Plastics Caps & Closures Market Outlook
The plastics caps & closures market is projected to expand at a moderate pace over the years to come. However, the growth of the market is threatened by a rise in the usage of packages without closures, for instance, blister and pouches packages.
These kinds of packaging provide several benefits to the packager, for instance, material cost saving in contrast to sustainability issues and traditional methods of rigid packaging. Several FMCG players adopt the pouch packaging format as a packaging innovation tool to offer ease to consumers.
Various new easy-reclose and easy-open options are being added to the multitude of design possibilities for overall end-use categories.
Other kinds of caps & closures, such as cork and metal, further restrain the expansion of the plastic caps & closures market. Advancements in the metal closures segment keep on being the rising interest and hold huge development opportunities. Consequently, the gap between metal and plastic closures is likely to broaden.
COVID-19 had an unprecedented influence on various businesses all over the sectors. While some sectors are foreseeing substantial loss due to the lockdown mandated by the federal governments all over the world, joint efforts from the sectors and the government will ascertain that the market will regain its pre-crisis growth.
Market players are engaged in several strategies such as portfolio expansion, product diversification, new product launch, collaborations, and acquisitions to boost the demand for plastic caps & closures, and their growth worldwide. For instance,
Silgan Holdings Inc. acquired Albea’s dispensing business to enhance the range of its leading closures franchise by launching novel products and competences in the exceedingly engineered dispensing segment.
Berry Global Group Inc. has invested US$ 20 Mn to enhance the capacity of its breathable films. The company will expand at plants in Nashville, Tenn., Augusta, Ky., Washington, Ga, and McAlester, Okla.
Thermoplastics Remain Preferred Material
Carrying the benefits of low processing cost as well as light-weight and high rigidity quotient, plastics caps & closures made from thermoplastics continue to define manufacturers’ bottom lines. By 2026, consumption of thermoplastics caps & closures is likely to surpass US$ 50 Bn.
As they capture voluminous share of the worldwide sales, market players are focusing on this product category. Under thermoplastics material, polypropylene (PP) will lead the pack, while polyethylene (PE) - LDPE and HDPE - are witnessing rapid demand growth. Further, thermosets are seeing decreasing share in market revenues as they cannot be recycled and exhibit poor thermal conductivity.
APEJ’s Market Remain Lucrative through 2029
Asia Pacific excluding Japan (APEJ) continues to lead the global plastic cups & closures markets, both, in terms of growth rate and revenue share. While the flourishing food & beverage sector has been the conventional driver for market growth, emergence of pharmaceutical and cosmetics industries is also contributing to the market revenues in the region.
The plastic cups & closures markets in the developed regions of North America and Europe are also attracting stakeholders’ attention on grounds of strong establishment of incumbents such as Berry Global Inc., Silgan Plastics, and Bericap GmbH and Co KG.
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One-piece Plastic Caps & Closures Mark Emerging Trend
Problems regarding opening and reclosing of two-piece plastic caps & closures are influencing leading manufacturers to replace them with the one-piece iterations in their pipelines. Developing one-piece plastic caps & closures is a time-efficient process, thereby, improving overall production efficacy. These one-piece versions are becoming popular, especially in the beverage industry, hence, market players must maintain their focus on this emerging category.
How Growth will Unfold
Consumption of plastic caps & closures continues to follow a positive growth trail on the back of their recyclability attribute. These caps & closures are becoming a rage in the beverage industry, where they are used for packaging carbonated and non-carbonated drinks including, bottled water, and fruit beverages. In 2018, adoption of plastic caps & closures in the beverage industry accounted for around US$ 18 Bn. Furthermore, demand growth of plastic caps & closures in the food and cosmetics & personal care is growing at a healthy pace of nearly 5%, holding over a quarter market share, collectively.
FREQUENTLY ASKED QUESTIONS ABOUT GLOBAL PLASTIC CAPS & CLOSURES MARKET
What are the key factors accelerating growth of the plastics caps & closures market?
Rising consumption of carbonated & non-carbonated drinks across the globe, and striking adoption of convenient packaging solutions are factors that are propelling growth of the plastics caps & closures market.
What are future prospects of the plastics caps & closures market?
The global plastics caps & closures market is expected to grow at a steady pace during the next ten years. The global plastics caps & closures market was valued at US$ 36 Bn in 2018, and is projected to expand 1.7X by 2029.
Which end-use industries offer high growth prospects for manufacturers in the plastics caps & closures market?
The beverage industry is anticipated to hold a significant share in the global plastics caps & closures market, and remain the most lucrative segment throughout the forecast period. Moreover, the beverage industry is projected to generate an impressive incremental opportunity in the next decade, as the demand for plastics caps & closures for effective packing and sealing of a wide variety of bottles, jars, and containers is on the rise.
Which plastics caps & closures will provide most gratifying opportunities in the next five years?
Screw caps & closures segment is anticipated to offer the most promising growth prospects throughout the forecast period. The demand for screw caps & closures is constantly rising, as these closures maintain the optimum air levels in bottles, and ensure convenient opening and closing.
Which region is expected to lead in terms of global sales of plastics caps & closures?
In terms of sales and market growth, the Asia Pacific Excluding Japan (APEJ) region is projected to retain the leading position throughout the forecast period. The plastics caps & closures market in this region is projected to register a striking CAGR during the forecast period.
Which companies are investing significantly in the development of innovative products?
Prominent plastics caps & closures manufacturers such as Aptar, Inc, Closure Systems International, Inc, Bericap GmbH and Co KG, and PACCOR are investing substantially to meet demands from various end-use industries.
Plastics Caps & Closures Market Report Scope
Historical Data Available for
US$ Mn for Value and Mn. Units for Volume
Key Regions Covered
North America, Europe, Latin America, East Asia, South Asia, Oceania, and Middle East & Africa (MEA)
Key Countries Covered
U.S, Canada, Mexico, Brazil, Peru, Chile, Poland, Germany, Italy, Spain, United Kingdom, Nordic Region, Benelux, Rest of Europe, China, India, Japan, Korea, Indonesia, Malaysia, Singapore, Taiwan, Thailand, Rest of South Asia, Australia, New Zealand, GCC, Turkey, South Africa, and Rest of MEA
Key Segments Covered
Cap type, Material type, End Use and Region
Key Companies Profiled
Market Overview, Key Market Trends, Key Success Factors, Demand Analysis, Market Background, COVID-19 Analysis, Segmental Analysis, Regional Profiling, Market Structure & Competition Analysis
Customization & Pricing
PLASTIC CAPS & CLOSURES MARKET TAXONOMY
The global plastics caps & closures market is segmented in detail to cover every aspect of the market, and present a complete market intelligence approach to readers.
- Screw Closures
- Snap Closures
- Push-Pull Closures
- Others(PS, PET, etc)
- Non-Carbonated Drinks
- Alcoholic Beverages
- Bottled Water
- Fruit Beverages
- Ready-to-drink Beverages
- Sports Drinks
- Carbonated Drinks
- Cosmetics & Personal Care
- Others (chemicals & Fertilizers, etc.)
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East & Africa
- Asia Pacific excluding Japan