According to Market Research Future (MRFR), the global caps & closures market is estimated to reach USD 65.12 billion with a CAGR of 5.2% from 2017 to 2023 (forecast period). The study explores and investigates the influence of the outbreak of COVID-19 on the global caps & closures market, including opportunities and challenges, drivers, and risks.
Caps & closures play a significant role in packaging that includes containers such as caps, cans, and others. It helps prolong the shelf life of the products and provide a barrier to dirt, moisture, and oxygen. Caps & closures can be used in several ways to increase the performance of different parts and items. The main raw materials used in the production of caps and caps are plastic and metal. The caps and closures industry uses a range of materials to create suitable product packagings, such as plastics, metals, rubber, and paperboard. Plastic is chemically resistant, low-cost, and lightweight with a wide variety of physical and optical properties. Many plastics are heat-sealable, easy to print, and can be incorporated into production processes where the package is formed, filled, and sealed in the same production line.
Growing demand for bottled water and smaller package sizes from end-user industries such as food, beverage, and healthcare, and increasing concerns about product quality and safety are factors improving caps and closures market growth. Increased use of packaging to drive the development of the caps and closures industry.
Current trends show that people are shifting towards packed goods in emerging countries such as India and China. Moreover, technical advances, replacement of metal closures with glass or plastic food containers, such factors allow to use caps & closures for consumer goods and in industrial applications to protect, market and distribute a variety of products. Global demand for caps & closures will increase due to a worldwide trend favoring the demand for packaged food products.
Factors such as rising consumption of processed food & beverages, packaging innovation, and increased demand from end-user industries have driven the market towards expansion. However, caps & closures has various constraints that impede business growth, such as fluctuating raw material prices and strict regulations on packaging material waste and recycling.
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Moreover, increased consumption of beverages and innovative packaging solutions are anticipated to propel the market. The shift in market demand from carbonated soft drinks to bottled drinks is expected to fuel demand for caps and closures in this segment. The urbanized population is turning to healthier and nutritious packaged food, and emerging economies such as India, China, and Brazil have changed their purchasing habits by purchasing more packaged food due to rising disposable incomes.
In addition, the increasing preference for synthetic corks and screw caps over natural corks is a crucial trend. Whereas, strong promotion of Go-green initiatives and eco-friendly concepts by the government creating opportunities for caps and closure market. Furthermore, the demand for eco-friendly caps and closures that use more recycled materials, such as wood and paperboard, is growing. By using environmentally friendly materials, waste can be reduced and used for product differentiation and brand building.
The global caps & closures market has been segmented into mainly three segments: materials, type, and end-users.
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By region, the global caps & closures market has been segmented into North America, Europe, Asia Pacific, and RoW.
The Asia Pacific dominates the global caps & closures packaging market with the highest market share. Hygiene awareness, the change in preference from unpackaged to packaged food products, and the use of closures on popular container types are factors that drive market growth. With the booming packaging industry worldwide, the global cap and closure market is expected to expand. The demand for packaged goods has increased in the Asia Pacific region, mainly due to a changing lifestyle and increased purchasing power. This will lead to a rise in demand for plastic caps & closures and fuel market growth.
The industry giants operating in the market of global caps & closures are Rexam PLC (U.K), RPC Group Plc. (U.K.), Crown Holdings Inc. (U.S.), Berry Plastics Corporation (U.S.), Amcor Limited (Australia), Reynolds Group Holdings Limited (New Zealand), AptarGroup Inc. (U.S.), Silgan Holdings Inc. (U.S.), Guala Closures Group (Italy), and BERICAP GmbH Co. & KG (Germany).
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