The Plastic Caps And Closures Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Plastic Caps And Closures Global Market Report 2024, The plastic caps and closures market size has grown strongly in recent years. It will grow from $46.92 billion in 2023 to $50.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to competition driving innovation, market globalization impact, consumer preferences influence, innovative closure designs.
The plastic caps and closures market size is expected to see strong growth in the next few years. It will grow to $66.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to rise in packaged product demand, sustainability focus, preference for lightweight solutions, customization and branding needs, adaptation to consumer preferences. Major trends in the forecast period include competition and product differentiation, global market expansion, market response to consumer preferences, regulatory compliance, demand for convenience.
An increase in demand for bottled water from consumers across the globe is driving the plastic caps and closures market. Bottled water essentially refers to drinking water packaged in plastic or glass bottles. The bottled water is sealed with plastic caps and closures to prevent spillage, facilitate easy transportation and extend shelf life. For instance, in May 2023, according to the International Bottled Water Association, a US-based trade organization, Americans consumed, on average, 46.5 gallons of bottled water in 2022, which approached $46 billion, up from $40.8 billion in 2021. This is expected to continue in the forecast period, thus driving demand for plastic caps and the closure market.
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The plastic caps and closures market covered in this report is segmented –
1) By Product Type: Screw Caps, Dispensing Caps, Other Product Types
2) By Materials: Polypropylene, Polystyrene, Polyethylene, Other Materials
3) By End-User: Pharmaceutical, Personal Care, Food And Beverages, Other End-Users
Major companies operating in the plastic caps and closures market are increasing their focus on introducing environmentally friendly closures to gain a competitive edge in the market. Environmentally friendly closures refer to packaging solutions, such as caps or lids, that are designed with a focus on sustainability and reduced environmental impact. For instance, in January 2023, Mespack, a Spain-based packing company, and Hoffer, a US-based manufacturer of premium plastic closures, launched new spout and cap closures made of monolayer material that utilizes 20% less plastic compared to traditional closures. The new closure is designed to reduce the environmental impact of packaging while maintaining product quality and safety. The closure is compatible with a range of personal care and pharmaceutical applications, such as skin care, body wash, and hair care.
The plastic caps and closures market report table of contents includes:
1. Executive Summary
2.Plastic Caps And Closures Market Characteristics
3.Plastic Caps And Closures Market Trends And Strategies
4.Plastic Caps And Closures Market analysis
5.Plastic Caps And Closures Market Size And Growth
6.Plastic Caps And Closures Segmentation
7.Plastic Caps And Closures Regional And Country Analysis
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27.Plastic Caps And Closures Competitive Landscape And Company Profiles
28.Plastic Caps And Closures Key Mergers And Acquisitions
29.Plastic Caps And Closures Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Berry Global Inc.
- Amcor PLC
- Crown Holdings Inc.
- Silgan Holdings Inc.
- AptarGroup Inc.
- Berlin Packaging LLC
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