The vendor landscape in the global market for airless packaging is likely to be highly competitive with the presence of quite a few prominent players, Transparency Market Research (TMR) states in a research report. The top players include HCP Packaging, LUMSON SPA, Westrock, and Aptar Group Inc. These players held a significant amount of share in the global airless packaging market in 2015. These companies will be looking forward to capitalize on the opportunities arising from Europe, thus making it the core of all competitions. A sizeable chunk of the players operating in the market are based in Europe or have a good number of manufacturing units in the region. In addition, the market players also see prospects in the adoption of plastics than any other material, thus the use of plastic in airless packaging is also expected to rise in the years ahead.
According to a TMR analyst, “The global market for airless packaging is anticipated to rise at a 5.5% CAGR from 2016 to 2024. The market is expected to be worth US$6.34 bn by 2024 rising from a valuation of US$4.13 bn in 2016.”
Plastic to be more preferred material among others
The global market for airless packaging can be bifurcated into on the basis of material into glass and plastics. Amongst these, the segment that is preferred to a great extent among all end users is plastics. The segment is projected to maintain a lead in the market in the years ahead owing to its easy availability and the properties it allows that makes it a suitable component in the global market for airless packaging.
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Region-wise, Europe is anticipated to retain a dominant position in the global airless packaging till the end of the forecast period. It expected to register a 5.1% CAGR between 2016 and 2024. The demand for innovative and airless packaging is at a height in Europe owing to the ongoing research and development activities in the region regarding the use efficient packaging.
Personal Care Industry to Present Application Opportunities
The worldwide airless packaging market flourishes off its prevalence as far as packaging quality over traditional strategies. Airless packaging can give an awesome approach to merchants to spare space and in addition general packaging material utilized, consequently helping them to chop costs down to a substantial degree after some time. Moreover, the utilization of airless packaging for items, for instance, airless pumps, enables a client to go through no less than 95% of the substance in a container, which is substantially higher than traditional pumps. As expressed by a TMR analyst, “The zero-wastage benefit exhibited via airless packaging alone is required to revolutionize a few industry verticals, particularly the cosmetics and the personal care industry. A few of the main makers of makeup and personal care items, for instance, L’Oreal, Nivea, Olay, and Oriflame, are employing airless packaging and are picking up an exceedingly positive input from clients as far as usable volume accessible in a given package.”
Player Profile Could Face Restriction owing to Very Less Product Differentiation
An issue that the airless packaging market has been facing has been from quite some time is the extremely low rate of product differentiation. This makes it extremely difficult for manufacturers to attain a substantial number of consumer value propositions. The dearth of value propositions makes it more difficult for the vendors to integrate innovations and make their development procedure swift as they cannot make out if the products are being received well in the market or not.