Bag-on-valve (BOV) is an innovative technology that is designed to offer an alternate means of packaging products. This packaging is desirable to dispense only liquid portion. The global bag-on-valve technology market is witnessing intense competition by the prominent players including LINDAL Group Holding GmbH, Coster Tecnologie Speciali S.p.A., Precision Valve Corporation, AptarGroup, Inc., Summit Packaging System, Inc., KOH-I-NOOR Mlada Vozice a.s, Exal Corporation, Shanghai Golden Aerosol Co., Ltd, and Chicago Aerosol LLC.
Manufacturers have started focusing on providing eco-friendly bag-on-valve technology suitable for liquid, cream, foam, and gel packaging. Product safety is also one of the growing trends in the global market for bag-on-valve technology. Companies are also adopting sustainable packaging processes to comply with various standards set by regulatory bodies. Bag-on-valve technology also leads to zero wastage of the product. The bag-on-valve technology is witnessing strong demand from the cosmetics industry, the food industry and pharmaceutical industry.
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Despite being the most innovative spray technology, the aluminum used in BOV prevents consumer to see the product inside the packaging. Hence, companies are also working on launching transparent BOV cans to attract customers. Moreover, regulations on the safety and quality of packaged goods by the regulatory bodies is resulting in manufacturers to conduct research activity on the material used in developing BOV system.
The global bag-on-valve technology market is expected to increase to a CAGR of 4.4% during the forecast period 2017-2024. The global market for bag-on-valve technology is also estimated to reach US$ 500.1 Million revenue by the end of 2024.
Aluminum Containers to Account for Highest Growth in the Global Market for Bag-on-valve Technology
The global bag-on-valve technology market is divided into segments based on the container type, valve type, product type, application type and capacity type. Based on the product type, the market is segmented into Standard B.O.V., Aerosol B.O.V., and Non-spray / Low-pressure B.O.V. Among these, aerosol B.V.O. is likely to witness the highest growth.
On the basis of valve type, the global market for bag-on-valve is segmented into male valve and female valve. Male valve is expected to be used on a large scale as compared to the female valve.
In terms of container type, the market is segmented into tip plate, aluminum, plastic, and steel. Among all these, an aluminum container is likely to gain maximum traction in the global bag-on-valve technology market. Meanwhile, tin plate is also expected to see a strong growth in the coming years.
By capacity type, the market includes 30ml-100ml, below 30ml, 100ml-275ml, 275ml to 500ml, and above 500ml. 30ml-100ml of bag-on-valve technology cans are likely to be highly-preferred in the global market during 2017-2024.
Based on the application, the market is further segmented into pharmaceuticals, cosmetics & personal care, home care, automotive & industrial products, and food & beverages. Bag-on-valve technology is expected to find large application in cosmetics & personal care products during the forecast period.
Europe to Remain Dominant in the Global Market for Bag-on-valve Technology
Europe is likely to lead the global bag-on-valve technology market between 2017 and 2024. Bag-on-valve packaging is witnessing a rapid growth in Europe for products including wound cleaning sprays and eyewash sprays. New product development, especially in the pharmaceutical industry are adopting innovative packaging using bag-on-valve technology. Meanwhile, North America is also anticipated to witness impressive growth in the global bag-on-valve technology market.