CHICAGO, Nov. 10, 2021 /PRNewswire/ -- According to the report "Caps & Closures Market by Type (Plastic Caps & Closures (Screw Caps, Dispensing Caps)), Metal Caps & Closures (Screw & Lug, Crown Caps), Other Caps & Closures (Corks)), Raw Material, End-Use Industry - Global Forecast to 2026", published by MarketsandMarkets™, the global Caps & Closures Market size is projected to reach USD 85.0 billion by 2026, at a CAGR of 5.5% from 2021 to 2026.
The driving factors for the caps & closures market is increase in demand for easy-to-open and sustainable packs, demographic trends, and rapid urbanization contribute to the demand and adoption rate of caps & closures. These are widely used in the food & beverage industry for various applications, such as bottled water, carbonated drinks, mayonnaise, ketchup, and alcoholic beverages. Caps & closures help extend the shelf life of products, provide a barrier to dirt and moisture, and balance the oxygen content of the packed product. Import and export of caps & closures have been gaining importance with its increasing demand.
"Plastic segment to witness highest CAGR during the forecast period"
Plastic caps & closures are made from a wide range of polymers such as polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), and polyvinyl chloride (PVC). Plastic is widely used across several industries as a preferred raw material for manufacturing caps & closures as it can be molded into the desired shape when it is heated or when pressure is applied. After the manufacturing process, the plastic hardens and transforms into a solid substance, which is suitable for sealing products. Plastic caps & closures can be easily formed, are of high quality, are cost-effective, and provide excellent barrier properties and the freedom of design.
The type of raw material used depends on end-use sectors, product type, and the container for which it is required. The PP segment leads the market. PP is widely used owing to its high resistance to chemical corrosion, making it an excellent choice for packaging for cleaning products, bleaches, and first-aid products, among others. It also offers excellent fatigue resistance and elasticity, securing it a well-deserved reputation for toughness and durability.
"Plastic caps & closures type segment to witness highest cagr during the forecast period."
Plastic caps and closures are mainly used for the packaging of plastic bottles. They are also used for the packaging of food, beverage, healthcare, personal care & home care, and industrial products. Plastic caps and closures are manufactured using various raw materials such as PE, PP, PET, PVC, PS, and PC. The cost-effectiveness, low weight, and compatibility of plastic caps & closures play a crucial role in the growth of the overall market.
APAC led the global caps & closures market, accounting for a share of 35.8% in 2020. APAC comprises two high-growth economies—China and India. The standard of living is improving in this region, which is accelerating the per-capita spending on packaging. Hectic lifestyles result in the demand for packaged products for on-the-go consumption. This consequently leads to the demand for closures that are easy to open, can be re-sealed, and those that keep the products fresh for a longer period. Economies such as Indonesia, Malaysia, and Singapore offer significant opportunities for the caps & closures market.
The continuous growth in the packaged food & beverage market is expected to support the growth of the plastic caps & closures industry over the next five years. The Indian packaging industry is likely to grow further because of the rising demand for plastic caps & closures, an increase in exports, and the growing food processing and beverage industry. The continuous influx of international manufacturers into the food & beverage, pharmaceutical, and cosmetic sectors is expected to increase the demand for packaging. This has also encouraged manufacturers and suppliers to shift to retail, smaller size, and unit level packaging, providing attractive growth opportunities for the plastic caps & closures market. Owing to the continuous growth and innovation in the packaging industry, the plastic caps & closures market is expected to grow over the next five years.
Key Market Players
RPC Group PLC (UK), Crown Holdings Incorporation (US), Amcor Limited Plc (Australia), Rexam PLC (UK), Berry Plastics Corporation (US), Silgan Holdings Inc. (US), AptarGroup Incorporated (US), and Guala Closures Group (Italy) are the key players operating in the caps & closures market.
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