Asia Pacific PET Packaging Market in Pharmaceutical Sector - Growth, Trends, Forecasts (2020 - 2025)

Asia Pacific PET Packaging Market in Pharmaceutical Sector - Growth, Trends, Forecasts (2020 - 2025)

GlobeNewswire

Published

The Asia-Pacific PET packaging market in the pharmaceutical sector (henceforth, referred to as the market studied) was valued at USD 2652 million in 2019, and it is projected to reach USD 3540 million by 2025, registering a CAGR of 5.

New York, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific PET Packaging Market in Pharmaceutical Sector - Growth, Trends, Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05989488/?utm_source=GNW
1% during the period of 2020-2025. Plastic packaging is becoming more popular than other products, as a plastic package is light in weight and easier to handle. Similarly, even the major pharmaceutical manufacturers in the Asia-pacific region prefer to use plastic packaging solutions, owing to their lower cost of production. Moreover, polyethylene terephthalate (PET) polymers are growing in plastic bottling applications in the pharmaceutical industry.

- According to a study conducted by the PET Packaging Association For Clean Environment (PACE) and National Chemical Laboratory (NCL), in 2019, an estimated 80,000- 85,000 metric ton of PET products were used in the Indian pharmaceutical sector.
- Manufacturers prefer PET to other plastic packaging products, as it accounts for the minimum loss of raw material during the manufacturing process as compared to other plastic products. Its ability to add multiple colors and designs has made it a preferred choice for the industry players. In addition, PET offers safety and quality standards, which is why it is witnessing a predominant usage in the pharmaceutical sector.
- Furthermore, the adoption of PET can lead to nearly 90% weight reduction, as compared to glass, allowing a more economical transportation process. Currently, plastic bottles made of PET are widely replacing the heavy and fragile glass bottles in the pharmaceutical industry in the Asia-Pacific region. For instance, it is possible to transport 30,000 100-ml PET bottles in a truck, as opposed to only 18,000 glass bottles, according to the PACE and NCL 2019 study. This reduces the transportation cost and environmental impact.
- Moreover, the pharmaceutical market in the region is growing, with the presence of countries like China, India, and Japan, among others, where the demand for pharmaceutical products is increasing due to the population and rising diseases.
- The healthcare and pharmaceutical sector in China is one of the world’s largest markets, primarily driven by its aging population. According to Pharmaceutical Technology, the value of China’s pharmaceutical market was forecast to surge to almost USD 574 billion by 2022. Hence, there is a growing possibility for the domestic players, as they might experience an increase in the demand for PET bottles from these companies.?
- With the COVID-19 outbreak and measures taken to curb the spread of the virus, PET bottles such as hand sanitizer and handwash bottles have seen a surge in demand, which is likely to continue for the next year or two. Likewise, the manufacturing capability will also see a shift in production towards such trends,

*Key Market Trends*
Bottles to Witness Significant Growth Rate

- The bottle accounts for the highest share of the PET demand, as PET bottles are one of the most used products in end-user industries, such as food, beverage, pharmaceutical, and personal care.
- The rising adoption of PET bottles in the end-user industry is due to the significant number of advantages offered, such as lightweight, economical transportation, process, recyclability, and minimum loss of raw material. According to Reliance Industry Limited, the PET Division report 2020, the PET bottle demand in India in the FY 2018-2019 accounted for 960-kilo metric ton per annum (KTA).
- The growing trend of transparency among the consumers in the region is also driving the PET bottles’ demand, as consumers want to see the physical product before purchase. The PET bottle is taking over the glass in the single-serve ketchup, condiments, and sauce markets. Many companies choose bottles made of polyethylene terephthalate (PET), as PET is as clear as glass and less likely to break. ?
- Moreover, household products, such as dish wash liquids, toilet cleaners, and floor cleaning acids, are mostly packaged in PET bottles. The PET bottles usage in pharmaceutical packaging is increasing in the region. The demand for nasal spray bottles is anticipated to increase, owing to the increasing number of patients suffering from sinusitis in the region. According to the National Institute of Allergy and Infectious Diseases’ (NIAID), one in eight Indians suffers from chronic sinusitis. This disease is also more widespread than diabetes, asthma, or coronary heart disease in the country.
- China is one of the largest PET resin producers and consumers of PET bottles in Asia-Pacific. With such large consumption, the country is focusing on the recycling of PET bottles instead of using virgin PET. According to the American chemical society, the cumulative recycling of PET bottles amounted to 78 million metric ton (Mt) in China during 2010-2018. Similarly, Japan accounted for 84.6% recycling rate of PET bottles in 2018, according to the Japan Container and Packaging Recycling Association.

*Increasing spending on healthcare and Pharmaceutical to augment the market growth*

- The Asia-Pacific region is one of the prominent regions where the healthcare and pharmaceutical sector is growing due to the high population in countries, such as China and India. The healthcare and pharmaceutical sector in the region is one of the world’s largest markets, primarily driven by the aging population. According to the National Bureau of Statistics of China, the people aged 60 years and above accounted for 18.1 % of the total population in 2019.
- Additionally, the pharmaceutical sector plays a vital role in the country’s roadmap, moving from manufacturing generics to new drug development. The Healthy China 2030 initiative underlines this shift. Hence, the growth of the pharmaceutical industry is expected to create new opportunities, thereby driving the growth of the PET packaging market.
- Furthermore, according to the Department of Pharmaceuticals (India), the annual turnover of the Indian pharmaceutical market in 2019 was USD 20.03 billion, which increased from USD 15.53 billion in 2015.
- Improved growth in domestic sales depends on the ability of the companies to align their product portfolios with diseases, such as diabetes, cardiovascular, depression, and cancer. Currently, about 80% of the anti-retroviral drugs used globally to combat AIDS (acquired immune deficiency syndrome) are supplied by the Indian pharmaceutical firms. The pharmaceutical companies are framing new methods and approaches to minimize packaging costs and meet important goals, such as enhancing patient compliance. Thus, the PET packaging market in the pharmaceutical sector is expected to witness significant growth in India.

*Competitive Landscape*
The Asia Pacific PET packaging market is highly concentrated with major players developing a prominent market share. The firms keep on innovating and enter into strategic partnerships in order to retain their market position.

- January 2020 - Okayama Factory acquired FSSC 22000 for Food Packaging Material Manufacturing certification.
- December 2019 - Gerresheimer AG increased its production capacity for plastic containers and opened a new plant in Kosamba, India. The company has a strong foothold in India, through its partner, Triveni Polymers Pvt Ltd. The company offers PET liquid oral bottles in many sizes, for the pharmaceutical industry.

*Reasons to Purchase this report:*
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05989488/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________

CONTACT: Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001

Full Article