The global plastic caps and closures market accounted for a value of USD 39.4 billion in 2019. Plastic caps and closers market projected to register growth at a CAGR of 4.3% during forecast period.
COVID-19 has impacted all the businesses over the globe. The plastic caps and closures market has seen decline in growth rate due to corona virus. Plastic caps and closures are majorly used in home care & personal, chemical and automotive. All this end-users industries has seen significant decline in demand which reduces demand for plastic caps and closures market. The demand will increase in industries such as pharmaceutical and food & beverage industry for maintaining hygienic and safety during COVID-19.
For more details, visit: Global Plastic Caps & Closures Market By Product Type (Dispensing Caps, Screw-On Caps, Others), By Technology (Injection Molding , Compression Molding, Others),By End-User (Beverage, Food, Others), By Region–Forecast & Opportunities to 2026
The concern for safety and security is growing due to corona virus. The awareness about healthy and hygienic packaged food products are growing immensely in the world. A plastic cap is very much useful in safeguarding a product from dust other harmful microbes. Plastic caps are cost-effective and they have better operability. This drives growth in plastic cap and closures market during forecast period.
On the basis of product type, the plastic caps and closures market is segmented into dispensing caps, screw-on caps and others. The screw-on caps segment is estimated to be the fastest growing segment during forecast period. The plastic screw closure in screwed on and off on a container and it is designed to be cost-effective, easy to open and compatible with contents. It provides an effective seal and demand for screw-on caps product is rising rapidly. This is drives growth in plastic caps and closures market during forecast period.
On the basis of technology, the plastic caps and closures market segmented into post-mold TE band, injection molding and compression molding. The post-mold TE band segment is estimated hold largest market share during forecast period. The slitting and molding of caps and closure in compression or injection molding is very costly and time consuming which makes post mold process more effective. The slitting of plastic caps and closure is considered as separate process because it is cost effective and time saving against slitting in molding machine. All this factors together drives growth in post-mold TE band segment during forecast period.
On the basis of end-use, the plastic cap and closures market is segmented into beverage, pharmaceutical, food, personal & homecare and others. Pharmaceutical industry is estimated to register growth at highest CAGR during forecast period. The plastic caps and closures are important for maintaining the quality of pharmaceutical products while manufacturing the products. It helps in avoiding contaminations from dust, microorganisms and air particles. The increase in protection demands for the products leads to growth in pharmaceuticals end-use industry during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. The population is increasing in this region along with rise in industrialization and urbanization drives growth in Asia-Pacific region. The demand for plastics caps and closures is growing rapidly due to growth in manufacturing of various end-user industries in various countries such as Japan, India and China in Asia-Pacific region.
The key market players in plastic caps and closures industry are Crown Holding, Berry Group, BERICAP, Amcor, Aptar Group, Guala Closures, O Berk Company, Silgan Holdings, Coral Products, Caprite Austrailia Pty. Ltd., Caps & Closures Pty. Ltd., United Caps, Cap & Seal Pvt. Ltd., Plastic Closures Ltd., Pano Cap Ltd., Phoenix Closures and Hicap Closures.
- What are the expected industry trends over the next three to five years?
- Which of the plastic caps and closures product type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?