Bag On Valve Technology Market Aerosol BOV to Lead in Product Category

The global market for bag on valve technology is ruled by the core four players namely Summit Packaging System Inc., Toyo & Deutsche Aerosol Gmbh, Coster Tecnologie Speciali S.p.A, and AptarGroup, Inc., states Transparency Market Research (TMR) in a research report.

These four players together accounted for a share of around 39% in the global bag on valve technology market in 2015. These players are relied upon to benefit from the growing pharmaceutical industry that is expected to introduce a few lucrative prospects in the coming years.

"Improvement of packaging techniques that are straightforward, permit double item stockpiling, and also technologically advanced are relied upon to trigger a noteworthy demand for BOV technology in the pharmaceutical industry," says a TMR analyst.

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The global market is expected to exhibit a 4.3% CAGR from 2016 to 2024 rising from a valuation of US$356.5 mn in 2016 to US$500.1 mn by 2024.

Aerosol BOV to Lead in Product Category
The different products in the worldwide market are low pressure or non-spray BOV, standard BOV, and aerosol BOV. Amongst these, the aerosol B.O.V is anticipated to procure an enormous share of 61.8% in the worldwide market before till the end of 2024.

Region-wise, the worldwide bag on valve technology market is segmented into the Middle East and Africa, Europe, Asia Pacific, Latin America, and North America.

Of these, Europe is anticipated to exhibit a high growth rate in the worldwide market. The region is estimated to ascend at a CAGR of 4.2%, between the conjecture years of 2016 and 2024.

Manufacturers and Consumers Benefitting from BOV Technology to be Boon for Market

The worldwide market for bag on valve technology is being driven by the proliferating knowledge about its cost-adequacy among manufacturers and consumers.

Customers are demonstrating a strong slant towards bag on valve technology as an effective packaging solution as it limits item wastage, along these lines guaranteeing total value for money. Hence, this technology is being utilized for numerous top of the line items.

However, another detectable advantage working for the worldwide market is insignificant to nil measure of sullying this technology permits because of its airless bags and the technique for packaging that isolates the propellant and the product.

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Concerning the manufacturers, the inclination for bag on valve has just developed in the previous couple of years as this technology guarantees a more drawn out time span of usability for oxygen delicate items that contain less or no additives.

Besides, different sorts of thick and fluid items can be packed utilizing bag on valve technology independent of the way that they might be solvent or water based.

The increasing number of producers are likewise contributing to this technology as the nonappearance of fuel in the item decreases the danger of blast or fire. Likewise, the effective filling process is and extra preferred standpoint.

Inclination towards Traditional Packaging to Hinder Market Growth to Some Extent

Aside the willful market drivers, the market is being pulled the other way consumers still incline toward conventional types of packaging such as dosing bottles, jars and tubes for items such as oils, moisturizers, and pharmaceuticals. This discernment has made a critical decrease in the sales of these products in the worldwide market.

This restriction is additionally being bolstered by the simple accessibility of customary types of packaging. Besides, expensive BOV technology is additionally deterring organizations from choosing this kind of packaging and restricting its use just till high-income consumer groups.

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Transparency Market Research (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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This release was published on openPR.