Market Analysis
The global caps and closures market is predicted to grow at a healthy CAGR between 2017- 2023 as per the new Market Research Future (MRFR) analysis. Caps closures play a crucial role in packaging as it offers a barrier to oxygen, moisture, and dirt and also helps to increase the product’s shelf-life. Cap ends, cans, stoppers, corks, closures, caps, and others are the different types of caps and closures that are generally made of metal and plastic. They have wide applications in automotive, cosmetics, pharmaceuticals, healthcare, food and beverage, and other sectors.
Various factors are propelling the global caps and closures market share. As per the current MRFR report, such factors include the growing concerns about product safety and quality, innovation in packaging, increased consumption of processed foods and beverages, growing demand from chemical, food and beverage, pharmaceutical, cosmetic industry, and home care products, and growing demand for childcare products.
On the flip side, fluctuating costs of raw materials, strict rules on recycling packaging material waste, demand for alternatives like blister packs, and rising concerns about the carcinogenicity biodegradability of plastics are factors that may limit the global caps and closures market growth over the forecast period. Besides, the ongoing COVID-19 outbreak has led to a sudden halt in manufacturing activities across the world, impacting the demand for plastics as well as the production and processing of the same. The plastics industry, especially automotive and consumer goods, have been the most critically impacted, which in turn has impacted the global caps and closures market growth.
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global caps and closures market based on type, material, and end user.
By type, the global caps and closures market is segmented into cap ends, cans, stoppers, corks, closures, caps, and others. Of these, caps will lead the market over the forecast period for the increasing use of screw caps to pack beverage products like fruit juices and bottled water.
By material, the global caps and closures market is segmented into metal, plastic, and others. Of these, the plastic segment will dominate the market over the forecast period.
By end user, the global caps and closures market is segmented into automotive, cosmetics, pharmaceuticals, healthcare, food and beverage, and others. Among these, the food beverage segment will have a major share in the market during the forecast period for the growing demand for beverages such as beer and bottled water.
Regional Analysis
Based on region, the global caps and closures market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, the Rest of the World (RoW). Of these, the Asia Pacific will dominate the market over the forecast period. Growing demand for packaged foods in India, Brazil, and China, increase in purchasing power, changing lifestyle, the presence of a large population, low production costs, and increasing demand in consumer goods, food and beverages, and pharmaceutical sectors are adding to the global caps and closures market growth in the region.
The global caps and closures market trends in Europe is predicted to have healthy growth over the forecast period for the increasing demand for beverage products. Manufacturers are making huge investments in mass production of standardized products like screw-caps for PET bottles, which is adding market growth.
The global caps closures market in North America is predicted to have notable growth over the forecast period. Demand for conveniently packed products, people becoming more health-conscious, and increasing sales of healthy drinks juices are adding to the global caps and closures market growth in the region.
The global caps and closures market in the RoW is predicted to have sound growth over the forecast period.
Key Players
Notable players profiled in the global caps and closures market report include BERICAP GmbH Co. KG (Germany), Guala Closures Group (Italy), Silgan Holdings Inc. (U.S.), Reynolds Group Holdings Limited (New Zealand), Amcor Limited (Australia), Crown Holdings Inc. (U.S.), RPC Group Plc. (U.K.), AptarGroup Inc. (U.S.), Berry Plastics Corporation (U.S.), and Rexam PLC (U.K).
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