Plastic Caps and Closures Market Research Report -Forecast 2030

Impact of COVID-19 on the Global Plastic Caps and Closures Market

The plastic caps and closures market has witnessed a dual impact on the product demand in recent months owing to the lockdowns imposed in the majority of the countries due to the outbreak of COVID-19 in December 2019. Several countries, including Italy, U.S., and India, witnessed curfew-like situations where businesses (except essential goods and services) were not allowed to operate. The uncertainty surrounding the situation resulted in consumers engaging in impulse buying and stockpiling groceries, essential products, handwash liquids, and hand sanitizers. The high demand for handwash liquids and hand sanitizers has contributed to the positive influence on the plastic caps and closures market. Plastic caps and closures act as effective sealing devices for bottles and containers. The versatility, durability, and flexibility offered by plastic coupled with its economical production rate make it a viable choice for packaging. The effectiveness of caps and closures against tampering of products proves favorable for most packaging methods. The rise in convenience packaging is expected to augment the market growth in the coming years. Advancements in packaging production methods also aid market growth.

Concerns regarding quality and safety in the food & beverage industry can act as a catalyst for the market. End-use industries for plastic caps such as pharmaceuticals, cosmetics, and toiletries offer vast opportunities. The mushrooming of e-commerce sites has resulted in a sharp rise in online shopping and is expected to fuel market growth. Rise in disposable income levels of consumers in developing economies can bolster market demand. But strict policies regarding the use of plastic materials can be a possible deterrent for market growth. The demand for plastic caps and closures is anticipated to increase in the coming months as several governments prepare to lift the lockdowns in a phased manner. The plastic caps and closures market is anticipated to rebound in the fourth quarter of 2020 and grow at a significant CAGR over the next five years.

Europe Alcoholic Drinks Revenue (USD Billion)