Blow Fill Seal Technology Market Key Trends, Share, Growth Factors and Industry Analysis 2016 – 2024
The Latin America blow fill seal (BFS) technology market for in is highly competitive in nature. This is mainly on account of the key players investing in bettering their production processes to expand their businesses. Going forward, the trend is likely to continue.
Some of the prominent companies, operating in the market are Unither Pharmaceuticals, Brevetti Angela S.R.L, Takeda Pharmaceuticals International AG, and Unipharma, LLC.
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As per a report by Transparency Market Research, the market for blow fill seal (BFS) technology in Latin America will likely rise at a 6.40% CAGR from 2016 to 2024. At this rate, the market which was worth US$205.5 mn in 2016 will become worth US$337.8 mn by 2024-end.
Depending upon the type of materials, the market for blow fill seal (BFS) technology in Latin America can be divided into polyethylene (PE), low density polyethylene (LDPE), high density polyethylene (HDPE), polypropylene (PP), and others such as Ethylene Vinyl Alcohol (EVOH), etc. Of them, the segment of PE accounted for a dominant share of 62.4% in Latin American market in 2016. The segment is expected to grow its share further in the upcoming years. This is because of the low gas and water permeability, PE does not interfere with the drug.
Geographically, the key segments of the global blow fill seal (BFS) technology market are Mexico, Brazil, Venezuela, Colombia, Argentina, and the Rest of Latin America. Brazil, of them, led the market with a share of about 43% in 2016. In the foreseeable future too, the market in Brazil will likely hold the leading share on the back of a fast expanding pharmaceutical industry.
Pharmaceutical Industry Emerges Key Driver of Market
At the forefront of driving demand in the global blow fill seal (BFS) technology market is the burgeoning pharmaceutical industry. In 2015, the pharmaceutical industry accounted for almost 99% of the demand in the market. In the years ahead, the demand for BFS technology in the pharmaceutical sector is expected to rise further on account of the consumer’s need for user-friendly and flexible container designs. The food and beverage segment is also responsible for driving up demand to a great extent.
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Of all PE materials, LDPE accounts for most of the demand. This is because of strong resistance to acid and bases and non-reactivity at room tem temperature. The HDPE segment is also slated to see solid demand in the years to come, on account of its high strength to density ratio, leading to reduced spillage.
Another factor serving to boost demand for the product is prevention from the reutilization of a product. Since pharmaceutical products manufactured leveraging BFS technology cannot be resealed, the proliferation of counterfeit products can be eliminated with the usage of the technology.
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