Plastic Caps and Closures Market to Grow at 5% CAGR and Projected to Cross USD 51.67 billion by 2023 (Drivers, Restraints, Opportunities, and Challenges)

The plastic caps and closures report aims to study the various segments that are part of the manufacturing process of plastic caps and closures and the end consumers. Thus, based on this, the study aims to study the plastic caps and closures market on the basis of product type, technology, raw material, container type, and end-use sector.

The plastic caps and closures market was valued at USD 38.83 Billion in 2017 and projected to reach USD 51.67 Billion by 2023. The market is projected to grow at a CAGR of 4.99% during the forecast period. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023.

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It also aims to study the individual growth trends, future prospects, and contribution of various segments to the total market. The study also analyzes opportunities in the market for stakeholders and details of the competitive landscape for the market leaders. The study strategically profiles key players and comprehensively analyzes their core competencies.

Target Audience
• Packaging manufacturers
• Raw material suppliers
• End users
• Consulting firms

Plastic caps and closures have witnessed extensive traction for the packaging of bottled water, carbonated soda drinks, and non-carbonated soda drinks. Finally, the study tracks and analyzes competitive developments such as partnerships, agreements, and joint ventures; mergers & acquisitions; expansions; new product developments; and research & development activities in the plastic caps and closures market.

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Asia Pacific market is projected to be fastest-growing plastic caps and closures market during the forecast period. It is also projected to have largest share due to increasing commercialization and increased demand for packaged goods in region. The market in China and India is projected to be lucrative due to their rising middle-class population and rising consumer spending on packaged products.

The global caps and closures market is dominated by players such as Berry Group (US) Crown Holding (US), AptarGroup (US), Amcor (Australia), Coral Products (UK), Closure Systems International (US), Bericap (Germany), Silgan Holdings (US), RPC Group (UK), and O. Berk Company, LLC (US).

Pharmaceuticals is the next application to play a key role in changing the plastic caps and closures landscape and grow at the highest rate during the forecast period. The beverages industry, for a long time, has been the major contributor to the rising demand for plastic caps and closures.

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Plastic caps and closures are used in various industries, and their utility includes maintaining the quality of the products, increasing the shelf life of the commodity, and keeping the products fresh. These are some of the main reasons which have led to the increase in their share in the packaging industry. The beverages segment is projected to have the largest market share and dominate the plastic caps and closures market from 2018 to 2023.

The distribution of primary interviews is as follows:
• By Company Type: Tier 1 –35%, Tier2 –30%,Tier 3 –35%
• By Designation: Director level–61%, Manager Level–39%
• By Region: North America –15%,Europe –21%,Asia-Pacific –51%,South America –5%, Middle East & Africa –8%

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This release was published on openPR.