Bag On Valve Technology is an advanced technology packaging system that prevents contamination in the product. It is an excellent dispensing system that has a wide range of applications across the pharmaceutical, cosmetic, occupational safety, and food industry. This technology minimizes product wastage and ensures maximum usage of the product up to the last drop. Moreover, due to airless packaging methods, this technology offers minimal or zero contamination by acting as a barrier between oxygen and the product which keeps the fragrance and color of the product unaffected. Aluminum, tin plate, steel, and plastic are the major type of container that uses bag on valve technology, and cosmetics & personal care, pharmaceuticals, home care, food & beverages, and automotive & industrial are some of the major end user industries of the bag on valve technology.
The global bag on valve technology market is estimated to account for slightly less than US$ 423.6 Million in terms of value in the year 2022 and it is predicted to grow at a CAGR of 3.22% during the forecast period (2023-2030).
Global Bag on Valve Technology Market - Growth Drivers
- Growing demand for the bag on valve technology from the cosmetic industry
Demand for the bag on valve technology from the cosmetic industry and booming cosmetic industry around the globe is expected to augment the market growth over the forecast period. Bag on valve technology is used to package cosmetic products such as lotions, shaving creams, gels, etc. According to the Cosmetics Europe Personal Care Association, the personal care market was valued at US$ 84.8 billion at a retail sales price in 2020, the European cosmetics and personal care market is the largest in the world. Hence, the growing cosmetic industry is projected to augment the market growth of the bag on valve technology over the forecast period.
Global Bag on Valve Technology Market –Opportunities
- Growing demand for the industrial coatings where bag-on-valve technology
Rising demand for industrial coatings where bag-on-valve technology is used for packaging coatings in the form of spray is expected to augment the market growth over the forecast period. According to the American Coatings Association, in 2015, the U.S. paint and coatings industry sold US$ 7.8 billion of industrial coatings to customer industries. Therefore, the growing demand for industrial coatings is expected to propel the market growth of bag-on-valve technology.
Global Bag on Valve Technology Market Restraints
- Lack of awareness of advancement in packaging technology
Despite the advancement in packaging technology, many consumers prefer products in conventional packagings such as tubes, dosing bottles, and jars which are expected to hinder the market growth of bag on valve (BOV) technology over the forecast timeframe. Therefore, consumer preference toward a conventional form of packaging is expected to negatively impact the overall sales volume of the BOV technology market, in turn hindering market growth.
On the basis of product type, aerosol BOV dominated the global bag on valve technology market in 2022 with a 62.7% of market share in terms of value, followed by non-spray/low-pressure BOV and standard BOV.
Global Bag on Valve Technology Market –Trends
- The rising trend of launching an innovative packaging solution in terms of bag-on-valve technology
The rising trend of launching an innovative packaging solution in terms of bag-on-valve technology by the manufacturer is expected to augment the market growth over the forecast period. For instance, in May 2018, Aptar Pharma launched new market innovations in inhalation drug delivery for the Chinese market as respiratory solutions designed to help fight the effects of air pollution. Moreover, the company has also showcased its bag on valve (BOV) technology with a wide range of advanced preservative-free dispensing systems for dermal, eye care, and nasal drug delivery routes, which offer pharmaceutical professionals flexibility and performance.
A growing number of strategic collaborations and partnerships in the market by major players to expand their presence in the market is expected to accelerate market growth. For instance, in April 2017, Ball Corporation and Unilever partnered to bring a more sustainable aluminum aerosol can to the market. The new Rexona and Sure antiperspirant cans employ Ball’s innovative ReAl technology. The newly created metal alloy that utilizes recycled content exhibits increased strength and allows Ball to lightweight its impact-extruded aerosol cans by 20%.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/bag-on-valve-technology-market-3526
Competitive Section:
Key players operating in the global bag on valve technology market are Coster Tecnologie Speciali S.p.A., AptarGroup, Inc., LINDAL Group Holding GmbH, Precision Valve Corporation, KOH-I-NOOR Mlada Vozice a.s, Exal Corporation, TOYO & DEUTSCHE AEROSOL GMBH, Summit Packaging System, Inc., Chicago Aerosol LLC, and Shanghai Golden Aerosol Co., Ltd.
Few Recent Development
- In January 2016, Aptar Group Inc, acquires MegaPlast GmbH, a provider of airless dispensing systems for the personal care, beauty and pharmaceutical market, in order to expand specifically in the pharmaceutical packaging segment. This acquisition will enable the Crystal Lake manufacturer to develop its presence in Latin America and Asia
