Child Resistant Closure Market Sales Revenue Forecast 2024 - TMR

Over the past few years, rise in hazardous accidental cases among children has become a prime concern for manufacturers of medicinal products packaging. Hence, to decrease the mortality rate ratio, child-resistant closures has been developed by the manufacturers. Child resistant closures, one of the security purpose closures, signifies the last barrier, has an important part to play in solving the problems created between the infant and the packaged content. They are subjected to test methods which are enacted by the International Organization for Standardization (ISO) and the European Committee for Standardization (CEN).

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Packaging manufacturers are aimed to produce closures with child resistant security in accordance with government regulations to prevent potential hazardous to children. Although, for this type of safety packaging, awareness among industries has been increased, knowledge about the subtleties and differences is often lacking. However, child-resistant closures has reduced child mortality from the accidental intake of oral prescription drugs. Henceforth, this million dollar industry is expected to register impressive CAGR near in the future.

Child resistant closures market is expected to grow exponentially in the near future, primarily due to the growing awareness among consumers, rising demand for drug packaging in pharmaceutical industry are some of the major drivers of the global child-resistant closures market. Government regulatory procedures like FDA in some of the key nations has led a positive impact on this industry. Though the market seems optimistic in coming years, but preventing children from gaining easy access to medicinal products will not be easy to overcome. However, the global child-resistant closures market is expected to witness upward development during the forecast period 2016–2024, primarily due to rise in packaging industry.

On the basis of geography, the global child-resistant closures market is divided into five regions that includes North America, Europe, Asia pacific, Latin America and Middle East & Africa Demands for child-resistant closures market is expected to generate from developed economies including North America and Europe as the United states of America was the first country to introduce this technology. Government concern towards providing healthcare solutions and key innovation driven by some of the major industry leaders in this region is expected to boost the overall sales of child-resistant closures in North America and Europe. More than 50% of the demand for child-resistant closures is expected to generate from North America and Europe. Asia pacific, Latin America and Middle East & Africa are in the next trail.

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Some of the key market players in child-resistant closures are ABA Packaging Corp., Ace Paper Tube Corp, Berlin Packaging, Berry Plastics Corp., American Star Cork Co. Inc, Airlite Plastics Corp., All American Containers Inc., Cincinnati Container Co., Crown Packaging International Inc., Cobra Plastics Inc, Continental Glass & Plastic Inc., Glass Vials Inc. and many others.

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