The developing economies are also witnessing an ever-increasing demand for make-up and cosmetics. This calls for dispensing closures and pump closures, which, in turn, drive the demand for plastic caps & closures in verticals like skincare, cosmetics, and healthcare (apart from beverages.
NEWARK, Del: According to Future Market Insights, the global plastic caps & closures market is forecast to reach US$ 89.9 billion in 2023. Total sales of Plastic caps & closures in the global market are expected to accelerate at 5.7% CAGR between 2023 and 2033, touching a valuation of US$ 157.0 billion by 2033.
Rapid expansion of food & beverage, cosmetics & personal care, and pharmaceutical industries coupled with increasing demand for effective packaging across these sectors is a prominent factor driving the global Plastic caps & closures market.
Similarly, exceptional sealing and barrier properties with high-level customization will bolster the sales of Plastic caps & closures in the global market during the forecast period.
Plastic caps & closures made up of plastic and metal are the most preferred packaging options used for closing and sealing a wide range of packaging formats such as bottles, jars, containers, cartons, and several others. These packaging tools help to protect and safeguard the packed contents and enhance their shelf life
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With attractive self-appeal, user-friendly packaging outlook, and several USP’s, Plastic caps & closures are gaining crucial traction in the global packaging market. The global Plastic caps & closures market will gain impetus from rising demand for beverages and medicinal products, especially syrups worldwide.
Subsequently, innovation in packaging material and designs along with development of sustainable and eco-friendly caps and closures will bode well for the market during the next ten years.
Leading manufacturers are increasing their production capacities and adopting merger & acquisition strategy to gain profits. Besides this, they are investing rigorously in product enhancement to expand their customer base.
Key Takeaways from Plastic caps & closures Market
- By product type, screw closures segment is expected to hold around 54% of the market share by the end of 2033.
- Based on material, plastic segment is anticipated to expand by 1.9 times its current value during the assessment period.
- In terms of end use, the food and beverage segment will offer an incremental opportunity of US$ 41.1 billion during the next ten years.
- The Plastic caps & closures market in Asia Pacific is projected to expand by 2.1 times its value during the projection period.
- Plastic caps & closures demand in India is poised to surge at around 7.8% CAGR between 2023 and 2033.
- The USA is forecast to hold about 15.6% share of the global Plastic caps & closures market in 2023.
“The global Plastic caps & closures market is expected to accelerate at a significant pace during the next ten years amid growing demand for user-friendly and convenient packaging solutions from diverse industries. Besides this, strong focus on manufacturing lightweight Plastic caps & closures with required packaging norms will supplements sales,” says an FMI analyst
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Shifting Preference towards Lightweight Plastic caps & closures to Augment Sales in the Market
Leading packaging companies have shifted their focus towards light-weighted Plastic caps & closures, which reduces production costs and helps to achieve sustainability targets. Various cap and closure manufacturers across the continents are spending rigorously in research and development to design and manufacture innovative lightweight Plastic caps & closures.
For instance, in 2021, Berry Global Inc., one of the leading packaging and caps & closure manufacturers introduced lightweight plastic caps through the reduction in overall plastic usage.
Further, these lightweight Plastic caps & closures offer various benefits over traditional Plastic caps & closures such as better size control, shorter cycle time, and lower operating torque.
Packaging manufacturers operating in the global Plastic caps & closures market have started hefty research & development and adopted these lightweight Plastic caps & closures to reduce plastic usage.
Rising demand and shifting inclination for such lightweight Plastic caps & closures will facilitate the expansion of the Plastic caps & closures market significantly during the forecast period.
Efficient Use of Post-Consumer Resin (PCR) and Rising Demand for Sustainable Plastic caps & closures Creating New Growth Avenues
Recyclability, production, and introduction of recyclable yet highly sustainable Plastic caps & closures is the new area of interest for Plastic caps & closures manufacturers across the globe.
Nowadays, global Plastic caps & closures manufacturers are focusing on circular packaging with incorporation of Plastic caps & closures, which are made up of post-consumer resin (PCR) and other recyclable materials. By doing this, Plastic caps & closures manufacturers are upgrading their recycling programs, achieving sustainability targets, and also luring eco-conscious customers.
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Who is Winning?
Crown Holdings Inc., Berry Global Inc., BERICAP Holding GmbH, Guala Closures S.p.A, Closure Systems International, Inc., Amcor Plc, Silgan Holdings Inc., Aptar Group, UNITED CAPS, Nippon Closures Co., Ltd., Mold-Rite Plastics, LLC, O.Berk Company, LLC, Pelliconi & C. Spa., Weener Plastik GmbH, and Blackhawk Molding Co. Inc. are the top players operating in Plastic caps & closures market.
Key players contribute almost 5 to 10% of the global market while the Tier 3 players hold 85 to 95% in the global Plastic caps & closures market.
Plastic Caps & Closures Market by Category
By Caps Type:
- Screw Closures
- Snap Closures
- Push-Pull Closures
- Others
By Material Type:
- Thermoplastic
- PE
- LDPE/LLDPE
- HDPE
- PP
- Others (PS, PET etc.)
- PE
- Thermosets
By End Use:
- Beverage
- Food
- Pharmaceutical
- Household
- Cosmetics & Personal Care
- Others (Chemicals, Fertilizers etc.)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- MEA
- Japan
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
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Plastic caps & closures Market Report
Future market insights, in its new report, offers an unbiased and thorough analysis of the global Plastic caps & closures market, analyzing historical demand from 2015 to 2022 and forecast statistics for 2023 to 2033. The study reveals market growth projections for the Plastic caps & closures market based on the product (screw closures, snap closures, push-pull closures, tethered caps, and others), production process (injection molding, compression molding, and others (blow molding, and more)), material (plastic, metal, aluminum, and others) and end use (food & beverage, consumer goods, personal and homecare, pharmaceuticals, and others) across several regions.
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Old Source: Demand for Cost-Effective and Long-Lasting Packaging to take the Plastic Caps & Closures Market to US$ 61 Bn by the year 2029 – Future Market Insights, Inc.
