Global Bag On Valve Technology market was valued at US$ 423.6 Mn in 2022, exhibiting a CAGR of 3.22 % in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 545.8 Mn by 2030. The bag on valve technology (BOV) is an advanced packaging solution that provides a controlled dosing option. Bag on valve technology is composed of an aerosol valve and offers 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 the can and bag, and the bag is filled with 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 major product that utilizes bag on valve technology.
Global Bag On Valve Technology Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak has majorly impacted the global Bag On Valve Technology market negatively, owing to the strict lockdown and stringent regulations, followed by the government, and thus there was a decrease in demand for bag on valve technology. Moreover, the production process of the Bag On Valve Technology is disrupted due to social distancing and a lack of manpower. In addition, the market for Bag On Valve Technology has been impacted by political and economic developments in addition to the pandemic. Although growing demand for Bag On Valve Technology after COVID-19 is expected to witness significant market growth during the forecast period.
Figure.1 Global Bag On Valve Technology Market, By Application , 2022
Global Bag On Valve Technology Market - Growth Drivers
Growing awareness regarding environment-friendly packaging solutions is fueling the growth of global bags on the valve technology market. BOV packaging uses aluminum as raw material which can be recycled easily with no harmful chemicals left in 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 systems 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 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.
Global Bag On Valve Technology 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. Furthermore increasing demand for BOV technolgy is expected ti witness significant market growth during forecast period.
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. Furthermore increasing demand for environment-friendly packaging solutions is expected ti witness significant market growth during forecast period.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2022 | Market Size in 2022: | US$ 423.6 Mn |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR: | 3.22 % | 2030 Value Projection: | US$ 545.8 Mn |
| Geographies covered: |
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| Companies covered: |
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. |
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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 food products.
The growing popularity of non-spray BOV products that offer high efficiency with fewer contamination effects is expected to offer lucrative growth opportunities 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, By Region, 2022
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 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, specializes in over-the-counter and specialty aerosols and liquids.
Increasing usage of aerosol packaging solutions for 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 the 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.
Segment information:
By application segment, the Global Bag On Valve Technology Market is categorized into automotive & industrial, food & beverages, home care, cosmetics & personal care, and pharmaceutical. The pharmaceutical segment held the largest market share in 2022 and is further projected to grow at the highest CAGR during the forecast period owing to its safety criterion. Pharmaceuticals can benefit from bag-on-valve (BOV) technology, which has several benefits including a longer shelf life with fewer preservatives, an even and controlled spraying pattern at any angle, up to 100% product emptying, no pumping motion required, full recycling, suitability for both liquid and viscous products, no requirement for flammable propellants, hygienic and sterilizable, and use with environmentally friendly air or nitrogen.
Global Bag On Valve Technology Market– Recent Developments
Global Bag On Valve Technology Market– Regional Insights
Europe held the largest revenue share of 33 % in the Global Bag On Valve Technology Market in 2022 and is expected to maintain its dominance over the forecast period. Furthermore, Europe region is projected to be the fastest-growing region in the global Bag On Valve Technology market during the forecast period. Moreover, the growing demand for the cosmetics industry in Europe is expected to witness significant market growth in Europe during the forecast period.
Global Bag On Valve Technology Market – Key Players
Key players operating in the global bag on valve technology market are 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.
*Definition: The Bag-On-Valve is a cutting-edge, environmentally friendly dispensing technology developed to extend product life and enhance customer satisfaction. A one-way dispensing device called Bag-On-Valve separates the product and propellant.
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, and pharmaceutical industries, due to the longer shelf life and no added preservatives. Moreover, the food & beverages industry adopting BOV technology for the 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 2022, owing to the advantages of aerosol BOV such as longer shelf life and keeping fragrance stable for longer periods. This factor is estimated to foster 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 2022, 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 a high recycling rate and it reduces 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 2022, owing to the rising awareness of 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:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
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