Global Plastic Caps & Closures Market
Global plastic caps & closures market report provide a comprehensive outlook on plastic caps & closures worldwide with specific focus on key region such as North America, Europe, Asia Pacific, Latin America and MEA. The report on global plastic caps & closures market gives historical, current and future market size (US$ Mn) on the basis of product, container, technology, raw material, end user, and geography. This study analyses the global plastic caps & closures market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges to the key stakeholders in the operating market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across region and consumer unmet needs.
Global Plastic Caps & Closures Market:
Global plastic caps and closures market was valued at US$ 1,767.9 billion in 2019 and is projected to hit US$ 2,199.9 billion by 2025 over the forecast period, at a CAGR of 5.62%. 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, light weight and cost effective stand-up pouch packaging alternatives, regulations of environmental degradation on manufacturers and charging taxes, and substitute products availability are the factors which hinders the growth of market.
Pharmaceutical applications to register robust growth:
In the pharmaceutical market, gains in plastic closures will be driven by continued growth in pharmaceutical production, as well as by ongoing initiatives by drug manufacturers to stay in line with government regulations and industry requirements that include the child-resistant, senior-friendly, and safety features of pharmaceutical packaging systems. Increased use of high value – added dispensing and other functional closures that help in oral liquid, topical and other drug administration would also result in value development.
Asia-Pacific dominates the market during the forecast period:
Asia Pacific is expected to have the largest market share and dominate the market. This region provides potential growth opportunities as emerging markets are expected to be developing countries such as China and India, making it the fastest-growing market for plastic caps and closures. Factors such as the growth of the beverage, healthcare and personal care products industries are driving the growth of the demand for plastic caps and closures in this area. In addition, other factors driving the demand are the increasing population and economic growth.
Key players profile in the market include-
- Berry Group
- Crown Holding
- Aptar Group
- Coral Products
- Closure Systems International
- Silgan Holdings
- RPC Group
- Berk Company
- In February 2019 – Aptar launched a dispensing closure made of post-consumer recycled resin. In Europe, the company is using 50% of recycled PC in the manufacturing of dispensing closure, ensuring the global transition to a circular economy and a sustainable future.
Key findings of report:
- Global plastic caps & closures market expanding at significant CAGR over 2020 to 2026 owing to product modernization to aid product differentiation & branding, rising demand for smaller size packs, and demand from small & medium sized end users.
- Asia-Pacific accounted for larger share of market revenue based on the region and projected a gain in market revenue over a forecast period.
- Players focusing on innovation of technologies and collaboration strategies to retain market position in global market.
Key features of the report:
- The report provides granular level information about market size, regional market share, historic market (2015-2019) and forecast (2020-2026).
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.
- The report provides plethora of information about market entry strategies.
- Screw-on caps
- Dispensing caps
- Compression molding
- Injection molding
- Post-mold TE band
- Pharmaceuticals & healthcare
- Personal & homecare
- Rest of Europe
- Southeast Asia
- Rest of APAC
- Rest of SA
- Saudi Arabia
- South Africa
- Rest of MEA