Blow Fill Seal (BFS) Market: Pharmaceutical Industry to Account for Majority Share by Consumption
Browse Market Research Report @ http://www.transparencymarketresearch.com/latin-america-blow-fill-seal-technology-market.html
According to the research study, the market for BFS technology in Latin America was worth US$205.5 mn in 2016. Rising at a CAGR of 6.40% during the period from 2016 to 2024, the opportunity in this market is likely to reach US$337.8 mn by the end of the forecast period. The demand for PE materials in the production of BFS has been higher than other materials and the scenario is expected to remain so over the next few years.
Demand for BFS Technology Highest in Pharmaceutical Sector
As per the report, BFS technology finds a widespread usage in the pharmaceuticals, food and beverages, and the cosmetics and personal care industries in Latin America. Among these, the pharmaceutical industry has emerged as the leading end user of this technology. In 2015, this segment had acquired nearly 99% of the overall market in terms of demand. Over the forecast period, the demand for BFS technology in the pharmaceutical sector is anticipated to increase further due to the augmenting consumer need for user-friendly and flexible container designs. Apart from this, the food and beverages industry is also expected to present lucrative opportunities to market players for growth in the near future, thanks to the rising demand for sports and nutritional drinks in Latin America.
Geographically, the report segments the Latin America market for BFS technology into Brazil, Argentina, Mexico, Venezuela, Colombia, and the Rest of Latin America. With a share of nearly 43%, Brazil led the overall market in 2016. Supported by the substantial rise in its pharmaceutical industry, this domestic market is likely to remain on the top over the period of the forecast. Among other domestic markets, Mexico is anticipated to register a healthy rise in the years to come. The developing trade relations with the U.S. is projected to boost the Mexico market for BFS technology in the near future, states the market report.
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Protection from Counterfeit Products to Boost Adoption of BFS Technology
“Prevention from the reutilization of a product is the key factor behind the growth of the BFS technology market”, says a TMR analyst. As pharmaceutical products manufactured by using BFS technology cannot be resealed, the risk of counterfeit products can be diminished with the usage of this technology.
The rising demand for pre-fillable syringes, globally, is another important factor, which is reflecting positively on this market. However, the presence of non-viable particulate matter during the extrusion process may hamper the growth of this market in the near future, reports the study.
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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