Jul 31, 2023, 06:45 EST
New York, United States, Jul 31, 2023, 06:45 /Comserve / -- The in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Research Nester published a report titled “Child Resistant Closure Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global child resistant closure market in terms of market segmentation by closure type, material type, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global child resistant closure market to grow with a CAGR of ~10% over the forecast period, i.e., 2023 - 2033. The market is segmented by material type into polypropylene, low-density polyethylene, and high-density polyethylene. Amongst these, the polypropylene segment predicted to grow at the highest rate during the forecast period on the back of its low cost, scalability, and chemical characteristics, that make it better suited for producing various types of caps, closures, and sachets.
The global child resistant closure market is projected to extensively grow owing to the increasing utilization of zip lock bags in packaging of various products, followed by the globally surging cosmetic sector where child resistant closures are highly utilized. Furthermore, spike in healthcare sector, and rise in urbanization are some of the major factors anticipated to drive the growth of the market in the forecast period.
Regionally, the global child resistant closure market is segmented into five major regions comprising of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in the North America region is estimated to witness significant growth over the forecast period owing to the surging demand for enhanced packaging of medicines, massively growing expenditure on medicines, and significantly growing pharmaceuticals sector in the region.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Significant Escalation in Child Proof Packaging to Drive the Market Growth
As per the United States Environmental Protection Agency (EPA), if a product is poisonous, a CRP toxicity criterion is required. CRP is a type of packaging created and engineered to make it extremely challenging for children under the age of five to open or access a dangerous or hazardous amount of the product. In this row, bottle and closure - continuous thread closure has a CRP of CR5, while aerosol overcap has a CRP of 202 SP and 211 SP.
Child poisoning cases by the intake of dangerous products are in rise. Therefore, government bodies implemented strict regulations by mandating the use of child resistant closures on products whose intake is expected to seriously harm children's health in order to reduce the child mortality ratio. Thus, the child proof packaging is gaining traction to cover the safety point for kids under 6 years of age. Therefore, surging adoption of child proof packaging in various industries is fueling up the global child resistant closure market growth.
However, staggering increase in the cost of raw materials, extremely high production amount of child resistance closure, and strict strategies of government are expected to operate as key restraint to the growth of the global child resistant closure market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global child resistant closure market which includes company profiling of O.Berk Company, L.L.C., C.L. Smith Company, Airlite Plastics Co., Blackhawk Molding Co, Inc., Berry Global Inc., ABA Packaging Corporation, Silgan Plastics LLC, BERICAP Holding GmbH, APTARGROUP, INC., Sun Grown Packaging, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global child resistant closure market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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