PUNE, India, May 31, 2018 /PRNewswire/ --
The report "Plastic Caps and Closures Market by Product Type (Screw-on Caps, Dispensing Caps), Technology (Injection Molding, Compression Molding, Post-mold TE Band), Raw Material (PP, HDPE, LDPE), End-use Sector (Beverages, Food), Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size is projected to grow from USD 40.52 Billion in 2018 to USD 51.67 Billion by 2023, at a CAGR of 4.99%. This market is witnessing considerable growth due to increasing demand for convenience packaging and growing concerns about product safety and security. Growing demand for bottled water and from end-use industries such as beverages, pharmaceuticals, food, and home & personal care is the key factor driving the growth of the plastic caps and closures market.
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Screw-on caps segment is projected to grow at the highest rate during the forecast period.
The screw-on caps segment is projected to grow at the highest CAGR during the forecast period. Screw-on caps are tamper evident and thus find wide-scale application in food & beverage and pharmaceutical industries. They are a reliable option for packaging of beverages and for pharmaceutical products. The other advantage associated with screw-on caps is that they are cost-effective packaging solutions compared to cork and others, and also provide more room for logos, graphics, and other design elements.
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In the container type segment, plastic is projected to grow at the highest rate during the forecast period.
The plastic container segment is projected to be the fastest-growing end-use sector over the next five years. Plastic containers are economical and light in weight. They are widely used for packaging CSDs and bottled water owing to their cost-effective nature. The growing demand for CSD and bottled water is driving the demand for plastic containers.
Asia Pacific accounted for the largest market share in 2017 and is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific region accounted for the largest market share in 2017 and is projected to grow at the highest CAGR from 2018 to 2023. The market in China is expected to grow at the highest CAGR during the forecast period. The growth in the Asia Pacific region is supported by the improving economic conditions, continuous improvements in government budgets, rising number of standards in building codes, positive demographic outlook such as the increasing population and rising per capita income, and the growing food & beverage industry in the region.
The major players in the Plastic Caps & Closures Market include Berry Group (US) Crown Holding (US), AptarGroup (US), Amcor (Australia), Coral Products (UK), Closure Systems International (US), BERICAP (Germany), Silgan Holdings (US), and RPC Group (UK). Other players in this market include United Caps (Luxembourg), Caps & Closures Pty Ltd (Australia), Caprite Australia Pty. Ltd (Australia), Pano Caps (Canada), Plastic Closures Limited (UK), Cap & Seal Pvt. Ltd (India), Phoenix Closures (US), ALUPAC-INDIA (India), Helicap Closures (China), and MJS Packaging (US).
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