(Food-Beverage-News.Com, May 02, 2022 ) The report "Caps & Closures Market by Type (Plastic Caps & Closures (Screw Caps, Dispensing Caps)), Metal Caps & Closures (Screw & Lug, Crown Caps), Other Caps & Closures (Corks)), Raw Material, End-Use Industry - Global Forecast to 2026", The global caps & closures market size is projected to reach USD 85.0 billion by 2026, at a CAGR of 5.5% from 2021 to 2026.
The driving factors for the caps & closures market is increase in demand for easy-to-open and sustainable packs, demographic trends, and rapid urbanization contribute to the demand and adoption rate of caps & closures. These are widely used in the food & beverage industry for various applications, such as bottled water, carbonated drinks, mayonnaise, ketchup, and alcoholic beverages. Caps & closures help extend the shelf life of products, provide a barrier to dirt and moisture, and balance the oxygen content of the packed product. Import and export of caps & closures have been gaining importance with its increasing demand.
“Plastic segment to witness highest CAGR during the forecast period”
Plastic caps & closures are made from a wide range of polymers such as polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), and polyvinyl chloride (PVC). Plastic is widely used across several industries as a preferred raw material for manufacturing caps & closures as it can be molded into the desired shape when it is heated or when pressure is applied. After the manufacturing process, the plastic hardens and transforms into a solid substance, which is suitable for sealing products. Plastic caps & closures can be easily formed, are of high quality, are cost-effective, and provide excellent barrier properties and the freedom of design.
The type of raw material used depends on end-use sectors, product type, and the container for which it is required. The PP segment leads the market. PP is widely used owing to its high resistance to chemical corrosion, making it an excellent choice for packaging for cleaning products, bleaches, and first-aid products, among others. It also offers excellent fatigue resistance and elasticity, securing it a well-deserved reputation for toughness and durability.
“Plastic caps & closures type segment to witness highest cagr during the forecast period.”
Plastic caps and closures are mainly used for the packaging of plastic bottles. They are also used for the packaging of food, beverage, healthcare, personal care & home care, and industrial products. Plastic caps and closures are manufactured using various raw materials such as PE, PP, PET, PVC, PS, and PC. The cost-effectiveness, low weight, and compatibility of plastic caps & closures play a crucial role in the growth of the overall market. Don't miss out on business opportunities in Caps & Closures Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=1314
Browse in-depth TOC on "Caps & Closures Market” 337 - Market Data Tables 46 - Figures 252 - Pages
“APAC is the largest market for caps & closures”
APAC led the global caps & closures market, accounting for a share of 35.8% in 2020. APAC comprises two high-growth economies—China and India. The standard of living is improving in this region, which is accelerating the per-capita spending on packaging. Hectic lifestyles result in the demand for packaged products for on-the-go consumption. This consequently leads to the demand for closures that are easy to open, can be re-sealed, and those that keep the products fresh for a longer period. Economies such as Indonesia, Malaysia, and Singapore offer significant opportunities for the caps & closures market.
RPC Group PLC (UK), Crown Holdings Incorporation (US), Amcor Limited Plc (Australia), Rexam PLC (UK), Berry Plastics Corporation (US), Silgan Holdings Inc. (US), AptarGroup Incorporated (US), and Guala Closures Group (Italy) are the key players operating in the caps & closures market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.