The prime factor responsible for propelling open pouch laminates market size is the booming product demand in pharmaceutical industry. It is extensively used in variety of pharmaceutical products such as small size medical devices, capsules and tablets. The product is widely used by pharmaceutical manufacturers owing to moisture prevention property. Increasing competition amongst the pharmaceutical companies is expected to increase the product acceptance over the forecast duration. Moreover, the product offers easy opening, which creates fair opportunities for the open pouch laminates market size growth over the forecast timespan.
Global Open Pouch Laminates Market size is likely to expand at a prominent CAGR in the forecast period. Open pouch laminates are one of the important packaging solutions to food & beverage and pharmaceutical manufacturers these days. It is easily available and a cost-effective solution for packaging drugs and food items. The product makes the food, beverage, medicine, etc. handling easier and gives it a smooth surface finish.
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Increasing reliable and intact packaging solutions demand in the food & beverage industry will positively influence the global open pouch laminates market size by 2024. The product is majorly used in packaging of frozen foods, perishable food items, food products (which requires heat preservation) and cold non-alcoholic beverages. Thus, escalating food product demand across the globe is likely to fuel the open pouch laminates market size in the coming years.
Based on type of product, the open pouch laminates market size can be segmented into paper, polyethylene, aluminum and aluminum foil. Though, polyethylene open pouch laminates have durability and superior tamper resistance, yet paper open pouch laminates market is gaining popularity among consumers owing to its bio-degradability and easy availability. In addition, it is anticipated to be the fastest growing segment in the business over the forecast period.
Asia Pacific is anticipated to be the fastest growing region over the forecast period. This can be attributed to the exponential growth of pharmaceutical industry in this region. India and China are expected to be the major consumers of the open pouch laminates in Asia Pacific owing to the huge investments in healthcare and pharma sector done by their respective governments. Similar growth prospects for open pouch laminates market size is shown by countries such as France, Germany and England in Europe due to steady growth of pharmaceutical sector in these countries.
The prominent market players functional in the product market are Rotek laminates, Amcor limited, USI Inc., Mondi group and Oracle packaging. Other companies include Alta Global Inc., Shako Flexipack Private Limited, DaklaPack Group and Paras Print Pack.
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The key open pouch laminates market share contributors are emphasizing on partnership with local companies to expand their product portfolio and to penetrate their offerings into countries such as Thailand, Indonesia, Malaysia and others in Asia Pacific and Brazil & Mexico in Latin America. Also, the market share contributors are continuously investing in research & development to push product innovation to next level. This aids in keeping up with demands of existing customers and attract new customers.