Child-Resistant Closure Market - Global Industry Size, Share, Growth, Trends and Forecast Analysis For 2016 - 2024

Over the past few years, rise in hazardous accidental cases among children has become a prime concern for manufacturers of medicinal products packaging. Hence, to decrease the mortality rate ratio, child-resistant closures has been developed by the manufacturers. Child resistant closures, one of the security purpose closures, signifies the last barrier, has an important part to play in solving the problems created between the infant and the packaged content. They are subjected to test methods which are enacted by the International Organization for Standardization (ISO) and the European Committee for Standardization (CEN).

Packaging manufacturers are aimed to produce closures with child resistant security in accordance with government regulations to prevent potential hazardous to children. Although, for this type of safety packaging, awareness among industries has been increased, knowledge about the subtleties and differences is often lacking. However, child-resistant closures has reduced child mortality from the accidental intake of oral prescription drugs. Henceforth, this million dollar industry is expected to register impressive CAGR near in the future.

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Non-Biodegradable Products Growing at Significant Pace; However, Scales Tilting in Favor of Biodegradable Ones

Based on material type, the global plastic bags and sacks market is segmented into biodegradable and non-biodegradable. The biodegradable segment is further segmented into polylactic acid (PLA), polyhydroxyalkanoates (PHA), and starch blend resins, while the non-biodegradable segment is further segmented into low density polyethylene (LDPE), high density polyethylene (HDPE), polypropylene (PP), linear low density polyethylene (LLDPE), and polystyrene (PS).

The non-biodegradable segment occupies a prominent share measured in terms of volumes of consumption of plastic bags and sacks. However, stringent regulatory requirements have led to the adoption of ecofriendly and reusable plastic bags and sacks, spurring the demand for biodegradable packaging. The biodegradable segment is poised to expand at an impressive CAGR along the forecast period.

Furthermore, the advancements in manufacturing technologies have enabled vendors to offer a variety of options in biodegradable packaging. As a result, plastic bags manufacturers are focusing on making biodegradable and bio-based plastic bags and sacks that can be easily recycled so that they do not pose risk to environment.

Asia Pacific Market to Contribute to Large Chunk in terms of Global Demand

Based on geography, the global plastic bags and sacks market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa (MEA). Of these, Europe is expected to lead the global market in terms of revenue and is estimated to be followed by North America. On the other hand, Asia Pacific is forecast to register a high CAGR during 2016 - 2024.

Asia Pacific excluding Japan (APEJ) is expected to witness a spiraling demand for plastic and sacks bags owing to rising discretionary spending by middle-class consumers and rapid pace of urbanization. In addition, the impressive growth of the retail sector and the consumer good segment has triggered the demand for plastic bags and sacks for packaging various materials and food items. Furthermore, the emerging nations of Asia Pacific such as India and China are expected to witness soaring demand for plastic bags and sacks. The significant growth in the regional markets is attributed to the changing lifestyle across all strata of society and increasing per capita income of the people in these nations.

The plastic bags industry is largely fragmented, with the presence of some organized players and several small unorganized players. Leading players are resorting to mergers and acquisitions to consolidate their shares across various regions. Major companies in the global plastic bags and sacks market include Mondi plc, Berry Plastics Inc., AEP Industries Inc., Alpha Poly, Bischof & Klein GmbH & Co, Interplast Group, Novolex, Ampac Holdings LLC, Da Nang Plastic Joint Stock Company, Schur Flexibles Group, Goglio Group, and Hanoi Plastic Bag JSC.

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