Plastic Caps & Closures market research report provides a complete study about Plastic Caps & Closures industry by major manufacturers, opportunity, cost structure, segmentation, applications, company profile, industry growth rate, production in forecast period 2018-2023. Plastic Caps & Closures market report also provides details of the major market players that are involved in the market such as manufacturers, raw material suppliers, equipment suppliers, end users, traders, distributors. Plastic Caps & Closures market is expected to grow at a CAGR of 5.61% during the forecast period.
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The global plastic caps & closures market was valued at USD 2043.09 billion in 2017 and is expected to reach a value of USD 2834.77 billion by 2023 at a CAGR of 5.61% over the forecast period of 2018 – 2023. The scope of the report includes insights on the Major Players offering plastic caps & closures in the market. The regions include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes on the various end-user-based application, like in food, pharmaceuticals, beverages, and cosmetics & toiletries.
Plastic caps & closures serve a stretch of industries segment, from food & beverages, pharmaceuticals, household goods, cosmetic products, etc. Caps & closures are the final components of packaging and are responsible for maintaining the integrity of the product packing. Caps & closures use PET, PP, and PE as the primary raw materials for manufacturing. Industries rely heavily on the plastic caps & closures as they provide a cost-effective sealing solution. The demand for packaged food and pharmaceutical drugs has been increasing at a healthy rate and as an impact of this, the caps & closures market is also expected to record an increase in demand in the forecast period.
Technology advancements in plastic packaging have resulted in innovations in product development in industry. With many companies investing significantly in R&D to come up with the unique and cost-effective products, the innovations in this market is increasing. Dow Industries have come up with a new range of PET resins portfolio for manufacturing of caps & closures. The Italian company, Imola has come up with a new HD printing machine to print high-quality images at a fast rate on caps. Many other companies are following similar suite and are coming up with new and innovative final products. With innovations in the industry, the demand for products is also growing, thus driving the growth of caps & closures market around the globe.
However, this industry is comprehensively dependent on the suppliers of raw materials for manufacturing. PET and PE, which are used as raw materials, have significantly fluctuating costs in the market. As the cost of production is dependent on this raw material, manufacturers find it difficult to maintain constant output. Also, stringent rules and regulations present in this market regulate the quality and other aspects of these products. Regulations result in additional costs, as there is a need for testing to meet the set standards in many regions. These factors are affecting the overall cost for companies, thus restraining the growth of the plastic caps & closures market.
High demand for bottled water and beverages is driving the growth of this market in the beverage industry. Overall, the market is expected to witness a healthy growth rate in the forecast period.
Application in Food Industry to Offer New Opportunities
Food consumption has been witnessing high growth. This has led to a demand for packaged food products with longer shelf life and sterility. Companies around the world are manufacturing packages, which help in achieving these objectives so that manufacturers of food products can transport and sell their products to the end-customers. Changing demographics in this industry are demanding for innovations in products. With the market changing rapidly, company needs are also changing. Companies are now looking for products that can offer longer shelf life. With many businesses now exporting products, it is necessary to design packaging to survive the transport and sustain its integrity in different environmental conditions. With consumer goods and packaged food industries growing, the need for new packaging materials that can support the rugged environments without affecting the quality of the product is rising. This is driving considerable investments in this industry to develop caps & closures to the meet the requirements of the user.
The call for plastic caps & closures for food products will continue to witness strong growth because of increasing global food products demand. Global food products industry has been growing at a rapid pace in the last five years. And, this trend is expected to continue. This demand will be seen across all the food product segments, including packaging and canned food. This will augment the demand for plastic caps & closures for this segment.
The Middle East & Africa is the Fastest Growing Market
The Middle East & Africa region is one of the fastest growing areas in the plastic caps & closures market. Saudi Arabia is leading in the plastic caps & closures market in the Middle East & Africa, followed by the UAE, and South Africa. The young population of the Middle East & Africa is increasingly engaging in social media. This usage of social media is enabling people to accept newer ideas and gain awareness about the various effects of using different types of products and global brands. The trend of using social media sites for learning things and purchasing products is gaining traction in this region, which, in turn, is driving the market for plastic caps & closures market. Furthermore, the growth of the plastic caps & closures market is increasing due to the cosmetics market. The cosmetic products market in this region is driven not just by mere vanity, but also high consumerism, surging personal incomes, and increased focus on beauty enhancement products. Also, the plastic caps & closures market in this region is growing with global leaders expanding their footprint in this region.
Although there are many country-specific differences in the Middle East & Africa region, due to cultural proximity and socio-economic factors, habits, preferences, and consumer behavior follow many common trends. The economic and political instability in the region is steadily increasing and is gradually becoming serious. The increasing population following Islam (20% of the world Muslim population resides in the MEA region) is expected to increase the challenge of religious extremism. These regional problems and instabilities are expected to hinder the growth opportunities in this region.
Key Developments in the Market
• February 2018: In collaboration with Yves Rocher, Aptar Beauty + Home developed a customized snap top closure assembled with the SimpliSqueeze® silicone valve. The valve allows clean dispensing and prevents the formula from spilling and dripping. It enables the user to squeeze the bottle simply, and the dispensing closure delivers just the right amount of shower gel. Releasing the pressure on the bottle ensures a clean product cut-off and no product gets wasted. Additionally, the temperature resistance of the silicone valve guarantees superior dispensing control, even in the shower, where temperature varies.
• October 2017: Aptar’s 33-400 Directional Snap Top closure is now available with a .187 orifice. With the .250 orifice already production ready, the .187 orifice has been added to allow for more controlled dispensing of products with thinner viscosities. The 33-400 Directional Snap Top has an up-to-date design to enhance shelf appeal, while the contoured lid signals directionality on the store shelf. The 2-1/8” Ecolite closure comes equipped with Aptar’s SimpliSqueeze® valve technology to provide consumers with a clean and controlled dispense every time.
The Major Players include – BERRY GLOBAL, INC., APTAR GROUP INC., EVERGREEN PACKAGING INC., GLOBAL CLOSURE SYSTEMS, SILGAN HOLDINGS INC., BERICAP GMBH & CO. KG, amongst others.
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Global Plastic Caps & Closures Market Covers the Regions:
US, Canada, Mexico, Rest of North America, Brazil, Argentina, Rest of South America, China, Japan, India, Rest of Asia-Pacific, UK, Germany, France, Rest of Europe, UAE, South Africa, Saudi Arabia.
Plastic Caps & Closures Market Key Players are: Albea Group, Amcor Ltd. Aptar Group Inc., Ball Corporation, Bericap Gmbh & Co. Kg, Berry Global, Inc, Crown Holdings Inc., Evergreen Packaging Inc., Global Closure Systems, Guala Closures Group, Pact Group, Silgan Holdings Inc., Tetra Laval International.
Plastic Caps & Closures Market Historic Data (2013-2017):
- Industry Trends:Global Revenue, Outlook, and Status.
- Competitive Landscape:Development Trends, By Major Key Manufacturers.
- Product Revenue for Top Players:Market Size and Share, Current Market Situation Analysis.
- Segmentation Analysis:By Types & Applications, By key Drivers, By Regions/ Geography.
- Sales Revenue:Growth Rate, Market Share, Current Industry Analysis, Cost and Price Analysis.
Plastic Caps & Closures Market Forecast (2018-2023):
- Market Size Forecast:By Applications/End Users, Global Overall Size, By Type/Product Category, By Geographical Area.
- Key Data (Revenue):Market Size, Market Share, Business Growth, Product Sales Price.
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Reason to Buy Plastic Caps & Closures Market Report:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Global Plastic Caps & Closures Market.
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- The key findings and recommendations highlight crucial progressive industry trends in the Plastic Caps & Closures, thereby allowing players to develop effective long term strategies.
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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