Cap Applicators Market to reach US$1,866.7 mn by 2024 | TMR

The global capping applicators market, similar to its parent industry of packaging machinery, is highly fragmented. However, the market is witnessing the rise of the trend of consolidation as key companies are increasingly following the course of strategic mergers and acquisitions with an aim of expanding their global footprint, observes a recent report by Transparency Market Research. A large number of mergers and acquisitions are taking place across the globe, such as the September 2015 acquisition of Kliklok Woodman, a US based packaging machinery manufacturer by Bosch Packaging Technology.

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The global cap applicators market is expected to exhibit a 6.4% CAGR in terms of revenue over the period between 2016 and 2024. As a result, the market is expected to rise from US$1,133.8 mn in 2016 and to US$1,866.7 mn by 2024. In terms of machine type, automatic capping machines are expected to remain the most lucrative ones, with the segment accounting for over 87% of the global market by 2024. In terms of geography, the market in Asia Pacific is expected to retain its position as the dominant contributor to the global market’s revenue throughout the forecast period. In 2016, the regional market is expected to account for a share of 34.6% in the global market.

Automatic Cap Applicators to Surpass Hand-held and Semi-automated Capping Equipment by Demand

Of the key varieties of capping machines available in the global market, including automatic, semi-automatic, and hand-held, the automatic variety is currently the most preferred and is expected to continue accounting for the leading share in market’s overall revenues throughout the forecast period as well. The segment is expected to account for a more than 87% of the global market by 2024, witnessing a 1.7 times increase in its revenue share in the global market from 2016 to 2024.

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The segments of semi-automatic and hand-held capping machines are expected to lose a sizeable share in the market to automatic capping machines by the end of the forecast period. The vast usage of automatic capping machine in manufacturing sectors across the developed economies of Europe and North America are expected to support this transition. Furthermore, developing countries such as China and India are constantly adopting government regulations focused on prevention of contamination across the manufacturing sector, which are expected to up the adoption of automatic capping machines.

Asia Pacific to Continue Being Dominant Revenue Contributor

In terms of geography, the Asia Pacific market for cap applicators is expected to be the most promising regional market in terms of incremental opportunities for high revenue generation in the future years. The region is estimated to emerge as the dominant segment contributing to the global market revenue, with a share of 34.6% in the global market in 2016, followed by Europe and North America. The relatively mature cap applicator markets such as Europe and North America are highly regulated and are likely to develop an approximately 6.1% higher demand for cap applicators in 2016 than the previous year. Latin America and Middle East are estimated to collectively represent slightly over 12% of global cap applicators market in 2016.

The Asia Pacific cap applicators market is expected to surpass all other regional markets, exhibiting a CAGR of over 6.6% between 2016 and 2024. Over the next half of decade, Asia Pacific region is expected to provide immense opportunities for packaging machinery manufacturers on the backdrop of supportive organizational changes in the food and beverages and pharmaceutical sectors. The Asia Pacific market is also expected to witness significant development of many packaging institutions and companies planning to set up their manufacturing facilities in the region to gain economies of scale.

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This release was published on openPR.