Child Resistant Closures Market Size to Reach $3.44 Bn by 2028 | The Insight Partners
Child Resistant Closures Market Size is expected to grow at a CAGR of 6.1% from 2022 to 2028.
Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) — According to our new research study, titled “Child Resistant Closures Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material, Closure Type, End Use, and Geography,” the market is expected to grow from US$ 2.42 Billion in 2022 to US$ 3.44 Billion by 2028; it is expected to grow at a CAGR of 6.1% from 2022 to 2028.
Child resistant closures are used in packaging in numerous end use industries, such as pharmaceuticals and chemicals & fertilizers, to prevent accidental poisoning in children. The rising regulations for the implementation of child resistance packaging in numerous countries are driving the child resistant closures market growth. For instance, under the Poison Prevention Packaging Act, The United States Consumer Product Safety Commission (CPSC) dictates a set of rules concerning products commonly found in households, which has led to an increased number of end use industries to implement child resistant packaging. Novel markets such as cannabis-infused foods are further contributing to the market growth.
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Child Resistant Closures Market: Competition Landscape
Berry Global Inc.; AptarGroup, Inc.; O.Berk Company; CL Smith; Georg MENSHEN GmbH and Co. KG; Tecnocap S.p.A.; United Caps; Van Blarcom Closures Inc.; HEINLEIN PLASTIK-TECHNIK GMBH; and BERICAP are the prominent players operating in the global child resistant closures market.
Child Resistant Closures Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||USD 2.42 Billion in 2022|
|Market Size Value by||USD 3.44 Billion by 2028|
|Growth rate||CAGR of 6.1% from 2022 to 2028|
|No. of Pages||182|
|No. of Tables||114|
|No. of Charts & Figures||81|
|Historical data available||Yes|
|Segments covered||Material, Closure Type, and End Use|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Companies Covered||Berry Global Inc.; AptarGroup, Inc.; O.Berk Company; CL Smith; Georg MENSHEN GmbH and Co. KG; Tecnocap S.p.A.; United Caps; Van Blarcom Closures Inc.; HEINLEIN PLASTIK-TECHNIK GMBH; and BERICAP|
In 2021, North America accounted for the largest share of the global child resistant closures market. The market in Asia Pacific is expected to grow at the highest rate during the forecast period. The US is one of the world’s leading consumers of child resistant closures. According to the US Association of Home Appliance Manufacturers, there are more than 90 million clothes dryers in the US. Moreover, the rising number of double-income households in the country is also driving the demand for bathroom and bedroom fitted child resistant closures, which is further expected to boost the child resistant closures market over the forecast period.
Increased Demand for Child Resistant Closures Due to Growth in Pharmaceutical Industry to Boost Market Growth
Child resistant closures are designed to limit the danger of hazardous compounds that children accidentally ingest. The World Health Organization (WHO) considers child resistant closures one of the most effective methods for reducing accidental poisoning in children. It has minimized the incidence of medication-related deaths worldwide. Further, 74% of all medication poisonings in the UK are unintentional. Most of these high percentages of medication poisonings can be avoided with suitable packaging materials. Thus, the growing need for medicines across the globe and the need to prevent acute poisoning is boosting the demand for child resistant closures.
Child Resistant Closures Market: Segmental Overview
Based on material, the global child resistant closures market is segmented into polypropylene, polyethylene, metal, and others. In 2021, the polypropylene segment accounted for the largest revenue share, and it is expected to account for the highest CAGR over the forecast period. Based on closure type, the global child resistant closures market is segmented into push and turn, squeeze and turn, and others. In 2021, the push and turn segment accounted for the largest revenue share, and it is expected to account for the highest CAGR over the forecast period. Based on end use, the global child resistant closures market is segmented into pharmaceutical, household product, cosmetic and personal care, chemicals and fertilizer, food and beverage, and others. In 2021, the pharmaceutical segment accounted for the largest revenue share, and the household product segment is expected to account for the highest CAGR over the forecast period.
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Impact of COVID-19 Pandemic on Child Resistant Closures Market Size
The COVID-19 pandemic hampered the growth of the chemicals & materials sector, which has further restricted the global child resistant closures market growth. Further, the implementation of preventive measures to combat the spread of SARS-CoV-2 has negatively impacted the growth of various industries. Industries, such as packaging, consumer goods, automotive & transportation, textiles, and building & construction, have been adversely affected by the sudden disruptions in operational efficiencies and value chains due to the sudden closure of national and international boundaries.
The global marketplace is recovering from the financial losses as governments of various countries have announced a relaxation in COVID-19-related restrictions. Manufacturers are allowed to operate at a full capacity, which is helping them to overcome the gap between the supply and demand sides. Additionally, the rising vaccination rate is boosting the overall growth of the industry. Moreover, the growing demand from the pharmaceutical and food & beverage industries is propelling the growth of the global child resistant closures market.
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