Packaging businesses around the world are displaying a growing preference for the usage of plastic caps and closures, with their aim to reduce the costs and weight associated with their products. Further, the rapid rise in the requirements of the ever growing food and beverage industry are making greater use of plastic caps and closures with the objective of extending periods of freshness and shelf life of perishable products.
The exponential rise of the global retail industry in emerging economies such as Brazil, China, and India in terms of the number of hypermarkets and supermarkets for convenient packaging components are easier to display, which is expected to increase demand for the foreseeable future.
Declining demand for alternative materials such as glass in end use sectors is widely thought to be a major factor that is driving the growth of the plastic caps and closures market. On the other hand, players in the market can also be influenced by factors such as:
- Market players across the world are working on business strategies to strengthen their positions including strategic mergers and acquisitions, with the aim of expanding product portfolios, and geographic presence into new countries, for customers at all levels of the market. This value creation strategy will remain important for the foreseeable future.
- One piece and liner free caps and closures are expected to display a relatively stronger rate of growth owing to improvements in the term of size control, minimization of shrinkage from coloring agents, shorter cycle durations. These products also provide manufacturers with larger savings in terms of materials, minimizing costs of conversion, which improves the profitability of such operations.
- Major manufacturers are increasingly making use of advances in production procedures and materials including a range of polypropylenes and polyethylene. These materials display properties such as strong shear thinning. In addition, these items are used to reduce food waste, especially of the ready to eat varieties. Nano materials are expected to play a major role in the packaging sector and is projected to become a key production material in the plastic caps and closures market.
Future Market Insights presents a new report titled ‘Plastic Caps and Closures Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017-2027’ that studies the performance of the global plastic caps and closures market over a 10 year assessment period from 2017 to 2027. The report presents the value and volume forecasts of the global plastic caps and closures market and provides important insights into the factors driving market growth as well as the factors restricting market growth. According to the report forecasts, the global plastic caps and closures market was estimated to be valued at nearly US$ 34,200 Mn in 2017 and is anticipated to reach a valuation of nearly US$ 54,800 Mn in 2027 and in the process exhibit a CAGR of 4.8% during the assessment period 2017-2027.
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Top Trends in the Global Plastic Caps and Closures Market
The trends that are gaining popularity in the beverages sector of the plastic caps and closures market is light-weighting and constant efforts towards reducing the costs and achieving sustainability targets. Most of the top manufacturers in the global plastic caps and closures market are spending a great amount of money on research and development initiatives. R&D on plastic caps and closures mainly pertains to light weight designs, new consumer needs and consumer convenience. Some of the practical examples of such trends are the knurl pattern for easy gripping, smart hinge caps and extended height caps for the purpose of ergonomics. However, this process of weight reduction doesn’t apply to the short caps that are popularly used in the U.S. and European markets. In the markets of China and Africa, tall neck finishes are still widely used and it is in such product types that weight reduction techniques can be used efficiently. In the latest innovations in the global plastic caps and closures market, the weight of 30/25 mm cap is reduced from 2 grams to 1.58 grams.
Global Plastic Caps and Closures Market: Segmentation and Forecast
The global plastic caps and closures market is segmented on the basis of cap type, material type and end use.
The screw closures segment in the cap type category was estimated to be valued at nearly US$ 24,200 Mn in 2017 and is anticipated to reach a valuation of about US$ 38,600 Mn in 2027 with a CAGR of 4.8% during 2017-2027
The thermoplastics segment in the material type category was estimated to be valued at nearly US$ 33,300 Mn in 2017 and is likely to reach a valuation of nearly US$ 53,400 Mn in 2027
The non-carbonated drinks sub-segment in the end use category is expected to register a CAGR of 5.2% during the period of forecast.
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Global Plastic Caps and Closures Market: Regional Forecast
The APEJ plastic caps and closures market was estimated to be valued at nearly US$ 11,600 Mn in 2017 and is projected to reach a valuation of nearly US$ 20,550 Mn in 2027, registering a CAGR of 5.9% during 2017-2027.
Global Plastic Caps and Closures Market: Vendor Insights
This report studies some of the important companies operating in the global plastic caps and closures market such as Closure Systems International, Inc., Silgan Plastic Closure Solutions, Bericap GmbH and Co KG, Global Closure Systems, AptarGroup, Inc., Berry Plastics Group, Inc., Amcor Limited, O.Berk Company, LLC, Blackhawk Molding Co. Inc., CL Smith Company, Georg MENSHEN GmbH & Co. KG and Takween Advanced Industries among others.