Caps & Closures Market by Revenue Statistics and Key Growth Strategies- Exclusive Report by MarketsandMarkets™
Global "Caps & Closures Market size is projected to grow from USD 65.0 billion in 2021 to USD 85.0 billion by 2026, at a CAGR of 5.5%. Caps and closures help achieve the ideal product packaging. They provide easy-to-open packaging. With the use of effective caps and closures, customers can easily open and close a bottle, clamshell package, blister pack, or other types of containers.
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Browse 337 market data Tables and 46 Figures spread through 252 Pages and in-depth TOC on "Caps & Closures Market”
COVID-19 impact on the Global Caps & closures Market
Caps & closures find extensive use across the pharmaceutical, food & beverages, cosmetics, household goods, and others. They are one of the key components of primary packaging and are the key factors responsible for maintaining the integrity of the product packing. Caps & closures use various polymer and metallic materials such as polypropylene, polyethylene, aluminum, and steel, as the primary raw materials for their production.
“Plastic segment to witness highest CAGR during the forecast period”
Plastic caps & closures are made from a wide range of polymers such as polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), and polyvinyl chloride (PVC). Plastic is widely used across several industries as a preferred raw material for manufacturing caps & closures as it can be molded into the desired shape when it is heated or when pressure is applied. After the manufacturing process, the plastic hardens and transforms into a solid substance, which is suitable for sealing products. Plastic caps & closures can be easily formed, are of high quality, are cost-effective, and provide excellent barrier properties and the freedom of design.
The type of raw material used depends on end-use sectors, product type, and the container for which it is required. The PP segment leads the market. PP is widely used owing to its high resistance to chemical corrosion, making it an excellent choice for packaging for cleaning products, bleaches, and first-aid products, among others. It also offers excellent fatigue resistance and elasticity, securing it a well-deserved reputation for toughness and durability.
“Plastic caps & closures type segment to witness highest cagr during the forecast period.”
Plastic caps and closures are mainly used for the packaging of plastic bottles. They are also used for the packaging of food, beverage, healthcare, personal care & home care, and industrial products. Plastic caps and closures are manufactured using various raw materials such as PE, PP, PET, PVC, PS, and PC. The cost-effectiveness, low weight, and compatibility of plastic caps & closures play a crucial role in the growth of the overall market.
“APAC is the largest market for caps & closures”
APAC led the global caps & closures market, accounting for a share of 35.8% in 2020. APAC comprises two high-growth economies—China and India. The standard of living is improving in this region, which is accelerating the per-capita spending on packaging. Hectic lifestyles result in the demand for packaged products for on-the-go consumption. This consequently leads to the demand for closures that are easy to open, can be re-sealed, and those that keep the products fresh for a longer period. Economies such as Indonesia, Malaysia, and Singapore offer significant opportunities for the caps & closures market.
Key Market Players
RPC Group PLC (UK), Crown Holdings Incorporation (US), Amcor Limited Plc (Australia), Rexam PLC (UK), Berry Plastics Corporation (US), Silgan Holdings Inc. (US), AptarGroup Incorporated (US), and Guala Closures Group (Italy) are the key players operating in the caps & closures market.
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