Child Resistant Closures Market: Stringent Regulations in Several Regions Compel Pharmaceutical Companies to Increase Uptake
The vendor landscape of the global child resistant closures market is highly fragmented, with no leading vendor accounting for a substantial share of the overall market, observes Transparency Market Research in a recent report. The market has a large number of small-scale vendors operating in key regional markets. Thus the level of competitive rivalry is high and gaining high profit margins is a tough task. Most of the leading vendors are located in North America and Europe and earn a large share of their revenue from local markets. So as to strengthen their hold on the global market, companies in the market are focusing on improving consumer convenience and are introducing products with features such as low weight, which have a reduced environmental impact.
Some of the leading companies in the market are Closures Systems International, Inc., Silgan Plastic Closures Solutions, BERICAP GmbH & Co. KG, Global Closures Systems, Aptar Group, Inc., Berry Global, Inc., Amcor Limited, O.Berk Company, LLC, and Blackhawk Molding Co. Inc.
According to the report, the revenue generated from sales of child resistant closures globally has been estimated to be US$1,402.3 mn in 2017. The market is projected to expand at a CAGR of 5.5% over the period between 2017 and 2025.
North America to Remain Most Promising Regional Market
In terms of closure type, the segment of push and turn closure is anticipated to be the largest contributor of growth to the global child resistant closures market during the forecast period. The segment also accounted for a lion’s share of over 79% of the overall market in 2017. Geographically, the market in North America is presently the key contributor of revenue to the global child resistant closures market and is likely to lead over the forecast period as well, thanks to the well-established pharmaceutical sector and several regulations that mandate the usage of child resistant closures in packaging containing pharmaceutical products.
Increased Awareness about Benefits of Child Resistant Closures in Mitigating Accidental Drug Intoxication Risk in Children to Drive Market
One of the most important factors expected to work in favor of the global child resistant closures market is the fact that child resistant closures can significantly bring down the potential risk of accidental drug intoxication in children. In the past years, the introduction of child resistant closures in the packaging of a variety of prescription and over-the-counter medications and cosmetics has led to a vast reduction in the mortality rate of children due to such factors in the U.S. Proving to be an effective solution to the high number of drug intoxication cases among children, child resistant closures have thus become mandatory in a number of applications that pack substances or pharmaceuticals that can prove to be hazardous to children.
In the near future as well, high demand across the pharmaceutical sector and strict mandates are expected to significantly contribute to the overall development of the global child resistant closures market. The market could see new growth opportunities across emerging economies in the near future as consumers are become more aware about the potential hazards of accidental ingestion of hazardous substances among children. Increased demand from industries such as food and beverages and personal care is also expected to work in favor of the market.