Market Analysis
The plastic caps and closures market is projected to touch USD 61.71 billion at a 5.2% CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. Plastic caps and closures are effective sealing devices for containers and bottles.
Various factors are propelling the global plastic caps and closures market share. According to the recent MRFR report, such factors include growing demand for bottled water, concerns regarding product security and safety, need for convenience, decreasing package sizes, use in product differentiation and branding, use in the production of closures for packaging of daily items, medicine packaging, and industrial packaging, highly versatile, durable, flexible, and economical, and growing demand for hand sanitizers and hand wash liquids during the COVID-19 pandemic.
On the contrary, strict policies about the use of plastic materials may limit the global plastic caps and closures market growth during the forecast period.
Key Players
Key contenders profiled in the global plastic caps and closures market report include BERICAP GmbH Co. & KG (Germany), Guala Closures Group (Italy), AptarGroup Inc. (U.S.), Silgan Holdings Inc. (U.S.), Berry Plastics Corporation (U.S.), Rexam PLC (UK), Amcor Limited (Australia), Crown Holdings Inc. (U.S.), Reynolds Group Holdings Limited (New Zealand), and RPC Group Plc (UK).
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global plastic caps and closures market based on type, primary materials, and key end-users.
By type, the plastic caps & closures market has been segmented into closures, dispensing caps, and screw caps. Of these, the screw caps segment will lead the market over the forecast period for its increasing demand in different end use industries.
By primary materials, the global plastic caps and closures market is segmented into polyethylene, polystyrene, and polypropylene. Of these, the polypropylene segment will dominate the market over the forecast period for its ability to withstand high temperatures and high impact resistance.
By key end users, the global plastic caps and closures market is segmented into food and beverages, pharmaceuticals, personal care, and others. Of these, food and beverages will have a major share in the market over the forecast period for increasing consumption of ready-to-eat foods and carbonated beverages.
Regional Analysis
By region, the global plastic caps and closures market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Middle East and Africa (MEA). Of these, the APAC region will stay at the forefront over the forecast period. Increasing industrialization and urbanization, rising population, China being the global manufacturing hub, rising per capita income, growing purchasing power, and developing food and beverage industry are adding to the global plastic caps and closures market growth in the region. China and India have a maximum share in the market.
In Europe, the plastic caps and closures market is predicted to have the second-largest share over the forecast period. Increasing use in product packing to improve the functionality and aesthetics of the product, increasing use in non-alcoholic and alcoholic beverages, and the biggest exporter of food and drinks products are adding to the plastic caps and closures market growth in the region.
The plastic caps and closures market in North America is predicted to have healthy growth over the forecast period. Booming food and beverage industry, hectic lifestyles resulting in the shift from cooking trends to snacking, processed foods and ready to eat foods, and use of various airtight plastic closures to store food in bottles are adding to the global plastic caps and closures market growth in the region.
In the MEA, the global plastic caps and closures market is predicted to have sound growth over the forecast period.
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https://www.marketresearchfuture.com/reports/plastic-caps-closures-market-4920
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