Pune, India, July, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Plastic Caps and Closures Market Research Report.
Market Research Future (MRFR)’s latest study reveals that the global plastic caps and closures market size is estimated to touch USD 61.71 Billion by the end of the forecast period (2022 - 2030). The market has steadily mushroomed into a formidable entity in the past few years owing to the high demand for food & beverages and chemical industries. Increasing application in home care products along with cosmetics and pharmaceutical industries is further anticipated to boost the global market growth. Elevated demand for childcare products is projected to work in favor of the global market. A factor that cannot be ignored is that the disposable income has risen significantly in developing regions, a fact that gives ammunition to the overall market growth.
While the market is performing brilliantly, stringent regulations on packaging material waste and recycling hold the potential to curb the growth to some extent. However, on the other hand, technological innovations in plastic packaging have led to strategies that involve product development by market players. With many companies investing significantly in research and development (R&D) to increase their customer base via cost-effective products, the global plastic caps and closures market is subsequently fueled to a large extent.
Global Plastic Caps and Closures Market– Segmental Analysis
MRFR’s report offers a detailed segmental analysis of the global plastic caps and closures market based on material, type, end-user, and region.
Materials used for the manufacture of caps include polypropylene, polyethylene, and polystyrene. Among these, the polypropylene segment claims the largest market share of 49.4% and is deemed to grow with the same phenomenal rate throughout the forecast period. Caps and closures made out of polypropylene are known for strong impact strength, cost-effectiveness, and pliability. This material can withstand high temperatures due to its high melting point.
By type, the market is segmented into screw caps, dispensing caps, and closures. The segment of screw caps holds the market share of a whopping 42.1% in the global market. Due to high demand in industries such as beverage, healthcare, food, cosmetic and others, the segment of screw caps acknowledges a significant growth and will in all probability continue its growth rate throughout the forecast period.
The end-users mentioned in the report include food and beverages, pharmaceutical, and personal care. Among these, the food & beverages segments hold the substantial market share of 35.7% and are expected to perform well throughout the forecast period. The increasing demand for fresh and quality packaged food, consumer convenience, and requirements for longer shelf life of the food products drive the market for plastic caps and closures, particularly in the food and beverage industry.
The region of Asia Pacific is expected to dominate the global plastic caps and closures market, on account of the presence of countries such as China, India, and Japan, who are the leading exporters of goods to various parts of the world. The market is thriving in the region due to the prevalence of technologically advanced packaging solutions. Also, increasing disposable income in China and India helps with the market growth as well. Moreover, injection of foreign direct investment (FDI) in retail and consumer durables sectors can bolster the regional market demand.
Europe, on the other hand, accounted for 23.67% share in the global market in 2017. The region revels in an environment which encourages innovation and development of personal care, hygiene and beauty products and packaging. Moreover, rising demand for consumer-friendly products which are lightweight and easily transportable, increasing focus on sustainability, and rising standards of hygiene are driving the caps and closures market in the region. The United Kingdom (U.K) contributes a substantial market share in the Europe plastic caps and closures market due to the demand for convenient, and safe plastic packaging in many industries in the country.
North America market has exhibited phenomenal performance in the past few years owing to factors such as increased investment by the companies in the packaging of food & beverage and healthcare & pharmaceutical products. The medical sector is thriving in the region, opening doors for plastic packaging in the industry. The aging populace can be the biggest driver of the market. The food and beverage industry, however, holds the largest share due to increasing demand for packaged foods and beverages in the region. The plastic caps and closures market is making strides in the region on the back of supportive regulations, and expanding the customer base for packaged and processed beverage items.
Amcor Limited, Silgan Holdings Inc., Global Closure Systems, Comar LLC, Aptar Group, Reynolds Group Holdings, TriMas, Phoenix Closures, Inc., J.L. CLARK, and Guala Closures Group are some of the key companies operating in the global plastic caps and closures market.
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