Plastic Vials Market is projected to expand at a CAGR of 4.9% during 2022 – 2032
The global plastic vials market is expected to grow at a CAGR of 4.9% over the forecast period (2022-2032). Sales of plastic vials are projected to increase from US$ 1.2 Bn in 2022 to US$ 1.9 Bn by 2032. Top 5 companies in the global plastic vials market are estimated to hold 15-20% of the overall plastic vials market in 2022.
The global plastic vials market is expected to hold around 15-17% of the overall vials market worth US$ 7 Bn in 2021. The plastic vials market witnessed soaring growth in 2021 with worldwide revenues up 4.6% year over year. Future Market Insights (FMI) estimates that plastic vials revenues will reach nearly US$ 1.9 Bn in 2032 with a compound annual growth rate (CAGR) of 4.9%. Sales in the plastic vials are projected to witness an incremental opportunity of US$ 737.7 Mn
The demand in the plastic vials market is expected to burgeon due to the increasing need for vials in the pharmaceutical industry. Rise in the spread of the different virus across the world will propel the demand for plastic vials in the pharmaceutical & healthcare industry.
Moreover, the plastic vials can be easily cleaned and sterilized which gains popularity among the end use industries. The plastic vials are light in weight and easy to handle which helps in reducing the transportation & extra storage cost. The expanding personal care & cosmetic industry helps in bolstering the demand for plastic vials.
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Future Market Insights (FMI) opines, key players operating in the plastic vials market will witness remunerative growth opportunities due to the innovation & customization offered by manufacturers of plastic vials.
Key Takeaways from Plastic Vials Market
- By material, high-density polyethylene (HDPE) plastic vials segment is estimated to expand at a CAGR of 5.1% during 2022-2032
- The pharmaceuticals & healthcare segment is projected to hold significant share in the plastic vials market due to high demand for plastic vials in hospitals & laboratories.
- Based on end-use, pharmaceuticals & healthcare industry is anticipated to hold around 81% of the market share by the end of 2032.
- North America and Europe are estimated to remain the most lucrative market for the plastic vials market due to the presence of various pharmaceutical & healthcare companies
“Rising need to maintain and keep the content at the right and required temperature among pharmaceutical, personal care & cosmetic, and chemical industries will augment the sales of plastic vials.” –says FMI Analyst
Expansion of Pharmaceuticals & Healthcare Sector to Bolster Plastic Vials Sales
The development of various drugs and medications among various global pharmaceuticals & healthcare companies supplement the sales of plastic vials. Expansion of pharmaceutical & healthcare sector is driving the demand for plastic vials across the globe.
Increasing patient pool in hospitals due to different illnesses and health problems is also expected to bolster the demand for plastic vials. Subsequently, growing production of pharmaceutical drugs and products will push the sales of plastic vials.
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Plastic Vials Market Landscape
- Gerresheimer AG,
- Berry Global Inc.,
- Wheaton (DWK Life Science Inc.),
- Thornton Plastics,
- Schott AG, and
- Sigma-Aldrich Co. LLC
are some of the key players operating in the plastic vials market. Also, some of the noticeable players in the plastic vials market include Suncity Plastic Vial Factory, Althor Products, LLC, Containers Plus, Genius Style (India) Pvt. Ltd., and others. The players in tier 1 hold around 10-15% of the global plastic vials market.
Plastic Vials Market by Category
- Polypropylene (PP)
- High-density Polyethylene (HDPE)
- Polyethylene Terephthalate (PET)
- Other (Polystyrene)
- Up to 2 ML
- 3-5 ML
- 6-7 ML
- 8 ML & Above
By End Use:
- Pharmaceuticals & Healthcare
- Cosmetics & Personal care
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends