Press release
Capping Potential: Plastic Caps And Closures Market Report Shares Size, Share, and Key Growth Trends || Berry Global Inc., Amcor plc, Crown Holdings Inc., Silgan Holdings Inc
Plastic Caps And Closures Market
The Business Research Company offers in-depth market insights through Plastic Caps And Closures Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The plastic caps and closures market size has grown strongly in recent years. It will grow from $46.92 billion in 2023 to $50.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to competition driving innovation, market globalization impact, consumer preferences influence, innovative closure designs.
The plastic caps and closures market size is expected to see strong growth in the next few years. It will grow to $66.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to rise in packaged product demand, sustainability focus, preference for lightweight solutions, customization and branding needs, adaptation to consumer preferences. Major trends in the forecast period include competition and product differentiation, global market expansion, market response to consumer preferences, regulatory compliance, demand for convenience.
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Market Segmentation:
The plastic caps and closures market covered in this report is segmented -
1) By Product Type: Screw Caps, Dispensing Caps, Other Product Types
2) By Materials: Polypropylene, Polystyrene, Polyethylene, Other Materials
3) By End-User: Pharmaceutical, Personal Care, Food And Beverages, Other End-Users
Major Driver - Surging Global Demand For Bottled Water Propels Growth In Plastic Caps And Closures Market
An increase in demand for bottled water from consumers across the globe is driving the plastic caps and closures market. Bottled water essentially refers to drinking water packaged in plastic or glass bottles. The bottled water is sealed with plastic caps and closures to prevent spillage, facilitate easy transportation and extend shelf life. For instance, in May 2023, according to the International Bottled Water Association, a US-based trade organization, Americans consumed, on average, 46.5 gallons of bottled water in 2022, which approached $46 billion, up from $40.8 billion in 2021. This is expected to continue in the forecast period, thus driving demand for plastic caps and the closure market.
Competitive Landscape:
Major companies operating in the plastic caps and closures market report are Berry Global Inc., Amcor plc, Crown Holdings Inc., Silgan Holdings Inc., AptarGroup Inc., Berlin Packaging LLC, Albea SA, BERICAP GmbH & Co KG, Closure Systems International Inc., CL Smith Company, O.Berk Company, TricorBraun Ltd., Pretium Packaging LLC, United Caps Luxembourg S.A., Mold-Tek Packaging Ltd., Phoenix Closure Inc., Mold-Rite Plastics LLC., United States Plastic Corp, Tim Plastics Inc., Kaufman Container, Pano Cap Limited, Blackhawk Molding Co Inc., Comar LLC., MJS Packaging Services Ltd., Plastic Closures Ltd., Caps & Closures Pty Ltd., Weatherchem Corporation, Guala Closures Group India Pvt Ltd., Cap & Seal Pvt Ltd., Hicap Closures Co Ltd., All American Containers Inc., Alpha Packaging Pvt Ltd., CKS Packaging Inc.
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Top Trend - Eco-Friendly Initiatives Transform The Plastic Caps And Closures Market
Major companies operating in the plastic caps and closures market are increasing their focus on introducing environmentally friendly closures to gain a competitive edge in the market. Environmentally friendly closures refer to packaging solutions, such as caps or lids, that are designed with a focus on sustainability and reduced environmental impact. For instance, in January 2023, Mespack, a Spain-based packing company, and Hoffer, a US-based manufacturer of premium plastic closures, launched new spout and cap closures made of monolayer material that utilizes 20% less plastic compared to traditional closures. The new closure is designed to reduce the environmental impact of packaging while maintaining product quality and safety. The closure is compatible with a range of personal care and pharmaceutical applications, such as skin care, body wash, and hair care.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Plastic Caps And Closures Market Characteristics
3. Plastic Caps And Closures Market Trends And Strategies
4. Plastic Caps And Closures Market - Macro Economic Scenario
5. Plastic Caps And Closures Market Size And Growth
…..
27. Plastic Caps And Closures Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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