Plastic Caps and Closures Market: By Product, By Container, By Technology, By Raw Material, and Others), By End-user, and Geography
Plastic Caps and Closures Market was valued at US$ 65,982.1 million in 2023 and is poised to grow at a CAGR of 5.7% from 2024-2030. The drivers for the market growth are product modernization to aid product differentiation & branding, rising demand for smaller-size packs, and demand from small & medium-sized end users. However, lightweight and cost-effective stand-up pouch packaging alternatives, regulations of environmental degradation on manufacturers and charging taxes, and substitute products availability are the factors that hinder the growth of the market. Plastic caps & closures are utilized in a wide range of industries, including food and beverage, medicines, household items, and cosmetics. The final components of the packaging are caps and closures, which are responsible for protecting the integrity of the product packaging. PP and PE are the principal raw materials used in the production of caps and closures.
Plastic caps & closures Market are widely used in industry because they provide a cost-effective sealing option. The demand for packaged foods and prescription products has been expanding at a healthy rate, and the caps and closures market is projected to benefit from this trend over the forecast period. This industry, on the other hand, is completely reliant on the suppliers of raw materials for manufacturing. The raw materials PP and PE, which are employed as raw materials, have wildly varying market prices. Manufacturers struggle to maintain consistent output because the cost of production is based on this raw resource.
Study Period
2024-2030Base Year
2023CAGR
5.7%Largest Market
Asia-PacificFastest Growing Market
North America
The development of new, sustainable materials for plastic caps and closures could help to address environmental concerns. The growing middle class in emerging markets is expected to drive demand for packaged goods, which will in turn increase demand for plastic caps and closures. The growth of e-commerce is creating a demand for tamper-evident packaging solutions, which could benefit the plastic caps and closures market. As concerns about product tampering continue to rise, there is a growing demand for tamper-evident plastic caps and closures. Plastic caps and closures are becoming smaller and lighter in weight, in line with the trend towards smaller package sizes. There is a growing trend towards the use of recycled plastics in plastic caps and closures, which can help to reduce the environmental impact of these products. There is growing concern about the environmental impact of plastic pollution, and this could lead to restrictions on the use of plastic caps and closures. The cost of plastic resin, the main raw material used in plastic caps and closures, has been volatile in recent years. This could put upward pressure on prices. New technologies, such as resealable pouches, could pose a threat to the plastic caps and closures market
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America currently holds the top spot in terms of market share. This dominance can be attributed to the widespread use of packaged goods and a strong beverage industry in the region. The fastest-growing market is the Asia Pacific region is expected to witness the highest Compound Annual Growth Rate (CAGR) due to factors like rapid economic development, increasing urbanization, and rising disposable incomes, leading to a surge in demand for packaged goods. Europe is another significant player with a mature market for plastic caps and closures. Latin America and the Middle East & Africa are also expected to show growth due to their developing economies and rising consumer spending. Key drivers for regional growth are growing demand for convenience packaging, focus on sustainable packaging, and demand from the end-use industries.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 65,982.1 million |
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Market CAGR |
5.7% |
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By Product |
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By Container |
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By Technology |
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By Raw material |
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The plastic caps and closures market size was valued at US$ 65,982.1 million in 2023
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
The plastic caps and closures market key players are: Berry Group, Crown Holding, Aptar Group, Amcor, Coral Products, Closure Systems International
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.
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