From:Packaging World

At the same time, regulations, global challenges and increasing packaging costs will hinder market growth, says new report.

A new Market Research Store study estimates the Global PET Pharmaceutical Packaging market at $11.1 billion in 2014, with a Compound Annual Growth Rate of 11.3%. It is expected to reach $26.2 billion by 2022.

Behind this rapid rise: Growth of pharmaceutical industry and growth in drug delivery devices. The report says market access requirements such as supply-chain planning, manufacturing and distribution can be difficult.

The regulatory environment, including taxation and import regimes can be major barriers to growth, says the report, as are working across borders. Challenges in emerging markets and increasing packaging costs are also factors hindering the market growth.

The opportunity lies in global demand for primary pharmaceutical containers. The quality control unit is responsible for the control of pharmaceutical packaging materials including their receipt, identification, sampling, testing, and approval or rejection of drug product containers and closures. Asia Pacific is estimated to be the leading market for PET Pharmaceutical Packaging due to rapid growth in the industrial use of PET in packaging and labeling applications being witnessed in this region.

The bottles segment is accounted to be the largest segment and pouches and strip packs segment is having the highest market growth.

Key players in the market, says the study, include ITC Ltd., Bayer AG, Akzo Nobel NV, DuPont (EI) de Nemours, Evonik Industries AG, Sappi Ltd, Nippon Paper Group, Inc, Nalco Holding Company, International Paper Company and Mondi PLC.