Global market for PET pharmaceutical packaging 2016-2022
According to a new report by Stratistics MRC the global PET pharmaceutical packaging market is accounted for $12.3 billion in 2015 and is expected to reach $27.2 billion by 2022 growing at a CAGR of 12.0% from 2015 to 2022. Rapid growth of pharmaceutical industry and growth in drug delivery devices are the key factors driving the market growth. The regulatory environment acts as the major barrier to growth. Challenges in emerging markets and increasing packaging costs are other factors hindering the market growth.
Asia Pacific is estimated to be the leading market due to rapid growth in the industrial use of PET in packaging and labelling applications in the region.
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