According to a new market research report published by Credence Research “Child Resistant Closures Market (By Closure Type (Push & Turn, Squeeze & Turn, and Dropper Caps), By Tamper Evidence Type (Tamper Evident and Non-Tamper Evident), By Material Type (Polypropylene, Polystyrene, Polyethylene, Others (Metals, PVC, etc.)), By End-Use Vertical (Pharmaceuticals, Household & Personal Care, Chemicals & Fertilizers, and Food & Beverage)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall child resistant closures market worldwide was valued at US$ 1.60 Bn in 2018 and is set to grow with 6.7% CAGR during the forecast period.
To prevent accidental drug intoxication among children’s, the demand for child resistant closures is increasing with significant pace. These closures are specially designed to protect and prevent any accidental consumption of pharmaceuticals or hallucinogenic substances for children’s below 5 years of age. Rise in accidental cases of consumption for medical products among children’s has become a major concern, thereby driving the demand for child resistant closures rapidly over the recent years. Rising awareness and strict pharmaceuticals packaging guidelines worldwide are the major growth factors for child resistant closures market. Child resistant closures have wide application in industries such as personal care, chemicals, pharmaceuticals and food & beverages among others. As a result of these factors, we expect that the child resistant closures market will show healthy growth during the forecast period.
Based on closure type, the push & turn segment has the largest share, accounting for more than 60% of the market revenue worldwide in 2018. Push & turn segment has the largest share owing to its benefits such as easy operation, child proof handling, shapely ribbed surface and others. Push & turn child resistant closures are used for various packaging solutions includes tubes, bottles, and others. Restored safety feature of push & turn child resistant closures sets them apart from squeeze & turn and dropper caps. Therefore, we presume that push & turn child resistant closures will continue leading the market during the forecast period.
Based on the geography, in 2018, North America accounted for the largest revenue share in the global child resistant closure market. The revenue share of North America stood at over 40% in the same year. North America has the highest share owing to expanded use of child resistant closures in food & beverage industry and household & personal care industry. Established pharmaceutical sector and regulation mandate for using child resistant closures in pharmaceutical packaging are the other major growth factors. In U.S, the government agency Consumer Product Safety Commission (CPSC) are recalling the products which are not following the Poison Prevention Packaging Act (PPPA). For instance, in September 2018, CPSC recalled Desert Harvest’s Relevum Skin Repair Cream which originally came with pump dispensers. After the recall, company replaced the pump dispensers with child resistant twist-off cap. Consequently, we expect that North America will lead the child resistant closure market throughout the forecast period.
In a bid to expand product portfolio and market share, major market players are adopting strategies such as mergers & acquisitions, product launch and collaborations. For instance, in June 2019, Amcor acquires Bemis Company Inc. and the company will continue its operations as Amcor Plc. This acquisition will strengthen Amcor Plc.’s product portfolio and value proposition.
Browse Full Report At https://www.credenceresearch.com/report/child-resistant-closures-market
The Global Child Resistant Closures Market is Segmented into:
|Segmentation||By Closure Type (2019–2027; US$ Bn)|
|By Tamper Evidence Type (2019–2027; US$ Bn)|
|By Material Type (2019–2027; US$ Bn)|
|By End-User Type (2019–2027; US$ Bn)|
|By Geography Segment (2019–2027; US$ Bn)|
*Complete segmentation list is on report page
Some of the major players profiled in the report include Amcor plc, , Ecobliss, Global Closure Systems, ABA Packaging Corporation, Ace Paper Tube Corporation, WestRock, Berlin Packaging, Berry Global, Inc., Airlite Plastics , Cincinnati Container Co., Crown Packaging International Inc., Cobra Plastics Inc., Glass Vials Inc., and others.