The market value of the crimp top cap is projected to increase from US$ 12 billion by 2022 to US$ 23.6 billion by 2032, all while growing at a rapid CAGR of 7% from 2022 to 2032. The market may have grown because to increased concerns about drug contamination during transit.
Crimp top caps are used as vial closures to stop drug contamination and leaking. These caps can be silicone- or PTFE-lined pressure-release tear-away caps. The pressure release crimp top caps have a silicone or rubber interior and an aluminium or polypropylene exterior.
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What are the driving forces behind the global market for crimp top caps?
One of the forms for unit dose packaging that is in the most demand is vials, which is anticipated to be one of the key reasons driving the market throughout the forecast period. The demand for a crimp top cap has increased dramatically along with the need for more effective sealing. Additionally, the growing concern over drug contamination in transit has helped to significantly drive the industry.
Due to the healthcare sector’s continuous global expansion, the crimp top cap market is anticipated to have considerable growth in the upcoming years.
What is the Contribution of Developing Countries in Boosting the Crimp Top Cap Market?
According to the analysis, APAC is projected to be the fastest-growing market during the forecast period. The presence of rapidly developing countries such as India, China, and Japan is projected to play an important role in boosting the market in the forecast period. Further, the ongoing advancements in the healthcare sector are predicted to assist the regional market to grow considerably.
The growing initiatives taken by the government of developing countries are likely to augment the regional market in the coming time. Further, the increasing awareness regarding the safe storage of drugs is likely to bolster the industry in the forecast period. In addition, the active contribution of various players is projected to offer growth opportunities to the market in the future, thereby, benefitting the regional market.
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Market Competition
The global crimp top cap market is highly fragmented. The players of the market take various initiatives to expand their reach across the globe. Some of the eminent entities of the market include Specialty Silicone Products, EMA Pharmaceuticals, Sigma-Aldrich Co Ltd., Jinan Youlyy Industrial Co., Chromatography Research Supplies, and others.
Key Segments Profiled in the Global Crimp Top Market
Material:
- Plastic Crimp Top Caps
- Metal Crimp Top Caps
Product Type:
- Tear Away Crimp Top Caps
- Open Center Crimp Top Caps
- Pressure Release Crimp Top Caps
- Removable Center Crimp Top Caps
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End Users:
- Crimp Top Caps for Hospitals & Clinics
- Crimp Top Caps for Laboratories & Scientific Research Centers
- Crimp Top Caps for Pharmaceutical Companies
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
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