Plastic Caps and Closures Market

1. Plastic Caps and Closures Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast The global plastic caps and closures market size was valued at USD 44.3 billion in 2020 and is projected to reach USD 57.9 billion by 2028, expanding at a CAGR of 5.6% during the forecast period, 2021–2028. Growth of the market is attributed to the increasing demand for plastic caps and closures owing to its properties including easy availability, flexibility, versatility, and durability. Plastic caps and closures play a major role in the safety and security of the product from dust, moisture, and other microbes. Plastics caps and closures are cheaper as compared to metal caps and closures. Customers look for the caps and closures which are convenient to use, easy to open, and user friendly. Plastic caps and closures are highly used in various industries such as household goods, cosmetic products, pharmaceuticals, and food & beverages. It reduces the manufacturing and product cost. Plastic caps and closures help in product diversification and new packaging of the products. Sample - https://growthmarketreports.com/request-sample/1027 Market Trends, Drivers, Restraints, and Opportunities  Better operability and convenience required for various products is projected to boost the market during the forecast period. Rapid growth of food and beverages industry is major factor spurring the market in the coming years. Increasing popularity for dispensing and pump closures in wide range of products is estimated to fuel the market. Emerging substitutes for packaging of products is expected to hinder the market growth. Prices of raw materials are unstable which affects the manufacturing cost of caps and closures act as a key factor that can impede the market in the coming years. Emerging economies in developing countries is projected to offer immense opportunities for the market players.     

2.  Technological innovation and advancement in plastic caps and closures market is anticipated to create lucrative opportunities for the market players. Market Segment Insights The food and beverages segment is projected to account for a large market share On the basis of applications, the global plastic caps and closures market is segregated into food and beverages, cosmetic and toiletries, pharmaceutical, and other applications. The food and beverages segment is expected to represent a key share of the market during the forecast period owing to growing needs, changing food habits of the consumer, and rapid industrial growth. Increasing preference for packed foods in different countries and growth of beverage industry is anticipated to boost the market. However, the pharmaceuticals segment is anticipated to expand at a rapid pace during the forecast period owing to protect the healthcare products from dust, air, and moisture. The polypropylene segment is projected to hold a major market share Based on raw materials, the global plastic caps and closures market is fragmented into low-density polyethylene [LDPE], polypropylene [PP], high-density polyethylene [HDPE], polyethylene terephthalate [PE], and other raw materials. The polypropylene segment is expected to constitute a key share of the market in the coming years owing to factors such as great choice for packaging of cleaning products, first aid products, bleaches, high resistance to chemical corrosion, and highly elastic, tough, and durable. On the other hand, the high-density polyethylene segment is anticipated to expand at a rapid pace during the forecast period owing to its strength and durability it is mainly used for producing caps and closures for bottled water, juices, soft drinks, and teas. The North America is anticipated to dominate the market On the basis of regions, the global plastic caps and closures market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at a high CAGR during the forecast period. The regional market growth can be attributed to rapid expansion of food and beverage industry. Increasing demand for processed foods, snacks, and ready to eat foods is raising the demand for plastic caps and closures for packing and storing of these foods. On the other hand, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years due to rising demand for the carbonated drinks and alcoholic beverages in the region is boosting the demand for plastic caps and closures market. Inquiry- https://growthmarketreports.com/enquiry-before-buying/1027 Competitive Landscape Key players competing in the global plastic caps and closures market include Amcor Ltd., Aptar Group Inc., Silgan Holdings Inc., Berry Global Inc., Crown Holdings Inc., Comar LLC, Phoenix Closures, Inc., and Guala Closures Group. Some of these players are focused on several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,  In January 2020, Silgan Holdings Inc acquired Albea’s dispensing business for USD 900 million.

3.  In January 2020, Berry Global Group Inc, raised investment to add capacity for breathable films of USD 20 million. About Growth Market Reports: GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys. Contact: Growth Market Reports Phone: +1 909 414 1393 Email: sales@growthmarketreports.com Web: https://growthmarketreports.com Follow Us: LinkedIn | Twitter