The North America plastic caps and closures market size was valued at USD 11.36 billion in 2020 and is projected to expand at a substantial CAGR during the forecast period. Growth of the market is attributed to the increasing demand for plastic caps and closures owing to its properties including easy availability, flexibility, versatility, and durability.
Plastic caps and closures are critical for preserving the taste, texture, and flavor of processed foods. Plastic caps and closures play an important role in factors such as visual appeal, brand differentiation, and consumer convenience, in addition to providing features such as rupture and pollution resistance.
Caps and closures are critical for the packaging industry, which is driving the market. According to the drug enforcement administration's 2019 report, the biggest pharmaceutical company in the United States produced more than 76 billion opioid pills. In relation, roughly 300 million pain prescriptions were written in 2015.
Due to the extreme high consumption of pain relievers, there is massive increase in the consumption of bottles, which is estimated to fuel the plastic caps and closures market. People aged between 35 and 45 are more likely to use delivery services for food and bottled medicine, which leads to an increase in the use of plastic caps and closures for adequate food packaging.
Market Trends, Drivers, Restraints, and Opportunities
- Better operability and convenience required for various products is projected to boost the market during the forecast period.
- Rapid growth of food and beverages industry is major factor spurring the market in the coming years.
- Increasing popularity for dispensing and pump closures in wide range of products is estimated to fuel the market.
- Emerging substitutes for packaging of products is expected to hinder the market growth.
- Prices of raw materials are unstable which affects the manufacturing cost of caps and closures act as a key factor that can impede the market in the coming years.
- Emerging economies in developing countries is projected to offer immense opportunities for the market players.
- Technological innovation and advancement in plastic caps and closures market is anticipated to create lucrative opportunities for the market players.
Key Players
- Albea S.A.
- Silgan Holdings Inc.
- Amcor PLC
- Berry Global Inc.
Competitive Landscape
Major players competing in the North America plastic caps and closures market include Albea S.A., Silgan Holdings Inc., Amcor PLC, and Berry Global Inc.
Some of these players are focused on several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,
- In January 2020, Silgan Holdings Inc. acquired Albea’s dispensing business for USD 900 million.
- In January 2020, Berry Global Group Inc., raised investment to add capacity for breathable films of USD 20 million.
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