Still in the nascent stage, bag on valve (BOV) technology market is expected to grow significantly between 2016 and 2024 due to its advantages to consumers and manufacturers. Analysts expect this technology to gain traction in the coming years as it is perceived as an eco-friendly packaging solution, since it uses aluminum as the main raw material. Owing to this, products packed using BOV technology can be emptied entirely, thereby reducing chances of wastage and making the process of recycling easy. Against this background, the global bag on value market is expected to reach a valuation of US$500.1 mn by the end of 2024 as compared to US$356.5 mn in 2016. During the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 4.3%.
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Ability to Avert Cross Contamination Propels Demand for Bag on Valve Technology
The demand for bag on valve technology uses compressed air or nitrogen as propellant, which reduces carbon footprint to a large extent. This is expected to be a key driver for the overall market in the coming years. Additionally, bag on valve technology prevents any contact between oxygen and the product, which keeps the colors and fragrances stable for a longer period of time. All of these factors ensure that the shelf life of the product is enhanced and is thus marketable for a longer period. Thus, bag on valve technology is perceived as a value for money packaging solution among consumer and manufacturer which is expected to drive the growth of the global bag on valve technology market.
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The bag on value technology market also faces some tough challenges such as a prejudice of consumers toward conventional packaging. The easy availability of this traditional packaging materials and its convenient and familiar usage continues to make it a preferred choice amongst several industries. The global bag on valve technology market is also being discouraged by the high cost of involved in its production. However, a growing pharmaceutical industry is expected to provide several opportunities to this market in the coming years. The market will also witness substantial growth due to changes in industrial environments in the coming few years.
Europe to Remain Dominant in Global Market during Forecast Period
In terms of geography, the global bag on value technology market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Of these, the Europe bag on value technology market is expected to show tremendous progress in the coming years. This regional market is expected to rise at a CAGR of 4.2% between 2016 and 2024. Analysts anticipate that Asia Pacific will also show a remarkable CAGR of 4.9% during the forecast period. The emergence of Asia Pacific market will be attributable to the China’s growth as a manufacturing hub. Thus, the China is anticipated to dominate the bag on valve technology market. This country is projected to be the largest consumer as well as the key manufacturer of bag on valve technology in the coming year. India too is expected to make a significant contribution to the soaring revenue of the overall market during the forecast period.
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Some of the 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, Summit Packaging System, Inc., Exal Corporation, Chicago Aerosol LLC, TOYO & DEUTSCHE AEROSOL GMBH, and Shanghai Golden Aerosol Co., Ltd.
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