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Plastic Caps And Closures Market Report 2024 | Share, Trends, Growth Demand, Overview By 2033
Plastic Caps And Closures Market
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.
Market Overview -
Plastic caps and closures are the final elements of the packaging process, consisting of a structure or device designed to cover a container's opening and prevent the contents from spilling out, thereby reducing leakage of goods packed inside the container and product degradation inside the bottle. These are used in a variety of applications such as beverage packaging, non-food packaging, and cosmetic packaging.
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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.
Innovations Drive The Plastic Caps And Closures Market
Key players operating in the plastic caps and closures market are focusing on developing and launching innovative products to meet the sustainability targets set by governing bodies across the globe. For instance, in October 2023, Berry Global, a US-based packing company, introduced a new lightweight tube closure solution called the Slimline range, which is designed to provide modern design and material versatility while reducing greenhouse gas emissions compared to traditional caps. The closures are available in 35mm and 50mm diameters, each in matte and glossy surface finishes, and with 3mm and 5mm orifices.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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