The continuously increasing population, the increasing per capita income levels, and awareness regarding more efficient packaging solutions areprojected to drive the demand for better healthcare solutions. The rising adoption of health insurance, coupled with the increasing personal health expenditure, has triggered the market growth.
The aluminum material segment accounted for the largest revenue share of over 40.0% in 2020. Aluminum foil is used in cold-form blister packaging because of its wide range of mechanical properties. Aluminum packs are used for diagnostic products, light-sensitive formulation, and ointments where total barrier performance is required.
As product counterfeiting has become an increasingly serious issue, holographic effects are now being used on more and more aluminum foil cold form packs. Customers’ preference is increasing for packaging materials that offer longer shelf life, are impermeable to water vapor, oxygen, and light, aid in storing packaged products for prolonged periods, and help in maintaining freshness.
The electronics and semiconductors application segment is likely to witness the fastest growth over the forecast period. Electronics and semiconductors are expected to witness remarkable penetration on account of the increasing demand for electronic devices by customers.
The rapidly increasing demand for memory cards, electronic batteries, USD drives, and mobile accessories among others are projected to support the segment growth. The growing semiconductor industry is projected to have a positive influence on cold form blister packaging demand in this application segment.
Asia Pacific is anticipated to register the fastest growth rate from 2021 to 2028. The increasing production and consumption of solid drugs and medical supplies in the region areprimarily contributing to the regional market growth. Moreover, India is expected to witness the fastest growth in local and regional markets in the years to come because of its rapidly developing healthcare sector. For instance, In January 2016, Essentra plc has acquired pharmaceutical packaging assets of Kamsri Printing & Packaging Pvt. Ltd. The acquisition has provided strategic opportunities for the expansion of packaging capabilities in the Asian healthcare and pharmaceutical market.
Prominent players are advancing their packaging practices and involving smart machinery and materials in order to increase their profit percent and safety of the packaged product. For instance, in February 2017, Uflex has launched a new range of blister packs for usage across cold form blister pharmaceutical packaging. The new packs replace the conventional bi-axially oriented polyamide (BON) and polyvinyl chloride (PVC) films. The newly launched Alu blister packs from Uflex include three film layers comprising 36μm special polyester and 50μm soft aluminum foil.