Global Plastic Caps and Closure Market was valued at USD 45.78 billion in 2019 which is expected to grow USD 67.25 billion by 2027 at a 5.88% CAGR.
Plastic caps and closures are the effective sealing devices of bottles and containers. Versatility, flexibility, and flexibility are the features of plastic caps and closure material. In addition, it act as barrier to moisture, oxygen, and dirt and keeps product secure form undesired premature opening. Plastic caps and closures are able to preserves the product as well as improve the shelf life of product.
Plastic Caps and Closures are components, techniques or devices that are used to seal or close a bottle, jar, tube, can or any other container. Generally, closures are made up of the metal and plastics material. The plastics material used for the caps and closures are HDPE, PP, and LDPE. PP and HDPE are the prominent material type used for the manufacturing of the plastics caps and closures. These closures could be used for variety of end use industry such as food, beverages, personal care, household, etc. The primary application area for the plastics caps and closures is the beverages end use segment.
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Increase in demand for plastic caps and closures in food and beverages and chemical Industry is expected to drive the global plastic caps and closures market growth. Furthermore, plastic caps and closures are used for preserving products and their shelf life. Thus the global plastic caps and closure market is expected to grow exponentially. Also, increase in usages of plastic caps and closure products in pharmaceutical is expected to propel the growth of global plastic cap and closure industry growth during this forecast period. Moreover, rise in demand from small and medium end use industries is expected to drive the global plastic caps and closures market growth.
The lightweight closure trend also creates opportunities for caps & closures manufacturers as they focus on developing innovative products in order to gain the first mover advantage. Plus, material saving is beneficial for manufacturers and stimulates more investment in new and innovative products.
New materials as well as advancements in plastic packaging machinery and processing have resulted in innovations in product development and subsequently in caps and closures.
Caps and closures that are functional continue to gain traction in the food industry as well, such as a basting brush for grill sauces.
Industry consolidation and vertical integration are expected to unfold several opportunities for market players by expanding their customer base, geographic reach and market share.
For continued growth in the caps and closures segment innovation is essential and tamper evidence continues to be an essential function in all new designs and innovation. A continued trend observed which is driving companies to be more innovative in caps and closure designs is the need from consumer for ease of use. Companies are focusing on consumer demand in portion dispensing, particularly in the home and health & beauty end markets.
Restrictions on the use of non-biodegradable plastic bags in Italy and France have lead to significant drop in the use of Plastic Caps.
Few countries are continuously changing rules and regulations for food and nutrition packaging to reduce duplicity of products in the market. Simultaneously, other countries have strict rules for licensing packaging industries.
Diverse and fast changing global regulations in drug manufacturing and supply chain require hi-end technology oriented infrastructure, but many companies are not able to manage these changing rules and regulations in packaging.
However, instability in the price of raw materials is the major challenging factor for market growth which is expected to affect the global plastic caps and closure market. Also, availability of substitute products will affect the global plastic caps and closure market growth.
Impact of COVID 19 on Market
The global COVID 19 Pandemic has led to slowdown the manufacturing and packaging activities across the world, affecting the demand for plastic caps and closure and also production of them which is expected to restraint the global plastic caps and closure market growth during this global crisis.
The consumption of ready-to-drink beverages has increased significantly in the last few years due to the changing consumer preferences towards healthier lifestyles. More and more consumer is opting for tea and coffee as a first choice for beverages selection. Also, the health issues related to the carbonated soft drinks and sodas lead to decrease in its consumption. Consumer are also moving towards other healthier alternatives such as flavored water and coconut water and the demand for such products is increasing like anything. There are huge opportunities for the plastics caps and closures manufacturers to capture market share by offering differentiating product offerings. The growth in demand for such type of products will ultimately boost the demand for plastics caps and closures as the primary packaging products for these drinks are liquid cartons and PET bottles.
Global Plastic and Caps Closure Market is segmented into raw material such as LDPE, HDPE, PP, and Others. Further, Global Plastic and Caps Closure Market is segmented into application such as Alcoholic Beverages (Wine, Beer, and Others), and Non-Alcoholic Beverages (Carbonated Soft Drinks, Bottles Water, and Others).
Also, Global Plastic and Caps Closure Market is segmented into five regions like North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Bericap GmbH Co. & Kg, Guala Closures Group, Aptargroup Inc, Silgan Holdings Inc., Berry Plastics Corporation, Rexam PLC, Crown Holdings Inc., Reynolds Group Holdings Limited, and RPC Group PLC.
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