The Caps and Closures Market value is expected to reach around US$ 62.4 Bn by 2026, growing at a CAGR of around 5.4% during the forecast period 2019 to 2026.
LOS ANGELES, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled “Caps and Closures Market (By Material: Plastic, Metal, Others; By Type: Caps, Closures, Corks, Stoppers, Cans, Others; By End User: Food & Beverage, Pharmaceutical, Cosmetics, Automotive) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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The Asia Pacific dominated the global caps and closures market in the year 2018. Different huge purposes behind the predominance of Asia Pacific are the majority of its demand impending from packaging applications. The Asia Pacific is expected to grow at the fastest rate due to increasing investments and growing user industries for the market. North America and Europe are expected to exhibit a moderate growth rate because of market saturation. Developing countries in Africa and Latin America are expected to witness a high rate over the forecast period. Countries like Brazil and Argentina have untapped potential and are expected to offer huge opportunities to market participants. Hygiene consciousness, a shift in preference from unpackaged to packaged food items; use of closures on common container varieties are a number of factors that fueling the market growth. With the booming packaging industry worldwide, the global market for caps and closures is expected to grow. The demand for packaged products has been increasing in the Asia- Pacific region, majorly because of changing fashion and therefore the rise in getting power. This will lead to an increased demand for plastic caps and closures, therefore fueling the market growth. The augmented use of caps and closures in the pharmaceutical and beauty care products is projected to offer growth opportunities to the market in the European region. The market is probably going to experience growth in Latin American, driven by Brazil over the period of review. The food and beverage sector together with beauty care products will spearhead the growth of the caps and closures market in the region.
North America is expected to register the highest CAGR during the forecast period. Consumers are becoming more health-conscious, and therefore the demand for the healthy beverages is on the increase along with raising personal incomes have made bottled water a more accessible convenience for the people and is boosting factor for the growth of caps and closures market. Food products stored in bottles are being protected through various kinds of airtight plastic closures. Metal caps or closures are used for the storage of food products, like grains, typically stored in glass containers. The United States are the second-largest food market across the world, and it is expected to account for a significantly high share of the caps and closures market.
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Plastic has dominated the material segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period. Caps & Closures can be used in many ways to enhance the durability of various components and product. The major raw materials used in the manufacturing of caps and closures are plastic and metal. Caps and closures use a distinct sort of materials to construct appropriate product packaging, like plastic, rubber, and paperboard. Plastic is chemically resistant, cheap and light-weight with a good range of physical and optical properties. In fact, several plastics are heat sealable, easy to print and can be integrated into production processes where the package is formed, filled, and sealed in the same production line.
The end user segment of the market includes food and beverage, pharmaceutical, cosmetics and personal care, consumer goods, and others. Food and Beverage segment dominated the market in 2018 and is predicted to witness a gradual growth over the forecast amount, due to the growing variety of food and beverage companies in each developed and developing countries. The demand for packaged food and pharmaceutical drugs has been increasing at a healthy rate and as an impact of this, the caps and closures market is also expected to record a rise in demand during the forecast period.
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Some of the key manufacturing companies include in the global caps and closures markets are Global Closure Systems, Silgan Holdings, Reynolds Group Holdings, Crown Holdings, Berry Plastics Corporation, Berlin Packaging, Guala Closures Group, Manaksia Ltd. and Alpha Holdings GmbH.
Some of the key observations regarding global caps and closures industry include:
- February 2019 - Aptar launched a dispensing closure made of post-consumer recycled resin. In Europe, the company is using 50% of recycled PC in the manufacturing of dispensing closure, ensuring the global transition to a circular economy and a sustainable future.
- Dispensing and Smart Closures: Many pharma firms have incorporated dispensing closures or smart features into their packaging. Techniques, such as NFC, Bluetooth, etc., are being used by firms to communicate dosage and promotional information to consumers. As such closures command a much higher price than conventional ones, the cost of packaging is expected to increase in the pharma industry.
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