Factors such as the soaring healthcare expenditure, flourishing pharmaceutical industry, and expanding production capacity of vial manufacturing units will drive the vials market at a CAGR of 8.6% during the forecast period (2021–2030). The market revenue stood at $1,263.0 million in 2020 and it is projected to reach $3,047.0 million by 2030. In recent years, the surging preference for glass vials has become a major market trend, due to the high durability, inertness, and robustness of this material.
One of the key growth drivers for the market is the expanding pharmaceutical sector in several countries. At present, glass vial manufacturers, such as SCHOTT AG and Gerresheimer AG, have been observing an extensive demand for vials from pharmaceutical companies, especially for producing COVID-19 vaccines. Additionally, pharmaceutical and biotechnology companies are making huge investments in the expansion of their production capacities to cater to the huge need for coronavirus vaccines. With the launch of robust vaccination programs across the world, pharmaceutical companies are adopting glass vials at an exceptional rate.
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Currently, the vials market is fragmented in nature, with the presence of numerous players. These players are majorly focusing on capacity expansions to increase their market share. For instance, in December 2020, SCHOTT AG started a new pharmaceutical tubing factory in Zhejiang Province, China, for producing FIOLAX borosilicate glass tubing for syringes, vials, ampoules, and cartridges. The new facility will have an initial capacity of 20,000 tons of glass per year and is equipped with advanced manufacturing technology.
Geographically, Europe accounted for the largest share in the vials market in 2020, due to the soaring aging population, rising awareness regarding novel drugs, and burgeoning per capita income of the people in the region. As per the European Union (EU), in 2019, nearly 20.3% of the population of 27 member nations was aged 65 years or above. Additionally, the existence of eminent vial manufacturing companies, such as SGD S.A., Stevanato Group, Gerresheimer AG, and Schott AG also supports the market growth in the region.
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Whereas, Asia-Pacific (APAC) is expected to register the fastest growth in the vials market throughout the forecast period. This can be primarily ascribed to the rising focus of key market players on expanding their business operations and setting up new production units across the region to cater to the surging demand for COVID-19 vaccines. For example, in 2020, SCHOTT AG set up new manufacturing plants in China and India. The company also invested $14 million in its manufacturing units of Himachal Pradesh, Daman, and Gujarat in India.
Therefore, the flourishing pharmaceutical industry and burgeoning demand for COVID-19 vaccines will facilitate market growth in the coming years.
Market Size Breakdown by Segment
Based on Glass Type
Based on End User
- Pharmaceutical and Biotech Companies
- Volumetric filling
- Liquid-level filling
- Biomedical Research Organizations
- North America
- LATAM Vials Market
- Saudi Arabia
- South Africa
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