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Plastic Caps And Closures Market Overview 2024-2033 - Trends, Analysis And Insights
Plastic Caps And Closures Market Overview
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Plastic Caps And Closures Market 2024 Key Insights:
• 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%.
• Surging Global Demand For Bottled Water Propels Growth In Plastic Caps And Closures Market
• Innovations Drive The Plastic Caps And Closures Market
• Asia-Pacific was the largest region in the plastic caps and closures market in 2023
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