The global caps and closures market size is poised to reach around US$ 62.4 bn by 2026 and growing at a CAGR of around 5.4% over the forecast period 2019 to 2026.
Caps & closures are used for preserving products and extending their life. Thus, the global caps & closures industry is expected to grow significantly. Caps & Closures play a vital role in packaging, and they include containers like caps, cans, and others. It helps in the process to increase the shelf-life of the product and provides a barrier to dirt, moisture, and oxygen. Rising demand for bottled water and smaller packaging sizes from the end-user industries like food, beverage, and health care, and rising concerns toward product quality and safety are a number of the factors improving caps & closures market growth. Increasing use of packaging driving the growth of caps and closures market.
Increasing caps & closures application in-home care products and cosmetics industries are further expected to augment global market growth. Increasing application in the pharmaceutical industry is expected to further fuel the global market growth. Increasing childcare product demand is expected to have a positive impact on the global market. Plastics caps & closures are expected to grow at a faster rate than metal caps over the forecast period because of its superior properties and low cost. Within metal caps, tin and aluminum are expected to witness significant growth. Extensive R&D in markets like paper and rubber is further expected to enhance the international market growth in the next six years. Increasing concerns regarding biodegradability and carcinogenicity of plastics is expected to hinder the market growth over the forecast period. Stringent regulatory policies by agencies such as U.S. EPA, REACH, and European Commission regarding plastics usage are expected to further create challenges to the market growth. Plastic caps and closures are used in a stretch of industry segments, like food and beverages, pharmaceuticals, household goods, cosmetic products, etc. Caps and closures are the final components of packaging and are responsible for maintaining the integrity of the product packing. Caps and closures use PP and PE as the primary raw materials for manufacturing. Industries rely heavily on the plastic caps and closures, as they provide a cost-effective sealing solution.
By material, plasticsegment is expected to dominate the caps & closures market
The demand for packaged food and pharmaceutical drugs has been increasing at a healthy rate and as an impact of this, the caps and closures market is also expected to record a rise in demand during the forecast period. However, this industry is comprehensively dependent on the suppliers of raw materials for manufacturing. PP and PE, that are used as raw materials, have considerably fluctuating prices in the market. because the cost of production is dependent on this raw material, manufacturers find it difficult to maintain constant output.
Based on end user, the food and beveragesis expected to dominate during the forecast period
Food and beverages segment has dominated the end user segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period due to the growing variety of food and beverage companies in each developed and developing countries.Moreover, the increase in demand for packaging trade is one of the main factors that drive the caps and closures in food and beverage market. As the main motive of packaging business is to preserve food and beverages flavor, texture, test, and extend shelf-life of it. Caps and Closures help in the process to extend shelf- life of products and provide barrier to dirt, moisture, and oxygen. In addition, the trend of moving from unpacked goods to packed goods in the developing countries such as India and China is on an increase.
The market research study on “Global Caps and Closures Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”,offers a detailed insight into the global caps and closures market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global caps and closures market, its market material, type, end user, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global caps and closures market size and volume, and segment markets by market material, type, end user, and geography along with the information on companies operating in the market. The global caps and closures market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
In 2018, Asia-Pacificdominated the regional market with a maximum market share
Asia-Pacific accounted for the high market share of the global surgical robotics market and the region is also expected to maintain its dominance over the forecast period. Some major factors contributing to this growth are, majority of its demand impending from packaging applications. The Asia Pacific is expected to grow at the fastest rate due to increasing investments and growing user industries for the market. Hygiene consciousness, a shift in preference from unpackaged to packaged food items, use of closures on common container varieties are a number of factors that fueling the market growth. With the booming packaging industry worldwide, the global market for caps and closures is expected to grow. The demand for packaged products has been increasing in the Asia- Pacific region, majorly because of changing fashion and therefore the rise in getting power.
The key companies involved in the market includes Global Closure Systems, Silgan Holdings, Reynolds Group Holdings, Crown Holdings, Berry Plastics Corporation, Berlin Packaging, Guala Closures Group, Manaksia Ltd. and Alpha Holdings GmbH.
Market By Material
Market By Type
Market By End User
Market By Geography
Middle East & Africa
Caps & closures are used for preserving products and extending their life.
Factors such as increasing use of packaging, increasing application in the pharmaceutical industry and increasing childcare product demand restrain the caps and closures market growth.
According to Acumen Research and Consulting, the caps and closures market size is poised to be hit around US$ 62.4 billion in 2026.
The caps and closures market is anticipated to grow over 5.4% CAGR during the forecast period 2019 to 2026.
In 2018, food and beverages segment has dominated the end user segment.
Asia-Pacific held maximum share in 2018 for caps and closures market.
The global caps and closures market is segmented into material, type, end user, and major geographic regions.