PUBLISHER: Grand View Research | PRODUCT CODE: 1233049
PUBLISHER: Grand View Research | PRODUCT CODE: 1233049
The global pharmaceutical glass packaging market size is expected to reach USD 37.6 Billion by 2030 and is expected to expand at 9.6% CAGR from 2023 to 2030, according to a new study by Grand View Research, Inc. The factors expected to drive the growth are the high recyclability of the glass, chemical inertness, increasing developments in the pharmaceutical industry, and the growing demand for vials for COVID vaccines.
The pharmaceutical industry is witnessing a significant transition and over the past few years, the focus on the development of pharmaceutical drugs has grown significantly. The growing research environment in emerging economies such as India, China, and Brazil has led to a gradual migration of economic and research activities from developed markets to these emerging markets. Since 2006, the United Nations Industrial Development Organization has provided advisory services and technical cooperation to develop local pharmaceutical production in developing countries. This promises to boost the pharmaceutical sector in these countries thereby driving the pharmaceutical plastic packaging industry.
However, the pharmaceutical glass packaging industry is expected to witness some challenges in the forthcoming years since glass is an expensive raw material. Plastic bottles are being used for pharma packaging which is made of lightweight, clear, and durable plastic belonging to the polyester family. Furthermore, developments are being carried out to develop material that overcomes the shortcomings of glass and plastic which can negatively impact the pharmaceutical glass packaging industry. For instance, in May 2022, Mitsubishi Gas Chemical Company, Inc. and BD (Becton, Dickinson and Company) agreed to develop Oxycapt, a multilayer material integrating features of plastic and glass for prefilled syringes.
Pharmaceutical-grade silicone-based fluids are being extensively applied on the inner surface of glass vials and ampoules to allow the draining of vaccines from the glass packaging products and maintain the efficacy and safety of Active Pharmaceutical Ingredients (APIs). In January 2022, West Pharmaceutical Services, Inc. entered into a technology and supply agreement with Corning Incorporated to expand Valor Glass technology for developing advanced injectable drug packaging and delivery systems.