The Plastic Caps And Closures Global Market Report 2023 by The Business Research Company, provides plastic caps and closures market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Plastic Caps And Closures Global Market Report 2023, the market size grew from $47.63 billion in 2022 to $55.68 billion in 2023 at a compound annual growth rate (CAGR) of 16.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global plastic caps and closures is expected to grow to $93.56 billion in 2027 at a CAGR of 13.9%.
An increase in demand for bottled water from consumers across the globe is driving the plastic caps and closures market. The bottled water is sealed with plastic caps and closures to prevent spillage, facilitate easy transportation and extend shelf life. The demand for bottled water is increasing due to the rise in awareness of water contamination and safety concerns.
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The plastic caps and closures market 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
Key players operating in the plastics caps and closures market are focusing on developing and launching innovative products to meet the sustainability targets set by governing bodies across the globe. For instance, in September 2020, Borealis and MENSHEN, the leading players in plastic closures and packaging solutions have partnered on a series of ten package closures based on Borcycle, a progressive recycling technology that turns polyolefin-based waste streams into value-adding adaptable products. Borcycle is developed to make a variety of recycled polyolefins (rPO)-based compounds that are excellent for use in complex rigid packaging applications.
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 – Macro Economic Scenario
5. Plastic Caps And Closures Market Size And Growth
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26. Africa Plastic Caps And Closures Market
27. Plastic Caps And Closures Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Plastic Caps And Closures Market
29. Plastic Caps And Closures Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Berry Global Inc
- Guala Closures Group
- BERICAP
- O.Berk Company
- United Caps
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