By virtue of its space saving properties, the demand for airless packaging technology has been mounting up to a great extent recently, notes Transparency Market Research (TMR). As this packaging solution offers optimal usage of space, a number of industries such as the cosmetics industry have been finding it more efficient than other packaging technologies. The report by TMR segments the global market for airless packaging on the basis of application, material type, packaging type, and region.
The global market for airless packaging is expected to expand at a promising CAGR of 5.5% between 2016 and 2024, attaining a revenue worth US6.34 bn by 2024, finds TMR.
Which application industries hold utmost potential for the advancement of the global market for airless packaging?
The cosmetics industry is one of the key industries that promises extensive growth opportunities. Manufacturers have embraced this technology as consumers are exhibiting high preference for innovative dispensing systems. Skin care products utilize airless packaging to a great degree, owing to the ability of this packaging solution to prevent the degradation of the active ingredients that the skin care products contain. Natural formulations can be easily preserved by tapping the potential of airless packaging. Oral care and hair care are some other end users that can contribute towards the growth of the global airless packaging market. Food and beverages industry can also assist the market’s growth.
Browse Research Report: http://www.transparencymarketresearch.com/airless-packaging-market.html
By material type, which packaging material offers maximum opportunities for growth of the global market for airless packaging?
Based on material, the global airless packaging market has been segmented into two broad segments, plastics and glass. Although glass is widely used by premium skin care products such as anti-ageing creams, the plastics segment accounted for the largest share in the global airless packaging market. This segment is likely to retain its dominant position in the market, thanks to its cost-effectiveness and flexibility. Plastic airless packaging solutions allow the contents to be stored in a vacuum, substantially extending its lifespan. The elasticity of the material, its ease of use and easy availability are other key factors responsible for its popularity.
What are the key features of the competitive landscape of the global market for airless packaging?
In terms of competition, the global market for airless packaging is fragmented, consisting of a large number of players including Libo Cosmetics Company, Ltd., LUMSON SPA, Aptar Group, Inc., ABC Packaging Ltd., Albéa Beauty Holdings S.A., HCP Packaging, WestRock, and Fusion Packaging.
A number of market players are focusing on developing innovative products. For instance, HCT Group showcased its innovative airless packaging technologies at the 15th annual Luxe Pack New York, which took place in May 2017. Featuring increased shelf-life along with zero space wastage, HCT Group’s designs such as the ‘Airless Mist Pump’ and the ‘Twist Zoom’ boast top-notch features.