The global snap-on rubber stopper market is expected to register a market value of US$ 2.21 billion in 2023 and is projected to accumulate a valuation of US$ 3.9 billion by exhibiting a CAGR of 5.8% in the forecast period 2023 to 2033. The Snap-on rubber stopper market registered a growth of 4.5% CAGR in the historical period 2018 to 2022. A rise in the use of packaging solutions such as vials, bottles, and others in the medical and pharmaceutical industry verticals is anticipated to drive the snap-on rubber stopper market growth.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 2.21 billion |
| Projected Market Value in 2033 | US$ 3.9 billion |
| Growth Rate (2023 to 2033) | 5.8% CAGR |
Snap-on rubber stopper is a kind of seal closure solution that provides a robust and contaminant-free seal to pharmaceutical containers like vials, ampoules, and bottles. These stoppers are lightweight seal alternatives comprising materials including butyl rubber, EPDM, bromobutyl, silicon, natural rubber, and chlorobutyl nitrile. These stoppers make an excellent seal and provide strong protection against ultraviolet rays, gases, and moisture among others. This will drive the product demand in the forecast period.
These rubber stoppers offer leakproof packaging to the medicines which eases product handling during transportation. Moreover, the demand for rubber stoppers is increasing across the globe because of their reusability feature and their quality resistance after frequent puncture of injection stoppers which further provides maximum stability to the stored fluid.
Also, another significant market driver is the sanitized approach for drug delivery by manufacturers. The other features of rubber stoppers like airtight sealing and excellent compatibility as per diverse glass finishing of vials like straight walls, serum finished, and blowback glass will further create product demand during the forecast period.
On the other hand, several organizations across the world are imposing strict norms for the sterilization of non-contaminated and safe delivery of drugs. In order to meet these standards, the market players are adopting sterilization processes like gamma irradiation and autoclaving during the manufacturing of new pharmaceutical rubber stoppers. Thus, the adoption of new sterilization standards will further propel growth in the target industry. Along with this, the snap-on rubber stopper market has numerous opportunities due to the booming growth in the pharmaceutical industry. These rubber stoppers are processed by different sanitization methods, making them a ready-to-use closure solution.
These benefits also lead to high demand for rubber closure in the research and development sector and small filling operations. The sterile rubber closures are witnessing significant demand in medical and healthcare organizations because they are a cost-effective solution for safe and rapid transfer and reconstitution of drugs between syringes and vials. In addition, rising healthcare expenditure and the growing prevalence of chronic diseases are also driving the market growth ahead.
Region-wise, North America is expected to dominate the market by accumulating over 42% market share by end of the forecast period. The growth is attributed to strict regulations regarding product quality, which are implemented in this region. Furthermore, there is a high demand for sterile rubber stoppers from the Pharmaceutical and Chemical Industries in this region which will further drive growth in this region.
The market in Asia Pacific is expected to reflect a significant CAGR of 5.8% during the projected period. Factors such as the growing hospital and pharmaceutical industry, increasing chronic disease diagnosis rate, and increasing awareness regarding product quality are expected to drive market growth in the forecast period.
Recent developments and breakthroughs in technology, mergers, acquisitions, collaborations, and partnerships within the companies involved in manufacturing snap-on rubber stoppers are expected to create lucrative opportunities for market growth during the forecast period.
The global snap on rubber stopper market is expected to increase at a growth rate of around ~4.4% to 5.5% during the forecast period.
In 2021, the USA snap-on rubber stoppers market grew by 5% year on year, bucking initial skepticism about how the market would perform during a global pandemic. Across the whole of North America, the total demand of latex rubber increased significantly.
Snap on rubber stoppers are a type of closures used for sealing vials and bottles. These stoppers are generally made from latex or butyl rubber, which provide excellent barrier properties and perfect fit, keeping the packaged contents intact. The largest market of the product is undertaken by the pharmaceutical industry.
The snap on rubber stoppers are an effective and efficient solution in the industry and therefore gaining popularity among the manufacturers and end-users in the industry. Snap on rubber stopper are also commonly used in the research and development laboratories for food, beverage, chemicals, and cosmetics, among others.
The industries like food, cosmetics, pharmaceutical among others are witnessing a drastic transition with consistent product launches by players in the industry. This is mainly because of the tremendous investments of the key players in the research and development of innovative products. These investments in research laboratories have positively impacted the snap on rubber stopper market as well.
The extensive applications of the target product in the labs is because of its several properties like barrier strength, perfect rim fit and airtight sealing. With the growth in the number of research facilities across the globe, the demand for snap on rubber stoppers is anticipated to propel further.
The pathology services industry plays a very important role in the healthcare market. The technological advancements and increasing number of viral diseases have led to drastic growth of the pathology services industry.
In the emerging nations, there has been a significant rise in the number of pathological laboratories as a result of consistent efforts of the governments in improving the healthcare facilities. The pathology services industry generates a severe demand for snap on rubber stoppers and is playing a major role in bolstering the market growth.
The snap on rubber stoppers has a limitation in their application as they can be only used in the blow-back vials and not in other types like straight-walled vials.
Further, the alternatives to the target products like nitrile and silicone stoppers are also gaining pace in the market. These factors might prove to be a slight restraint in the growth of snap on rubber stopper market.
Key global players such as
are in the snap on rubber stopper market.
Key Asian players in the snap on rubber stopper market are
The key players in the industry are focusing on expanding their geographical reach. The players are aiming to penetrate the market in the emerging regions and enhance their local presence in an attempt to maximize their market share. To achieve this the players in the snap on rubber stopper market are involved in strategic partnerships and acquisitions.
Plastic closures are widely used for sealing vials and bottles in many industries. The snap on rubber stoppers have superior sealing qualities than the plastic caps and are significantly more durable. This has resulted in elevating the demand for the target market.
Currently, there are very few manufacturers of snap on rubber stoppers compared to plastic stoppers and closure, building a demand-supply gap. The manufacturers have the opportunity to fill this gap by expanding their production capabilities and product offerings to several industries that are using plastic closures.
India is among the top twelve players in the field of biotechnology and is progressing rapidly with the increasing number of start-ups in the field, according to a report published by the Indian Brand Equity Foundation (IBEF) in June 2021.
The growth of the biotechnology sector in India is anticipated to play a significant role in augmenting the demand for snap on rubber stoppers in the country.
The negative repercussions of the COVID-19 pandemic on the snap on rubber stopper market were significantly minor compared to other industries. This is mainly because the end-use industries of the target market like biotechnology, pharmaceutical and pathological services industry were some of the least affected markets amid the pandemic.
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Snap on Rubber Stopper Market
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