Airless Packaging Market is expected to reach US$6.34 bn by the end of 2024; Global Airless Packaging Market is likely to progress at a CAGR of 5.5% from 2016 to 2024.
pune, Maharashatra -- (SBWIRE) -- 01/13/2020 -- The global airless packaging market is experiencing intense competition on account of the presence of a number of players, states Transparency Market Research (TMR) in its latest research report. There is cutthroat competition between the leading players such as HCP Packaging, LUMSON SPA, Westrock, and Aptar Group Inc. Most of the players currently are setting their eyes upon expanding their business in Europe, as this region holds promising growth opportunities.
According to TMR, the global airlines packaging market is anticipated to expand at a steady pace and reach an evaluation of US$6.34 bn by 2024. On the basis of geography, is expected that Europe will emerge is the most promising regional market. Europe is currently the leading regional market as well on account of the stupendous efforts taken by market players on the research and development of improved products. The European regional market for airless packaging will expand at a 5.1% CAGR between 2016 and 2024. The demand from North America is also expected to be healthy. Asia Pacific is also anticipated to register a high growth rate in the years to come.
Plastic Airless Packaging Witnessing Comparatively Higher Demand than Glass Airless Packaging
On the basis of type of packaging, plastic is expected to witness higher demand as compared to glass airless packaging. The demand for plastic airless packaging is higher than glass as plastics make ceiling of contains extremely hassle free and this is especially true for the food and beverage products. The elasticity of plastics is one of the key reasons behind their higher adoption. In addition to this plastic boosts longevity of products.
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Cosmetics and Personal Care Industries Key Consumers of Airless Packaging
Airless packaging solutions, offer a type of packaging and dispensing system which leverages on the difference in the environment pressure so as to build a vacuum which can help in the releasing of a product when the valve is opened. Airless packaging such as jars, tubes, and bottles are becoming increasingly popular across the cosmetics and food and beverage sectors. The growing demand for airless packaging is also due to the fact that it helps keeping products with sensitive formulations, intact.
For a regional assessment, the global airless packaging market is segmented into the key regions of North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America. For the forecast period from 2016 to 2024, Europe is expected to remain the dominant region in terms of demand for airless packaging, registering a positive CAGR of 5.1% for the same.
The packaging industry holds a strong ground in Europe owing to a high demand in general coupled with speedy rates of product innovation and development. The airless packaging market in Europe is also being pushed towards providing greener alternatives to conventional plastic airless packaging. North America is also likely to continue contributing a large stream of revenue in the global airless packaging market, primarily due to the massive demand originating from the U.S.
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Meanwhile, Asia Pacific is expected to register a phenomenally high rate of growth in demand for airless packaging. A high and still increasing urban population in this region is expected to ramp up its demand for several types of packaging in the consumer goods industry, providing plenty of opportunities for players in the global airless packaging market.
The key players that have been a part of the global airless packaging market to date, include Albéa Beauty Holdings S.A., Aptar Group, Inc., HCP Packaging, LUMSON SPA, Libo Cosmetics Company, Ltd., Quadpack Industries, WestRock, Fusion Packaging, and ABC Packaging, Ltd.