The US plastic caps & closures market was worth US$ 8 Bn in 2021 and is estimated to be worth US$ 10.5 Bn by 2029, registering a CAGR of 3.5% during the forecast period of 2022-2029
NEWARK, Del, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The global plastic caps & closures market stands at US$ 44 Bn as of now and is expected to reach US$ 61 Bn by the year 2029 at a CAGR of 5.0% between 2022 and 2029.
The packaging vertical is subject to maximum use of plastic as a raw material for caps & closures. In other words, the manufacturing vertical is extensively investing in plastic caps & closures due to them being durable and cost-effective. Though plastic is facing competition from elastomers, metal, rubber, glass, and likewise, flexibility coupled with adaptive nature on the part of plastic is bound to take the plastic caps & closures market by storm in the near future.
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Amongst various potential verticals, beverages hold the largest market share and the status quo is expected to remain the same even in the forecast period. As plastic caps & closures turn out to be user-friendly with enhanced packaging, the purpose of secure sealing and improvised safety is served.
The developing economies are also witnessing an ever-increasing demand for make-up and cosmetics. This calls for dispensing closures and pump closures, which, in turn, drive the demand for plastic caps & closures in verticals like skincare, cosmetics, and healthcare (apart from beverages).
The pharmaceuticals vertical is more into using plastic caps & closures, especially due to the growing occurrences of chronic illnesses. Contamination of medicines and drugs is not at all warranted for. As such, demand for well-engineering caps & closures like plastic screw closures is likely to witness an exponentiation in the years to come. Tamper-evident plastic caps & closures are also expected to witness an upscalation going forward.
At the same time, the fact that plastic caps & closures are detrimental to the environment can’t be ignored. It is a known fact that marine ecosystem is getting adversely affected due to unwanted accumulation of plastic therein. This factor is bound to hamper the plastic caps & closures market in the near future.
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Key Takeaways from the Plastic Caps & Closures Market
The US holds the largest market share due to an excessive demand for diet drinks, energy drinks, sports drinks, and dairy products.
Thermoplastics hold more than 90% of the market share, as far as raw materials are concerned.
Product-wise, screw closures account for the largest share of market revenue due to low operating torque and simplicity of use.
The Asia-Pacific is expected to grow at the fastest pace in the plastic caps & closures market due to massively expanding food and beverage vertical herein.
“Call for better operability and convenience to keep the cash registers ringing for plastic caps & closures market”, says an analyst from Future Market Insights.
Silgan, in 2020, did introduce a one-piece 55 mm KS2 plastic closure basically designed for 3-gallon and 5-gallon home and office delivery water bottles. One of the key features of closures is that they have pierceable shell design to do away with spillage and proper mixture of the resins to do away with closure’s cracking.
Aptar, in February 2019, came up with a dispensing closure comprising post-consumer recycled resin. The company is already making use of 50% of the recycled PC while manufacturing the dispensing closure, thereby ascertaining transition to sustainable future and circular economy.
Berry Global Group, in July 2019, completed acquisition of RPC Group for close to US$ 6.5 Bn, so as to widen the global presence in more than 290 locations all across LATAM, North America, Australia, Europe, Africa, and the Asia-Pacific.
Aptar Global, Inc., in January, 2022, tabled PolkaLite – a brand new product, which is lighter as well as more efficient closure for rendering superior performance and convenience.
Silgan Plastics, in September 2021, did acquire Gateway Plastics, so as to expand the product offerings in specialty and dispensing closures.
What does the Report Cover?
Future Market Insights offers an exclusive perspective and various real-time insights on the plastic caps & closures market in its latest study, presenting historical demand assessment of 2014 – 2021 and projections for 2022 – 2029.
The research study is based on type of caps (screw closures, snap closures, push-pull closures, and likewise), by material type (thermoplastic (PE (HDPE and LDPE/LLDPE), PP and others), and thermosets), and end-use (beverage, food, pharmaceutical, household, cosmetics & personal care, others (fertilizers and chemicals)).
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
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