Market Synopsis
Caps & closures are majorly used for preserving products and increasing their life. They are mostly constituted of plastic, metal, rubber, or combinations of such components. The quality of material to be utilized in packaging relies upon the type and application of the product to be packaged. Mostly, plastic materials such as Polypropylene, Polyethylene, polystyrene, and polyvinyl chloride are used in plastic caps & closures. The latest trends reveal that people prefer packed goods in developing countries such as China and India, which is bringing a major impact on caps and closures market size 2020.
Furthermore, technological advancements, replacing metal closures with glass or plastic food containers, such factors assist to use caps & closures for consumer products and in industrial applications, market, to protect and distribute several products. Global demand for caps & closure will propel owing to the worldwide trend Increasing demand for packaged food products. According to research, the caps & closures market is estimated to attain the market size of USD 65.12 billion by the end of the review period with a CAGR of 5.2% between 2017- 2023.
Elements such as innovation in packaging, rising consumption of processed foods & beverages, rising demand from the high scale industries are few of the factors which pushed the market towards expansion. However, Caps & Closures has several constraints that obstruct market expansion such as unstable raw material prices and strict rules and regulations on packaging recycling and material waste.
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Key Players
Some of the distinguished players in the market are Reynolds Group and Silgan Holdings Inc. (U.S.), Amcor Limited (Australia), Rexam PLC (U.K.), AptarGroup Inc. (U.S.) Holdings Limited (New Zealand), Crown Holdings Inc. (U.S.), and RPC Group Plc (U.K.).
Regional Analysis
On the basis of geography, the market has been divided into Europe, Asia Pacific, North America, and RoW. Regionally, Asia Pacific leads the global Caps & Closures packaging market by acquiring the largest market share. Hygiene consciousness, a trend in preference from unpackaged to packaged food items, utilization of closures on famous container types are some of the elements which are propelling the market growth.
With the flourishing packaging industry at a global level, the global market for caps and closures is estimated to expand. The need for packaged products has been on an upsurge in the APAC market, primarily because of the changing lifestyle and increase in purchasing power. This will result in a greater demand for plastic caps & closures, thus expanding the market growth. Asia-Pacific leads the Global Caps and Closures Market. Emerging economies such as India, Brazil and, China have affected their buying trend by purchasing more and more packaged foods. The requirement for packaged products has been rising in the APAC region, primarily owing to the lifestyle change and the expansion in purchasing power. This will result in a higher demand for caps & closures. Europe and North America is also a potent land for Caps & Closures. Rising demand for beverage products such as beer and bottled water is affecting the growth of the market.
Market Segmentation
On the basis of material, the market is divided into Metal, Plastic, and others. The plastic segment leads the material vertical of the market.
On the basis of type, the market is segregated into Corks, Closures, Caps, Cans, Cap, Ends Stoppers, and Others. Screw caps are extensively used for packaging of beverage products such as fruit juices, and bottled water. On the basis of end-user vertical, the market is divided into Healthcare, Food & Beverage, Automotive, Pharmaceuticals, Cosmetics, and others. Food & Beverage vertical seizes the end-user vertical of the market. Increasing demand for beverage products such as beer driving and bottled water are bringing an impact on the expansion of the market.
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