Caps & Closures Market 2018 Revenue: Size, Share and Forecasts

Caps and Closures Market was valued at $39,200 million in 2015, and is expected to reach $56,057 million by 2022, supported by a CAGR of 5.3%.The primary function of caps and closures is to keep the container closed and the contents contained for the specified shelf life.

In addition, it provides a barrier to dirt, moisture, and oxygen and keeps the product secure from undesired premature opening.Caps and closures are mainly used in the packaging industry to preserve products to extend their shelf life. Caps and closures industry uses different type of materials to construct suitable product packaging, such as plastics, metals, rubber, and paperboard among others.

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Caps & Closures Market Report, published by Allied Market Research, projects that the global market is expected to reach $56,057 million by 2022 from $39,200 million in 2015, registering a CAGR of 5.3% from 2016 to 2022. The bottled water and non-alcoholic beverage application segments are expected to grow at significant CAGRs of 5.9% and 5.6%, respectively, in terms of revenue.

Caps & closures are used in various applications such as products and containers. They are mainly used in the packaging industry to preserve products to extend their shelf life. The caps and closures industry uses different type of materials to manufacture suitable product packaging such as plastics, metals, rubber, paperboard, and others. Factors such as growing demand for packaging industry, use of eco-friendly caps and closures, and increasing demand for plastic caps & closures provide significant opportunities for the market players. However, fluctuating prices of raw materials is has hampered the growth of the market.

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The global caps and closures market for food and beverages is projected to account for $56,057 million, registering a CAGR of 5.3% from 2016 to 2022. Increase in demand for packaging industry and upsurge in demand for plastic caps and closures have increased the adoption of caps and closures in the food & beverages industry. However, fluctuating prices of raw material hamper the market growth. Furthermore, the development of eco-friendly caps and closures is expected to offer lucrative growth opportunities to the market in the future.

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