Report Overview

An increasing need for safety and protection to boost product longevity and increased government initiatives to improve medical facilities are expected to boost the growth of the India cold form blister packaging market during the forecast period between 2023 and 2029.

India Cold Form Blister Packaging Market - Industry Trends and Forecast Report, 2029

India cold form blister packaging market size was estimated at USD 512.25 million in 2022. During the forecast period between 2023 and 2029, the India cold form blister packaging market size is projected to grow at a CAGR of 11.24% reaching a value of USD 993.68 million by 2029. The increasing need for safety and protection to boost product longevity is a key factor fueling the growth of the cold form blister packaging industry. Increased government initiatives to improve medical facilities will drive market growth in India even further. The Pradhan Mantri Ayushman Bharat- Health Infrastructure Mission (PM-ABHIM), for instance, is the government's largest pan-India infrastructure project designed to boost the country's health infrastructure, illness surveillance, and health research. In addition, the government has developed the Free Diagnostics Service Initiative to cut direct healthcare costs and out-of-pocket charges. Furthermore, the rise in disposable income is another major factor that is projected to boost the expansion of the cold form blister packaging market in India.

India Cold Form Blister Packaging Market – Overview

Cold form blister packaging is a type of product protection and storage packaging. Cold form blister packaging is often created using dry bond lamination technology, with aluminum foil laminated between nylon and PVC. This packaging consists of two parts: a blister sheet and a backing card. The blister sheet is constructed of PVC plastic and has been shaped to fit the goods. After that, the product is placed in the center of the blister sheet, and the edges are sealed shut. To keep the blister pack closed, the backing card can be affixed. They usually provide water and oxygen protection and extend the shelf life of the product.

Growth Drivers

Growing Demand for Healthcare Applications

India cold form blister packaging market is dominated by healthcare applications including generic medicines. The high demand for medicines in the country is mainly supporting market growth during the forecast period. According to IBEF research, the Indian pharmaceutical sector fulfills more than half of the global demand for various vaccines, 40% of generic demand in the United States, and 25% of total medicine in the United Kingdom. The domestic pharmaceutical sector is comprised of 3,000 pharmaceutical businesses and 10,500 manufacturing units. India holds a significant place in the global pharmaceutical industry.

Indian pharmaceutical companies currently supply more than 80% of the antiretroviral medications used internationally to address AIDS (Acquired Immune Deficiency Syndrome). Because of the low cost and great quality of its medicines, India is appropriately recognized as the "pharmacy of the world." Therefore, the growing demand for cold form blister packaging for healthcare applications is expected to drive the growth of the market.

Restraints

Volatile Raw Material Prices

The high cost of aluminum is expected to hamper the growth of the cold form blister packaging market in India during the forecast period. Aluminum prices have been rising globally, with the metal rising by more than 8% month on month in February 2022 to over USD 3,230/ton. In March 2022, the domestic price of aluminum in India rose to Rs 300 per kg. The cost of fuel, particularly coal, which is still widely used in major aluminum-producing countries, such as China and India, influences the forecast of aluminum prices. However, aluminum consumption in India is far lower than the global average of 11 kg per capita, and demand for metal is likely to rise as the country's economy expands. Therefore, increasing the cost of aluminum which is widely used in the production of cold form blister packaging may hinder market growth.

Impact of COVID-19 on the India Cold Form Blister Packaging Market

The COVID-19 pandemic did not have an impact on India's cold form blister packaging business. The pandemic did highlight several significant holes in the pharmaceutical and other industries supply lines, emphasizing the need to de-risk those supply chains. Companies would be looking for short or mid-term contingency plans to focus on lowering their supply chain risks, according to Dr. Reddy Laboratories, one of the country's main pharmaceutical players. Due to the Indian government's stringent lockdown measures, businesses began looking for local packaging providers to alleviate the pressure on their supply chain. The pandemic caused an increase in demand for anti-bacterial and anti-viral packaging which increased the demand for cold form blister packaging during the pandemic period.

India Cold Form Blister Packaging Market

Segmental Coverage

India Cold Form Blister Packaging Market - By Material

Based on material, the India cold form blister packaging market is segmented into oriented-polyamide, aluminum, polyvinyl chloride, polypropylene, polyethylene, and polyethylene terephthalate. During the forecast period, the polyvinyl chloride segment is expected to grow at a significant rate. Polyvinyl chloride's low cost makes it a key element in cold-form blister packing. For instance, according to the Procurement Resource report, 2023, polyvinyl chloride price in India will decrease by USD 50.19 (INR 4,000) per metric ton (MT). Another factor which is supporting the use of polyvinyl chloride in cold form blister packaging is its potential to boost packing strength. Because polyvinyl chloride is exceedingly rigid and maintains geometric stability after cold forming, it is employed as the contact layer and seal to the alu-alu foil.

India Cold Form Blister Packaging Market - By Region

Based on region, the India cold form blister packaging market is segmented into North India, South India, East India, and West India. During the forecast period, the South India region segment is expected to register significant growth in the India cold form blister packaging market. The rising demand for pharmaceuticals and healthcare products within the region is driving the expansion. Cold form blister packaging is increasingly being used in the pharmaceutical industry due to its excellent barrier qualities and tamper-evident features. Furthermore, the South Indian region is densely populated with pharmaceutical industries, which are increasingly using cold form blister packing for their products. These manufacturers are looking for packaging solutions that are safe, secure, and regulatory compliant, which has increased demand for cold form blister packaging.

Competitive Landscape

The India cold form blister packaging market is highly competitive, with all the players continually competing to gain a larger market share. The key players are Shreeji Shrink System, Krish Pharmapack, Rollcon Technofab India Private, Svam Packaging Industries Pvt. Ltd., Avonflex Polymers Pvt. Ltd., and Prashant Plastic Industries, Pack World. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.

Recent Developments

• In April 2022 - Huhtamaki, a provider of sustainable packaging solutions, introduced a first-to-market sustainable innovation for the pharmaceutical and healthcare industries. Hutamaki's Push blister cover is made of PET and is devoid of aluminum. It is intended to meet the stringent safety standards of the highly regulated pharmaceutical and healthcare industries. Furthermore, it provides the industry with a more environmentally friendly alternative to standard push-through blister packaging.

• In April 2021 - Bostik, a leading adhesive specialist for construction, industrial, and consumer applications, launched HERBERTSTM EPS 8760/KN75, a high-performance, smart adhesive developed to optimize cold forming blister packaging process automation for the pharmaceutical industry. Pharmaceutical products must adhere to strict hygiene and safety requirements to maintain the potency of the active components, as changes in these parameters might have serious effects on the user. HERBERTSTM EPS 8760/KN75 complies with local drug safety regulations.

Scope of the Report

By Material

• Oriented-Polyamide

• Aluminum

• Polyvinyl Chloride

• Polypropylene

• Polyethylene

• Polyethylene Terephthalate

By Application

• Healthcare

• Consumer Products

• Electronics & Semiconductors

• Industrial Goods

• Tablets and Capsules

• Inhalants

• Food & Confectionery

• Others

By Region

• North India

• South India

• East India

• West India