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.
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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.
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).
Market Segmentation
On the basis of material, the market is divided into Metal, Plastic, and others. The plastic segment leads the material vertical of the market.
On the basis of type, the market is segregated into Corks, Closures, Caps, Cans, Cap, Ends Stoppers, and Others. Screw caps are extensively used for packaging of beverage products such as fruit juices, and bottled water.
On the basis of end-user vertical, the market is divided into Healthcare, Food & Beverage, Automotive, Pharmaceuticals, Cosmetics, and others. Food & Beverage vertical seizes the end-user vertical of the market. Increasing demand for beverage products such as beer driving and bottled water are bringing an impact on the expansion of the market.
Regional Analysis
By region, the global caps & closures market has been segmented into North America, Europe, Asia Pacific, and RoW.
The Asia Pacific dominates the global caps & closures packaging market with the highest market share. Hygiene awareness, the change in preference from unpackaged to packaged food products, and the use of closures on popular container types are factors that drive market growth. With the booming packaging industry worldwide, the global cap and closure market is expected to expand. The demand for packaged goods has increased in the Asia Pacific region, mainly due to a changing lifestyle and increased purchasing power. This will lead to a rise in demand for plastic caps & closures and fuel market growth.
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