the market size stood at USD 54.32 billion in 2018. The report offers informative insights into all the prevailing trends of the caps & closures market analysis. It shares a comprehensive summary of all the segments and regions. It provides statistical data on all the recent developments in the market. It is created after extensive research followed by all-encompassing analysis to benefit companies, stakeholders, financers, and potential investors. It is designed with an aim to provide a clear picture of the market size. Moreover, it also includes product launches, acquisitions, collaborations & partnerships, and innovations and industry developments.=
The global caps & closures market size is predicted to reach USD 82.30 billion by 2026, exhibiting a CAGR of 5.52% during the forecast period. The growing demand for lightweight packaged products will spur demand for caps & closures during the forecast period. Moreover, the growing demand for packaged drinking water, carbonated drinks, and cold-pressed juices will create business opportunities for the caps & closures market in the forthcoming years. The growing awareness regarding the physical properties of caps such as impact, stress, crack resistance along with odor restraining properties will impel companies to utilize caps and closures in the packaging, which in turn will boost the caps & closures market revenue in the foreseeable future.
Regional Analysis
Rising Demand for Beverages to Augment Growth in Asia Pacific
North America generated a revenue of USD 15.34 billion in 2018 and is likely to witness a high growth rate during the forecast period. The growth in the region is attributed to the surge in health-conscious consumers. The rising inclination towards juices and health drinks will also aid growth in the region. Asia Pacific is predicted to grow rapidly in the forthcoming years owing to the rising demand for beverages. Moreover, the low production cost in China and India will create new opportunities for the market in the foreseeable future.
The Report Lists the Key Companies in the Global Caps & Closures Market
- Closure Systems International, Inc.
- Silgan Closures GmbH
- Crown Holdings
- Pact Group Holdings
- Berry Plastics Corporation
- Alpha Packaging
- Amcor plc
Restraint
Stringent Government Regulations to Hamper Market Revenue
The growing environmental threats and concerns can be a crucial factor in hampering the growth of the caps & closures market during the forecast period. The increasing government policies for disposal of landfills will consequently dampen the growth of the market. Moreover, the rising plastic waste from various industries such as food &beverages, cosmetics, and consumer goods will impel the government to take strict actions, which in turn will hamper the market growth.
Information Source:
https://www.fortunebusinessinsights.com/caps-closures-market-102542
