Plastic Caps and Closures Market – ****** Opportunity, Growth Analysis and Outlook upto 2023

The plastic caps and closures market size is projected to grow from USD 40.52 Billion in 2018 to USD 51.67 Billion by 2023, at a CAGR of 4.99%.

This market is witnessing considerable growth due to increasing demand for convenience packaging and growing concerns about product safety and security. Growing demand for bottled water and from end-use industries such as beverages, pharmaceuticals, food, and home & personal care is the key factor driving the growth of the plastic caps and closures market.

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Screw-on caps segment is projected to grow at the highest rate during the forecast period.

The screw-on caps segment is projected to grow at the highest CAGR during the forecast period. Screw-on caps are tamper-evident and thus find wide-scale application in food & beverage and pharmaceutical industries. They are a reliable option for the packaging of beverages and for pharmaceutical products. The other advantage associated with screw-on caps is that they are cost-effective packaging solutions compared to cork and others, and also provide more room for logos, graphics, and other design elements.

Plastic caps and closures are used in various industries, and their utility includes maintaining the quality of the products, increasing the shelf life of the commodity, and keeping the products fresh. These are some of the main reasons which have led to an increase in their share in the packaging industry. The beverages segment is projected to have the largest market share and dominate the plastic caps and closures market from 2018 to 2023. Pharmaceuticals is the next application to play a key role in changing the plastic caps and closures landscape and grow at the highest rate during the forecast period. The beverages industry, for a long time, has been the major contributor to the rising demand for plastic caps and closures.

Asia Pacific is projected to have the largest market share and dominate the market from 2018 to 2023. This region offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making it the fastest-growing market for plastic caps and closures. The growth of the plastic caps and closures market in this region is propelled by factors such as the growth of the beverage, healthcare, and personal care products industry. Also, the growing population and economic development are other factors driving the market.

The major players in the plastic caps &closures market include Berry Group (US) Crown Holding (US), AptarGroup (US), Amcor (Australia), Coral Products (UK), Closure Systems International (US), BERICAP (Germany), Silgan Holdings (US), and RPC Group (UK). Other players in this market include United Caps (Luxembourg), Caps & Closures Pty Ltd (Australia), Caprite Australia Pty. Ltd (Australia), Pano Caps (Canada), Plastic Closures Limited (UK), Cap & Seal Pvt. Ltd (India), Phoenix Closures (US), ALUPAC-INDIA (India), Helicap Closures (China), and MJS Packaging (US).

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