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Press Release: Bag on Valve Technology Market to reach around US$ 503.2 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The bag on valve technology (BOV) is an advanced packaging solution that provides a controlled dosing option. Bag on valve technology composed of aerosol valve and offer superior dispensing technology. Aerosol BOV, standard BOV, and non-spray/low-pressure BOV are some of the product types of the bag on valve technology. This modern packaging solution prevents contamination of the product as it has space between can and bag, the bag is filled by propellant. Cosmetics & personal care, pharmaceuticals, home care, food & beverages, and automotive & industrial are some of the major application areas of the bag on valve technology. Aluminum, tin plate, steel, and plastic are a major product that utilizes bag on valve technology.
The global bag on valve technology market is projected to reach around US$ 503.2 million by the end of 2027, in terms of revenue, growing at CAGR of 2.9% during the forecast period (2019-2027).
Drivers
Growing awareness regarding environment-friendly packaging solutions is fueling the growth of bags on the valve technology market. BOV packaging uses aluminum as raw material which can be recycled easily with no harmful chemicals left on landfills. Moreover, BOV technology also reduces the amount of volatile organic compounds (VOCs), unlike traditional aerosols. Hence, rising awareness regarding the environment-friendly packaging solution is expected to propel the market growth of BOV.
Rising demand for contamination-free controlled dosing system from the pharmaceutical industry is anticipated to offer potential growth opportunities to the market of BOV in the years to come. The pharmaceutical industry is adopting advanced packaging technology such as BOV technology in order to offer 100% safe and clean products. BOV technology not only protects the product from contamination but also offers a controlled dosing system. Hence, the growing demand for BOV from the pharmaceutical industry is expected to foster market growth.
On basis of the region, Europe dominated the global bag on valve technology market in 2018, accounting for 33% share in terms of value, followed by North America and Asia Pacific, respectively.
Figure 1. Global Bag on Valve Technology Market, Revenue Share (%), By Region, 2018
Market Restraints
High cost associated with the BOV technology is expected to hinder the market growth of BOV. It not only protects the product from contamination but also offers an attractive look compared to other forms of packaging. Moreover, the need for additional pressurized gas and propellant with packaging products increases the overall cost of packaging. Therefore, the high cost of the BOV technology is projected to hinder the BOV technology market.
Lack of awareness regarding the advantage of BOV among consumers coupled with the lower affordability is expected to restrict the market growth of BOV over the forecast timeframe. Moreover, the availability of cheaper substitutes is another major factor that is estimated to hinder the market growth of BOV over the forecast timeframe.
Market Opportunities
Rising application of bag-on-valve packaging from the food & beverage industry as it is suitable for packaging food products since it maintains the freshness and purity of the product are expected to foster the market growth of bag-on-valve technology. This technology ensures integrity and helps to keep the food product fresh for a longer time. Moreover, bag-on-valve also provides precise and efficient usage of the food product.
The growing popularity of non-spray BOV products that offer high efficiency with fewer contamination effects is expected to offer lucrative growth opportunity to the market of BOV. The content present in not spray system dispenses in a pouring manner and is ideal for products such as cooking oils, coffee concentrates, flavorings, and wound washes. Hence, non-spray BOV product is gaining huge traction in the market and this is expected to foster the market growth of BOV technology.
Figure 2. Global Bag on Valve Technology Market– Opportunity Analysis
Market Trends
The growing focus of the manufacturer to enhance the production capacity of aerosol packaging to cater to rising demand is expected to boost the market growth of bag-on-valve technology. For instance, in July 2019, US aerosol packaging company Tri-Pac has opened its new facility in Indiana. The new US$8 million, 65,000 square foot facility is set over 10 acres in the city of South Bend. The contract filling and packaging company, specializing in over-the-counter and specialty aerosols and liquids.
Increasing usage of aerosol packaging solutions home care products such as cleaners and disinfectants is expected to augment the market growth of bag-on-valve technology over the forecast period. Improving standard of living coupled with the increasing disposable income of the people is further anticipated to foster the market growth of bag-on-valve technology.
Figure 3. Global Bag on Valve Technology Market, Revenue Share (%), By Application, in 2018
On the basis of application type, in 2018, cosmetics & personal care application has accounted the largest market share of 45.2% in terms of value, followed by pharmaceutical and automotive & industrial respectively.
Figure 4. Global Bag on Valve Technology Market – Value Chain Analysis
Competitive Section
Key players operating in global bag on valve technology market Coster Tecnologie Speciali S.p.A., AptarGroup, Inc., LINDAL Group Holding GmbH, Precision Valve Corporation, KOH-I-NOOR Mlada Vozice a.s, Exal Corporation, TOYO & DEUTSCHE AEROSOL GMBH, Summit Packaging System, Inc., Chicago Aerosol LLC, and Shanghai Golden Aerosol Co., Ltd.
Few Recent Developments
TOYO & DEUTSCHE AEROSOL GMBH
The bag on valve technology (BOV) is used in various applications such as personal care & cosmetics, pharmaceutical, automotive & industrial, and home care. The BOV technology is considered to be rapidly growing in packaging different products. The BOV technology is widely used in food & beverages, cosmetics, pharmaceutical industries, due to the longer shelf life and no added preservatives. Moreover, the food & beverages industry adopting BOV technology for packaging of oils, sauces, and other liquid products.
Market Dynamics
The global bag on valve technology market has witnessed significant growth in recent, past years, owing to the increasing adoption of bag on valve technology in various industries such as cosmetic & personal care, home care, food & beverages. Based on product type, the global bag on valve technology market is segmented as aerosol BOV, standard BOV and non-spray/low pressure BOV products. Among these segments, the aerosol BOV product dominated standard and non-spray/low pressure BOV products globally in 2018, owing to advantages of aerosol BOV such as longer shelf life and keeps fragrance stable for longer period of time. This factor is estimated to foster the market growth during the forecast timeframe.
Based on container type, the global bag on valve technology market is divided into aluminum, tin plate, steel, and plastic containers. Among these segments, aluminum containers dominated the global bag on valve technology market in 2018, owing to the increasing adoption of aluminum container packaging in the various end-use industries such as personal care, pharmaceutical and home care. Moreover, aluminum has high recycling rate and it reduce energy consumption. This factor is expected to boost the market growth of the global bag on valve technology market during the forecast period.
Furthermore, Europe dominated the global bag on valve technology market in 2018, owing to the rising awareness towards product usage patterns, and contamination free packaging in this region. As a result, this scenario is estimated to foster the growth of the global bag on valve technology market during the forecast period.
Key features of the study:
Market Taxonomy
“*” marked represents similar segmentation in other categories in the respective section
Table of Contents
* Browse 45 market data tables* and 30 figures* on "Global Bag on Valve Technology Market” – global forecast to 2027
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