Press release
COVID-19 Impact Analysis on Child Resistant Packaging Market
The demand within the global child resistant packaging market is rising on account of advancements in the field of child safety. Transparency Market Research (TMR) finds that the global demand for child-resistant caps and covers is on a rise in recent times. This is majorly due to the stipulation of strict norms for protecting children from hazardous materials and substances. The global child resistant packaging market is also expected to expand in size and operations in the years to follow. This projection owes to the expansive research and development initiatives that have offset in recent times.The investment dynamics of the global child resistant packaging market expected to change in the years to follow. This projection is based on the interest shown my wealthy stakeholders in the global child resistant packaging. Furthermore, the demand for improved packaging within the pharmaceutical industry has also given a thrust to market growth. The abundant availability of strong and durable polymers for manufacturing child resistant caps and seals has also aided market growth.
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Transparency Market Research (TMR) finds that the global child resistant packaging market would expand at a healthy CAGR of 6.10% over the period between 2018 and 2026. Furthermore, the total value of the global child resistant packaging market is also expected to rise by the end of the forecast period. The value of the global child resistant packaging market in 2017 stood at US$ 17,650.9 million. The presence of a several safety authorities for overseeing packaging within several industries has given a thrust to market growth.
The global demand for child resistant packaging has increased on account of advancements in the pharmaceutical industry. Several types of checks are employed across the pharma sector in order to ensure proper packaging of high-dose drugs. Furthermore, the packaging industry has shown a sense of accountability in manufacturing customized caps and bottles for child resistant packaging. This factor has generated confidence amongst the pharma vendors to use child resistant packaging products.
Chemical Manufacturing to Gather Swing
The use of child resistant packaging products in the chemical industry has also played a vital role in market growth. School laboratories and homes often store hazardous chemicals for a variety of reasons. Hence, the total revenues in the global child resistant packaging market are expected to multiply in the years to follow.
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Asia Pacific to Lead Market Growth
On the basis of geography, the global child resistant packaging market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The child resistant packaging market in Asia Pacific is expected to expand alongside growth across the pharmaceutical industry. Furthermore, the use of child resistant packaging in toiletries, cosmetics, and home care liquids has also given a thrust to market growth.
Strategic Moves of Market Vendors
The leading vendors in the global child resistant packaging market are projected to increase their investments in marketing. Furthermore, attractive designs caps and tubes for child resistant packaging has generated confidence amongst end-use industries. The growth of automotive and chemical industries has generated lucrative opportunities for market vendors. Some of the key vendors operating in the global child resistant packaging market are Amcor Limited, Berry Global, Bemis Company, Inc, Gerresheimer AG, WestRock Company, KushCo Holdings, Inc., and Bilcare Limited.
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