Global Phenolic Caps Market: An Overview
Phenolic caps are high performance, durable caps with an extremely high heat tolerance, i.e. phenolic caps start to decompose at temperatures of above 220 degree Celsius. Phenolic caps are very tough when used in their desirable temperature range. Phenolic stands for Phenol Formaldehyde Resin. Phenolic caps are mostly used for harmful acids, bases, and other reactive compounds. The key factor which is expected to contribute to increase in preference for phenolic caps is their chemically inert nature when paired with polycone liners.
Therefore, when exposed to harmful and corrosive chemicals like acids and bases, phenolic caps perform much better than their counterparts. Phenolic caps are reliable and safe, which results in high preference for phenolic caps in labs, across the world. By chemical composition and design, phenolic caps are known to provide a desirable range of chemical compatibility, and has the highest temperature tolerance among all other plastic closures available in the market. The outlook for growth of the global phenolic caps market is expected to be positive during the forecast period.
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Global Phenolic Caps Market: Dynamics
The global phenolic caps market is expected to grow on the backdrop of growing demand for safe packaging and sealing solutions at laboratories. Since phenolic caps have the desired properties, they are widely preferred in laboratories in educational institutions and other research facilities. Furthermore, manufacturers of phenolic caps also provide an additional option to provide a PE cone layer, which provides chemical barrier. The degree of threat to the phenolic caps market from substitutes is rather low, as these some of the best chemically inert closures that the market has to offer.
Phenolic caps are extensively used in the pharmaceutical sector, which includes medical and biotechnological laboratories, among others. Phenolic caps have an edge over alternatives in the sense that they are capable of maintaining their form and features on exposure to corrosive material. Therefore, it is unlikely that the phenolic caps market will face severe competition from an alternative solutions (not considering any unpredictable future product innovation which has the potential to disrupt the phenolic caps market).
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Global Phenolic Caps Market: Regional Outlook
The North America phenolic caps market is expected to be in the leading position, given the heavy investment on research and development in the region. The U.S. phenolic caps market is estimated to account for more than 85% of the North America phenolic caps market in 2018. The Asia Pacific region is expected to outdo the other region in term of growth in demand for phenolic caps, during the forecast period.
Countries which are expected to lead in the Asia Pacific phenolic caps market include China and the ASEAN countries. The phenolic caps market in regions like the Middle East, Latin America and Eastern Europe is anticipated to witness sluggish growth during the forecast period, owing to several macroeconomic factors. However, countries in the Africa region are expected to outpace the remaining ones in the MEA region in terms of phenolic caps market CAGR, during the next ten years.
Global Phenolic Caps Market: Key players
Some of the key players operating in the global phenolic caps market are –
- Quality Environmental Containers, Inc.
- Corning Inc.
- DWK Life Sciences GmbH
- Qorpak, Inc.
- National Novelty Brush Company
- Acme Vial & Glass Company, LLC.
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