Insights of Caps and Closures Market in Global Industry Development and Forecast to 2025
Caps and closures are plastic packaging on top of bottles, jars, tubes, cans, and so on. Caps and closures are of different types such as screw top, crown cap, snap on, friction fit, tamper evident, and dispersing. Caps and closures find a broad range of application in numerous industries such as beverages, cosmetics, chemicals, and pharmaceuticals. The material used to manufacture caps and closures must possess excellent balance of stiffness and toughness along with good chemical resistance. Generally, caps and closures of lightweight and high toughness are preferred in the market.
Significant demand for product safety, rising demand from end-use industries, product differentiation, and a large product scope are the major drivers for caps and closures market. Rising implementation of stringent environmental regulations and availability of substitutes in the market are projected to be the factors hindering market growth.
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Metal as a raw material is mostly used in the pharmaceutical industry, for storage of liquor, and for certain high temperature applications. Plastics caps and closures are used in everyday items, such as food containers and cosmetics bottles, and for non-reacting chemicals storage.
Caps and Closures Market Outlook
Asia Pacific is the largest and estimated to be the fastest growing market due to increasing demand in end-use industries such as alcoholic beverages, beer, food & soft beverages, and pharmaceuticals due to their low production cost and ability to keep the beverages safe
North America and Europe are also expected to grow due to increasing rate of beer consumption in the region, during the forecast period. Also, it is expected that the consumption of liquor will increase in forecast period. Pharmaceutical industry in these regions drives the demand for highly chemical resistance caps and closures for various uses within the industry
High disposable incomes of the Middle East population drives consumerism. The consumption of electronics and consumer goods are increasing rapidly, driving the market growth of caps and closures. Decline in markets of Syria and Iran have been compensated by high growth rate in the GCC countries
The Latin America market is witnessing robust growth in the caps and closures market, which is mainly driven by the increase in per capita income of middle class population. Significant reduction in cost, excellent performance, lightweight, and low operational costs are some of the benefits offered by caps and closures, which fuel the market demand
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Some of the major players in the caps and closures market are Guala Closures Group (Italy), Amcor Limited Plc (Australia), RPC Group PLC (U.K.), Crown Holdings Incorporation (U.S.), Rexam PLC (U.K.), Silgan Holdings Inc. (U.S.), AptarGroup Incorporated (U.S.), and Berry Plastics Corporation (U.S.).
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