Plastic vials market will surpass USD 1.9 billion, says study
A research by Future Market Insights (FMI) has found that the plastic vials market will surpass USD 1.9 billion, with rising application in pharmaceutical and healthcare industry
23 Jun 2022 | By Aultrin Vijay
Plastic vials are small plastic containers used to store the content or to collect the samples. It helps in protecting the content from the external environment as well as keeping the content at the required temperature.
Plastic vials offer better thermal insulation compared to other vials made from other materials, according to FMI. Also, it does not break and helps reduce the need for replacing the lost sample.
The plastic vials are made available in different capacities such as 2 ml, 3-5 ml, 5-7 ml, and 8 ml and above. These vials are used in various end use industries such as pharmaceuticals and healthcare, cosmetic and personal care, and others.
According to the FMI study, 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 viruses across the world will propel the demand for plastic vials in the pharmaceutical and healthcare industry,” the report stated.
Moreover, the plastic vials can be easily cleaned and sterilised, 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 and extra storage cost. “The expanding personal care and cosmetic industry helps in bolstering the demand for plastic vials,” the study found.
FMI believes that key players operating in the plastic vials market will witness remunerative growth opportunities due to the innovation and customisation offered by manufacturers of plastic vials.
The study also found that players in tier 1 hold around 10-15% of the global plastic vials market.
“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,” an FMI analyst shared with WhatPackaging?.
Furthermore, expansion of pharmaceuticals and healthcare sector is said to bolster plastic vials sales worldwide. The development of various drugs and medications among various global pharmaceuticals and healthcare companies supplement the sales of plastic vials. “Expansion of the pharmaceutical and healthcare sector is driving the demand for plastic vials across the globe,” the study stated.
“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,” the FMI analyst said.
- By material, high-density polyethylene (HDPE) plastic vials segment is estimated to expand at a CAGR of 5.1% during 2022-2032.
- The pharmaceuticals and healthcare segment is projected to hold significant share in the plastic vials market due to high demand for plastic vials in hospitals and laboratories.
- Based on end-use, the pharmaceuticals and 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 and healthcare companies.