“Child Resistant Closure Market: Global Demand Analysis & Opportunity Outlook 2024”
The global child resistant closure market is segmented into type such as reclosable child-resistance closure and non-reclosable child resistance closure. Among these segments, reclosable child-resistance closure segment is believed to mask a significant CAGR by the end of 2024. Likely, rapid advancement in packaging of medicines all over the globe is expected to flourish the growth of global child resistant closure market. In addition to this, population in urban regions are shifting towards advanced packaging solutions due to rising number of child death by ingesting toxic items which is predicted to trigger the market of global child resistant closure in near future.
Global child resistant closure market is anticipated to post a considerable CAGR over the forecast period i.e. 2017-2024. Additionally, the market is riding on the back of growing government regulations regarding child safety. Moreover, the global child resistant closure market is envisioned to account noteworthy revenue by the end of 2024.
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The screw caps segment by cap is predicted to showcase a tremendous CAGR over the forecast period. In terms of regional platform, North America and Europe are the prominent market of child resistant closure in 2016 owing to various government legislations. Further, U.S. and Western Europe countries such as Germany, U.K. and others are the major countries witnessing the augmented demand for child resistant closure. Apart from this, Asia-Pacific region is the most lucrative market of child resistant closure owing to rapid urbanization.
Stringent Government Regulations
Various government organizations such as International Organization for Standardization (ISO) and the European Committee for Standardization (CEN) are encouraging for the adoption of child resistant closure in toxic items. Further, this factor is envisioned to foster the growth of child resistant closure market. Furthermore, European standard for non-enclosable child resistant packaging for non-pharmaceutical products is also projected to supplement the growth of child resistant closure market.
Growing Awareness towards Child Safety
Rising concern towards child safety along with non-fatal poisoning caused by items for instance prescribed drugs, household chemicals and others is believed to intensify the growth of child resistant closure market. Furthermore, according to World Health Organization (WHO), 3,000 children of aged through 14 succumb to death every year due to poisoning by ingesting toxic item kept in household. This factor is expected to propel the growth of child resistant closure market.
Although, high cost associated with the child resistant closure product is anticipated to flourish the growth of child resistant closure market.
The report titled “Child Resistant Closure Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global child resistant closure market in terms of market segmentation by type, by cap and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global child resistant closure market which includes company profiling of ABA Packaging Corporation, Ace Paper Tube Corporation, Berlin Packaging, Berry Plastics Corporation, American Star Cork, Crown Packaging International, Cobra Plastics, Continental Glass & plastic, Airlite Plastic Corporation, and Cincinnati Container corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global child resistant closure market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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