Asia Pacific Medical Rubber Stopper Market Size & Outlook
Asia Pacific medical rubber stopper market, 2018-2030 (US$M)
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Asia Pacific medical rubber stopper market highlights
- The Asia Pacific medical rubber stopper market generated a revenue of USD 200.9 million in 2023.
- The market is expected to grow at a CAGR of 6.2% from 2024 to 2030.
- In terms of segment, teflon coated was the largest revenue generating surface treatment in 2023.
- Teflon Coated is the most lucrative surface treatment segment registering the fastest growth during the forecast period.
- Country-wise, China is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 200.9 million |
| Market revenue in 2030 | USD 305.9 million |
| Growth rate | 6.2% (CAGR from 2023 to 2030) |
| Largest segment | Teflon coated |
| Fastest growing segment | Teflon Coated |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Siliconized, Teflon Coated, Uncoated Stoppers |
| Key market players worldwide | AptarGroup Inc, West Pharmaceutical Services Inc, Samsung Electronics Co Ltd, Daetwyler Holding AG, Bharat Rubber Works, Jiangyin Hongmeng Rubber and Plastic Products Co., Universal Medicap, Lonstroff, Bormioli Pharma, Sagar Rubber Products |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 11.3% of the global medical rubber stopper market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 305.9 million by 2030.
Teflon coated was the largest segment with a revenue share of 68.69% in 2023. Horizon Databook has segmented the Asia Pacific medical rubber stopper market based on siliconized, teflon coated, uncoated stoppers covering the revenue growth of each sub-segment from 2018 to 2030.
Asia Pacific is emerging as a significant global market for stoppers. The growth of stoppers market in the region can be attributed to the ongoing industrial development in Asia Pacific, along with the presence of local and international stopper manufacturers. The region also has the presence of a significant number of suppliers of raw materials used for developing stoppers.
Hence, the market in Asia Pacific is expected to grow at a high rate and the region is anticipated to become a major market for stoppers in the world in the coming years. Southeast Asia also has witnessed a significant rise in its pharmaceutical manufacturing capacity. The low production costs and the ease of doing business in the region are attracting foreign pharmaceutical companies to set up their manufacturing plants in the Asia Pacific.
Another reason for pharmaceutical companies to venture into the market space of Southeast Asia was the spread of COVID-19 in 2020 which resulted in a shortage of vaccine deliveries. Hence, reducing the dependency on imported vaccines has driven the governments of Southeast Asian countries to invite international vaccine manufacturers to consider them as reliable manufacturing hubs.
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Medical Rubber Stopper Market Scope
Medical Rubber Stopper Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific medical rubber stopper market size, by country, 2018-2030 (US$M)
Asia Pacific Medical Rubber Stopper Market Outlook Share, 2023 & 2030 (US$M)
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