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Global Caps And Closures Market 2024 : Trends, Business Growth And Major Driving Factors | Reynolds Group Holdings Limited, WestRock Company, Ball Corporation

Caps And Closures Global Market Report 2024

Caps And Closures Global Market Report 2024

"The caps and closures market size has grown strongly in recent years. It will grow from $73.17 billion in 2023 to $77.46 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to consumer packaging trends, food and beverage industry growth, pharmaceutical packaging needs, environmental concerns.

The caps and closures market size is expected to see strong growth in the next few years. It will grow to $97.78 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to e-commerce packaging, sustainability initiatives, healthcare industry growth, innovations in tamper-evidence. Major trends in the forecast period include smart packaging, customization and personalization, child-resistant innovations, improved dispensing systems.

Market Overview -
Caps and closures refer to a structure designed to cover a container's opening and guard against the leakage of its contents. The main objective of caps and closures is to protect items and improve shelf life by retaining contents sealed and fresh for a specific shelf life with proper content dispense.

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Impact Of Growing Alcoholic Beverage Demand On The Caps And Closures Market
The rising demand for alcoholic beverages is expected to propel the growth of the caps and closures market going forward. Alcoholic beverage refers to any fermented liquor containing ethyl alcohol or ethanol (CH3CH2OH), as an intoxication agent, such as beer, wine, or distilled spirit. Cap and closures are used in alcoholic beverages for safe and effective sealing solutions to guarantee product freshness, avoid leakage and assure regulatory compliance. The caps and closures aid in the preservation of alcoholic drinks by protecting them from external pollutants and keeping carbonation. For instance, in February 2023, according to Distilled Spirits Council of the United States, a US-based national trade association, spirits sales in the United States increased by 5.1% to reach a new high of $37.6 billion in 2022, while volumes increased by 4.8% to reach 305 million (9-liter cases). Therefore, the rising demand for alcoholic beverages will drive the caps and closures market.

Competitive Landscape -
Major players in the caps and closures market are Reynolds Group Holdings Limited, WestRock Company, Ball Corporation, Amcor PLC, Crown Holdings Incorporation, Sonoco Products Company, Silgan Holdings Inc., Nippon Closures Co. Ltd., AptarGroup Incorporated, Berlin Packaging LLC, Pact Group Holdings Ltd., Alkem Laboratories Ltd., Bericap GmbH Co. & Kg, Guala Closures Group Inc., Weener Plastics Inc., United Caps Holding SA, Pelliconi & C. Spa., Crown Seal Public Company Limited, C. L. Smith Company, Mold-Rite Plastics LLC, O.Berk Company LLC, Elmoris JSC, Closure Systems International Inc., Blackhawk Molding Co. Inc., Phoenix Closures Inc., Berry Global Group Inc., Innovative Polymers Pvt. Ltd.

Innovative Sustainable Closures Drive Evolution In The Caps And Closures Market
Major companies operating in the caps and closures market are focused on innovating advanced packaging solutions, such as sustainable closures, to strengthen their position in the market. Sustainable closures are a type of packaging material designed to reduce the environmental impact of packaging and promote sustainability. For instance, in March 2023, United Caps Holding SA, a Luxembourg-based plastic caps and closures manufacturer, launched the 23 H-PAK, an innovative and sustainable attached closure for carton packaging. This patent-pending closure contains a unique tamper-evident (TE) ring that maintains all pieces intact for easy recycling. The 23 H-PAK tethered closure is designed to connect instantly to current filling lines, providing easy interaction with existing processes and quick production-line adoption. This closure contains a unique tamper-evident (TE) ring that maintains all pieces intact for easy recycling.

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https://www.thebusinessresearchcompany.com/report/caps-and-closures-global-market-report

Key Segments -
The caps and closures market covered in this report is segmented -
1) By Type: Screw Caps; Dispensing Caps; Other Types
2) By Raw Material: Plastic; Metals; Others Raw Materials
3) By Technology: Injection Molding; Compression Molding; Post-Mold Tamper-Evident Band
4) By End-User: Food; Beverage; Healthcare; Cosmetics And toiletries; 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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