North America Plastic Caps and Closures Market 2021 Demand, Growth and Business Outlook to 2020North America Plastic Caps and Closures Market - Growth, Trends, and Forecasts (2020 - 2025)
The report will make detailed analysis mainly on in-depth research on the development environment, Market size, development trend, operation situation and future development trend of North America Plastic Caps and Closures Market on the basis of stating current situation of the industry in 2020.
This is a latest report, covering the current COVID-19 impact on the market. The pandemic of Coronavirus (COVID-19) has affected every aspect of life globally. This has brought along several changes in market conditions. The rapidly changing market scenario and initial and future assessment of the impact is covered in the report. It offers critical information pertaining to the current and future growth of the market.
The North America Plastic Caps and Closures Market is expected to grow at a CAGR of 8 % over the forecast period 2020 to 2025.
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The North America caps and closures market is quite fragmented, where the sustainable competitive advantage can be gained through innovation in design, technology, and application. The levels of market penetration for the plastic caps and closure have grown significantly over the last decade, aided by growing demand from the food, beverage, and pharmaceutical industries in the region, and the market is even witnessing certain mergers and acquisitions.
- February 2020 - Silgan Holdings Inc. has acquired Cobra Plastics, Inc., which manufactures and sells injection-molded plastic closures for a wide variety of consumer products, with a particular focus on the aerosol overcap market. The acquired business, with sales of approximately USD 30 million, currently operates from two manufacturing facilities located near one another in Macedonia, Ohio.
- November 2019 - Closure Systems International (CSI) is designed a new 38mm D-KL linerless HDPE closure (38D-KL) with consumer and dairy producer satisfaction in mind. With the improvement in the application performance and drop-down tamper evidence for better security, the closure is engineered to deliver reliable performance on HDPE and PET dairy bottles. CSIs 38D-KL is commercially available for applications in a non-carbonated cold- and ambient-filled beverages and liquid dairy markets.
Plastic caps and closures are essential for extending shelf-life, and retaining the taste, flavor, and texture of the packaged product. Besides offering features such as leak-proof and contamination resistance, plastic caps and closures play a crucial role in driving factors such as visual appeal, brand differentiation, and convenience for consumers.
- Moreover, caps and closures are imperative for the packaging industry, which serves as the primary driving force for the market's growth. Further, the increasing demand for packaged products is anticipated to augment the steady momentum of the global market. The food and beverage industry is one of the significant contributors to the caps and closures market in the United States.
- According to the Drug Enforcement Administration 2019 report, America's largest drug company produced more than 76 billion opioid pills. It has also been observed that about 300 million pain prescriptions were written in 2015. Owing to the high consumption of pain relievers, there is a massive rise in demand for more bottles, leading to the growth of the plastic caps and closures market. This metric emphasizes the production requirements for the United States, which is expected to drive the growth of the plastic caps and closure market in the North American region.
- Online food delivery in the United States is experiencing an upsurge, owing to the growth in the older demographic population. Population in the age group of 35-45 also opt for delivery service for food and bottled medicine, which leads to high growth in the usage of plastics caps and closure for adequate packaging of the food. During 2019, North American plastics product production contracted 1.3 percent. While production rose by 1.3 percent in Canada, production fell 1.6 percent in the US. This was the first annual decline in the US and for North America as a region since the recession in 2009.
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Key Market Trends:
Polyethylene Terephthalate (PET) is expected to witness significant growth rate
- The most conventional packaging material for single-serve, non-carbonated bottled water in the United States is Polyethylene terephthalate (PET) plastic. According to a study from Verlag W. Sachon, the United States is expected to occupy 15% of the sales volume share of bottled water worldwide in 2020. The average American consumes 167 plastic bottles of water per year, owing to such demand for packaged drinking water in the region, there is a rising demand for especially PET plastic caps and enclosures.
- Meanwhile, in the United States, consumer habits were researched and surveyed by Fabri-Kal to design a lid that would be convenient for on-the-go customers while preventing liquids from splashing during transport. In Aug 2019, the company manufactured PET-based Sip lids for food drinks, which gives an alternative to straw and is specially made to fit recyclable PET and polypropylene drink cups.
- In 2019, the leading retailer of food and grocery in the United States was Walmart, which generated sales numbers of over USD 270 billion that year. Due to the increasing demand for retail and food, the majority of the manufactured food products are packaged in PETcontainers, which are mostly covered with plastic enclosures to protect them from contamination.
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