DUBLIN, August 04, 2021--(BUSINESS WIRE)--The "Global Pharmaceutical Glass Tubing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The pharmaceutical glass tubing market was valued at USD 13.55 billion in 2020, and it is projected to reach USD 19.98 billion by 2026, and grow at a CAGR of 6.29%
With the outbreak of COVID-19 in different parts of Asia-Pacific, Europe, Africa, and others, there remains uncertainty in the supply chain and expansion of glass tubing. For instance, In March 2021, the lockdown was imposed again in Malaysia, resulting in shrinkage in plants and manufacturing facilities.
On similar lines, the United Kingdom recently imposed a lockdown in the country due to the growing new delta variants. However, the pharmaceutical glass tubing market's outlook remains positive due to the growth in vaccines and drugs by the pharmaceutical industry.
The rapidly growing pharmaceutical industry across the world is boosting the growth of the market. The introduction of stringent laws to enhance the quality and integrity of domestically manufactured drugs leads to an increase in the use of glass for pharmaceutical packaging products. Additionally, the increasing demand for sterile medical packaging products from the pharmaceutical industries further drives the market's growth during the forecast period.
The increasing number of drugs packaged in the glass medium drives the demand for glass-based injectables and ampules. According to the World Health Organization (WHO), around 422 million people have diabetes worldwide. The increasing number further driving the demand for penicillin, thereby contributing to the growth of the market
Moreover, prominent manufacturers and suppliers have been focusing on shifting their base to China, India, and Brazil due to increasing opportunities offered by the pharmaceutical industry in these countries, especially in the generics sector. For instance, in June 2021, SCHOTT AG, a prominent player in the Glass tubing market, launched a new tubing plant in China.
The new factory eases the supply chain pressure on pharma glass tubing and helps raise quality standards for safely storing and packaging medications. The factory has an initial capacity of 20,000 metric tons of glass and room for further expansion. The company is also focusing on ensuring the safety of tubes by using AI and Big Data. Each tube produced is inspected 100% based on the company's perfeXion process.
However, plastics used in medical applications adhere to rigid quality and safety standards, with rigorous testing for non-toxic, non-carcinogenic, biocompatible characteristics. Over the past few quarters, silicone's dominance in the medical and pharmaceutical marketplace expanded, and various competitive elastic materials have been developed. External effects on the tubing are often overlooked compared to the internal impacts.
The Global Pharmaceutical Glass Tubing market is moderately consolidated, owing to the presence of many regional and global players. Some of the players in the market are Schott AG, Nipro Pharma Corporation, Corning Incorporated, and Nippon Electric Glass Co. Ltd
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growth of the Pharmaceutical Industry in Emerging Economies
5.1.2 Commodity Value of Glass Increased with Recyclability
5.2 Market Restraints
5.2.1 Increased Relevance of Alternate Sources
5.3 Assessment of COVID-19 Impact on the Market
6 MARKET SEGMENTATION
6.1 By Application
6.2 By Geography
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Schott AG
7.1.2 Nipro Pharma Corporation
7.1.3 Corning Incorporated
7.1.4 Nippon Electric Glass Co. Ltd
7.1.5 Accu-Glass LLC
7.1.6 Jinan youlYY Industrial Co. Ltd
7.1.7 Cangzhou Four-star Glass Co. Ltd
7.1.8 LINUO Group
7.1.9 DWK Life Sciences GmbH
7.1.10 Aimer Products Limited
7.1.11 Puyang New Harmony Industrial Development Co. Ltd
7.1.12 Shandong Pharmaceutical Glass Co. Ltd
7.1.13 Jinan Snail International Co. Ltd
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/i79xf4
View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005649/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900