The bag on valve (B.O.V) technology is a type of modern packaging solution with which it is possible to keep the product free from contamination, enables use of all of products, and helps in controlling dosing option. B.O.V consist of an aerosol valve which is attached with a welded bag, which is filled with the product whereas the space between the can and bag is occupied with propellant. When the button is pressed, propellant squeeze the bag and the product dispensed by the nitrogen/compressed air which creates the dispensing as a cream, spray, or gel.
According to a recent study by Transparency Market Research (TMR), the global bag on valve technology market was worth US$365.5 mn in 2016, and incrementing at a formidable CAGR of 4.3% during the forecast period of 2016 to 2024, the valuation is estimated to reach to US$500.1 mn by the end of 2024. The global bag on valve technology market is driven by protection offered, as it can be used at any angle and is great for use on children and those hard areas to reach. For manufacturers, this packaging means longer shelf life without the use of added preservatives, which helps in providing pure and natural image to a product.
Increase in awareness about environment friendly packaging solutions is another factor favoring the expansion of the bag on valve technology market. On the other hand, inclination toward conventional form of packaging and high cost are the factors that may hinder the growth of the market for bang on valve technology in the near future.
What is the nature of competition among the leading companies?
Nearly half of the bag on valve technology market is consolidated in nature with eight companies accounting for 47.8% of the global shares in 2015, while rest of the market was highly fragmented in various domestic and regional players. Coster Tecnologie Speciali S.p.A currently leads the market while other key players are AptarGroup, Inc., KOH-I-NOOR Mlada Vozice a.s., Summit Packaging Systen, Inc., Precision Valve Corporation, Lindal Group Holding GmbH, Chicago Aerosol, LLC, and TOYO & DEUTSCHE AEROSOL GMBH.
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Which are the most profitable segments?
Based on product-type, aerosol B.O.V. currently serves the maximum demand, which are required liquid gas propellants to compress the bag which is attached through the valve in the container to create product as foams. On the other hand, non-spray or low pressure B.O.V is projected for most prominent growth rate, commonly used for products such as eye wash saline’s, wound washes, or food products such as tea and coffee concentrates which needed to be poured. Based on container type, the aluminum segment is more profitable owing to its recyclable properties and widespread consideration as an unlimited metal resource. On the basis of capacity type, 30 ml to 100 ml segment currently has the maximum demand, although 100 ml to 275 ml segment is projected for the best growth rate.
Company Name: Transparency Market Research
Contact Person: Mr.Sudip.S
Country: United States