Anticipated to exhibit a steady growth trajectory, the global plastic vials market is projected to achieve a Compound Annual Growth Rate (CAGR) of 4.9% from 2022 to 2032, with sales forecasted to escalate from US$ 1.2 billion in 2022 to reach US$ 1.9 billion by the end of 2032.
The increasing need for vaccines to uphold immunization levels in children has driven a notable upswing in the demand for plastic vials. In response to this, a multitude of pharmaceutical firms is channeling investments into the creation of secure packaging solutions, thereby fueling the demand for plastic vials throughout the forecast period.
The North American plastic vials market is expected to be led by the United States, reaching an estimated value of about US$ 440.2 million by the close of 2032. This upward trajectory is mainly fueled by the substantial presence of major pharmaceutical companies in the U.S.
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In the East Asia region, China is positioned to dominate the plastic vials market, projecting a notable Compound Annual Growth Rate (CAGR) of 7.8% throughout the forecast period. This impressive expansion can be attributed to the surge in chemical production and sales within the country. China, having claimed the title of the world’s largest chemical producer in 2020 with approximately 45% of global chemical sales, according to the European Chemical Industry Council (CEFIC), presents a significant growth opportunity for the Chinese plastic vials market, underscoring its crucial role in the global chemical landscape.
The plastic vials offer better thermal insulation compared to other vials made from other materials. Also, the plastic material is a strong material it reduces the fear of vials getting broken down. This helps in reducing the need for replacing the lost sample.
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.
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
Plastic Vials Market Landscape
- Gerresheimer AG,
- Berry Global Inc.,
- Wheaton (DWK Life Science Inc.),
- Thornton Plastics,
- Schott AG,
- 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.,
others. The players in tier 1 hold around 10-15% of the global plastic vials market.
Plastic Vials Market by Category
By Materials:
- Polypropylene (PP)
- High-density Polyethylene (HDPE)
- Polyethylene Terephthalate (PET)
- Other (Polystyrene)
By Capacity:
- Up to 2 ML
- 3-5 ML
- 6-7 ML
- 8 ML & Above
By End Use:
- Pharmaceuticals & Healthcare
- Cosmetics & Personal care
- Chemicals
By Region:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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