily fueling growth of the pharmaceutical plastic bottles market. For instance, in July 2020, Honeywell Performance Materials and Technologies introduced Aclar Edge multilayer barrier bottles and vials as a safer and lightweight alternative to glass for pharmaceutical packaging that outshines other plastic containers with moisture barrier comparable to glass and enhanced oxygen barrier.

Increasing spending on healthcare and pharmaceutical industry is again anticipated to foster market growth. According to the Centers for Medicare & Medicaid Services, health spending measures the final consumption of healthcare goods and services (i.e., current health expenditure), including personal health care and collective services (prevention and public health services as well as health administration), but excluding spending on investments. The US health care spending grew 9.7% in 2020, reaching USD 4.1 trillion or USD 12,530 per person. The share of the nation's gross domestic product health spending accounted for 19.7% in 2020.

Global Pharmaceutical Plastic Bottles Market Opportunities:

Strong growth of e-commerce industry is projected to serve major growth opportunities in the near future. Factors such as growing consumer expectations, regulatory changes, and pressures to lower price of prescription are driving the growth of pharmacy e-commerce. Countries such as India, China, and the United States are already witnessing an upsurge in the growth of the e-pharmacy sector.

Growing environmental awareness is creating demand for sustainable packaging which is again augmenting growth of the market. Furthermore, lightweight closure design is gaining traction in the market as light-weighting has become a goal of continuous innovation as for manufactures. It also require less resin, and this can efficiently reduce cost of material cost in the injection molding process.

Global Pharmaceutical Plastic Bottles Market Restraints:

Increasing cost of raw materials is expected to hamper the market growth. For instance, according to the All India plastic industry associations, in March 2021, about 50,000 units in the plastics processing sector are believed to be operating below 50% of their rated capacity due to a sharp rise in raw material prices. They added that if the crisis prolonged, about 20,000 MSME plastic units would be forced to close down.

Growing environmental concerns over plastic usage is again anticipated to hinder the market growth. It has been estimated by the United Nations Environmental program that 46,000 pieces of plastic debris float on every square mile of the ocean surface.