The global crimp top cap market is expected to secure a market value of USD 12 Billion by 2022, and is expected to further increase to USD 23.6 Billion by 2032, while expanding at a significant CAGR of 7% during the forecast period from 2022 to 2032. The expansion of the market can be attributed to the increasing concern regarding the contamination of drugs during transportation.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 10.2 Billion |
| Expected Market Value (2022) | USD 12 Billion |
| Anticipated Forecast Value (2032) | USD 23.6 Billion |
| Projected Growth Rate (2022 to 2032) | 7% CAGR |
The crimp top caps are used as closure solutions for vials to avoid contamination of drugs and leakage. These caps can be either tear-away caps lined with PTFE or silicone or pressure release. The pressure release crimp top caps have their outer body made with aluminum or PP while the inner portion is made with silicone or rubber.
Apart from hospitals, laboratories and scientific centers also make the significant application of crimp tops for store specimens. It is a potential product that can help in curbing infections caused because of contamination. The product is available in various capacities and offers a secured seal. It helps in protecting the sample from leaching or destabilizing. It witnesses application across various segments such as; pharmaceuticals, energy and fuels, forensics, environmental, material science, proteomics, metabolomics, and biopharmaceutical.
The crimp-style vial is sometimes called the GV Vial. There have been various developments in the industry. For instance, the pharmaceutical industry is transitioning to press-fit vial closures. For liquid products, the vials are stoppered with serum stoppers, which assist in acting as an interface to the drug product. The crimp caps are the metal over-seal that is crimped over the top of a stoppered vial.
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Vials are counted as one of the most demanded formats for unit dose packaging, which is projected to be one of the significant factors driving the market during the forecast period. With the increasing requirement for efficient sealing, the demand for a crimp top cap has also surged significantly. Moreover, the increasing concern owing to the surging contamination of drugs during transportation has further propelled the market notably.
The crimp top cap market is projected to gain a significant rise in the coming period owing to the rapid expansion of the healthcare industry across the globe. The developing countries are anticipated to make a significant contribution in boosting the growth of the industry in the forecast period. In addition, with the outbreak of COVID-19 and the spread of the various epidemic, the market is likely to augment considerably. Among all, the tear-away caps are likely to lead the market since the demand for unit dose drugs is high.
The presence of substitutes is expected to be the most significant threat to the expansion of the crimp top market during the forecast period. The open-top caps, screw caps, and other caps can also be used as a closure for vials. Further, the screw caps are more convenient to use since the thread structure gives proper fitting and seal, which can hinder the industry growth in the forecast period.
The magnified competition in the global crimp top cap market and the increasing entrance of unorganized players can affect the market during the forecast period. However, these players are not likely to compete with tier 1 players but can bring a change in pricing trends.
As per the analysis, North America is anticipated to lead the global market during the forecast period. The region is projected to dominate in terms of value and incremental opportunity. The robust market of the region can be attributed to the rapid development in the healthcare sector.
The growing demand for hygiene solutions in hospitals, laboratories, and clinics is expected to act as a significant propellant of the market during the forecast period. The USA is anticipated to make the most significant contribution in strengthening the market. The rapid development of the market can be attributed to the increasing R&D and the presence of established players in the region.
Europe has been identified as a lucrative market. The growth of the region can be attributed to the presence of established healthcare infrastructure. Further, the increasing initiatives of the regional players are predicted to augment the industry size in the forecast period. For instance, EMA Pharmaceuticals’ Smartseal comprises anti-counterfeiting features along with track & trace of the vial through RFID technology. It enhanced patient safety and helps in effective inventory control.
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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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.
| Report Attribute | Details |
|---|---|
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Material, Product Type, End-Users, Region |
| Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Chromatography Research Supplies; Specialty Silicone Products (SSP) Companies; Specialty Manufacturing, Inc.; Sigma-Aldrich Co Ltd.; Jinan Youlyy Industrial Co. Ltd.; EMA Pharmaceuticals |
| Customization | Available Upon Request |
From 2022 to 2032, FMI anticipates that the global crimp top market is likely to flourish at a 7% CAGR
North America is anticipated to be the most lucrative market owing to the rapid development in the healthcare sector.
EMA Pharmaceuticals, Sigma-Aldrich Co Ltd., and Jinan Youlyy Industrial Co. are some of the known players of the market.
| Estimated Market Size (2024E) | USD 2.7 billion |
|---|---|
| Projected Market Value (2034F) | USD 4.1 billion |
| Value-based CAGR (2024 to 2034) | 4.1% |
| Market Size 2023 | USD 112.4 million |
|---|---|
| Market Size 2033 | USD 181.4 million |
| Value CAGR (2023 to 2033) | 4.9% |
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