Bag-on-valve Technology Market to Garner Healthy Growth Rate, Stringent Product Safety Regulation to Boost Growth
The global bag-on-valve technology market is anticipated to witness intense competition due to the presence of several players in the market. Transparency Market Reseach profiled LINDAL Group Holding GmbH, Coster Tecnologie Speciali S.p.A., Precision Valve Corporation, AptarGroup, Inc., Summit Packaging System, Inc., KOH-I-NOOR Mlada Vozice a.s, Exal Corporation, Shanghai Golden Aerosol Co., Ltd, and Chicago Aerosol LLC as some of the top players in the market.
Manufacturers in the bag on valve technology market have started focusing on eco-friendly bag-on-valve that is suitable for different forms such as liquid, cream, foam, and gel. Along with this, players are adopting advanced and sustainable packaging technique to comply with various standards set by regulatory bodies.
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According to TMR, the global bag-on-valve technology market is expected to rise at a steady 4.4% CAGR during the forecast period 2017-2024. Rising at this CAGR, the global bag on valve technology market is expected to touch a valuation US$ 500.1 at the end of the forecast period.
Geographically, Europe projected to hold maximum share in the global bag-on-valve technology market during the anticipated period that is 2017 and 2024. This is mainly because of the increasing consumer awareness and high disposable income of the people in the region.
Easy Availability of Cheaper Substitute to Impede Growth
The global bag on valve technology is likely to rise at a significant pace in the coming few years. This is mainly due to the increasing inclination of consumers towards zero wastage thus offering a cost effective solution to consumers. In addition to this, the bag on valve technology also offer better product safety than other packing technologies. This is a prominent factor expected to drive global bag on valve technology market in the coming few years.
The increasing demand for end users company such as Cosmetics & Personal Care, Pharmaceuticals, Home Care, Food & Beverages and Automotive & Industrial Products is prominent factor propelling the growth of the bag on valve technology
On the flipside, the growth in the bag on valve technology is likely to hamper owing to several factors such as increased end product price, limited consumer awareness and lower affordability in developing region. Along with this, easy availability of substitute to the bag on valve packaging materials and convenient and familiar usage for consumer is making them a preferred choice amongst several industries
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Increasing Demands from End User Industries to Boost Growth
Nevertheless, several benefits of bag on valve technologies such as minimal or zero contamination is a prominent factor expected to fuel growth in the bag on valve technology market. This is mainly because the technology separates product and propellant due to its airless bags and packaging methods
Owing to its zero contamination tolerance, the technology is gaining traction in pharmaceutical and cosmetic sector. Substantial rise in number of personal care and cosmetic products like lotions, self-tanning sprays, deodorants, creams, and several products for personal hygiene is a positive sign for the growth of the bag-on-valve technology. Apart from this, rapid growth in urbanization and industrialization in developing region is a strong factor expected to boost the bag on valve technology market.
The information presented in this review is based on a TMR report, titled “Bag-on-valve Technology Market (Product – Aerosol B.O.V., Standard B.O.V., Non-spray / Low-pressure B.O.V.; Valve – Male Valve, Female Valve; Container – Aluminum, Tin Plate, Steel, Plastic; Capacity- Below 30ml, 30ml-100ml, 100ml-275ml, 275ml-500ml, Above 500ml; Application- Cosmetics & Personal Care, Pharmaceuticals, Home Care, Food & Beverages, Automotive & Industrial Products) – Global Industry, Size, Share, Growth, Trends, and Forecast 2017 – 2024.”
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