Caps and Closures Market Research Report 2021 Elaborate Analysis With Growth Forecast To 2026: Adroit Market Research
Caps and closure are primarily used for the sealing of bottles and containers. It offers a wide variety of benefits, including longevity and versatile applications in many industries.
Dallas, United States – April 27, 2021 /MarketersMedia/ —
The caps and closures market is further projected to reach nearly 62 billion by the end of 2025, growing at a CAGR of more than 5%. The caps and closures market provides a wide variety of caps and closures of both metal and plastic physical nature and other caps and closures. The plastic caps and closures comprise of dispensing caps, screw caps and others whereas the metal caps and closures include can ends, screw and lug, crown cap and others and lastly corks and other caps and closures. Rise in customer demand for convenience products typically bottled water coupled with increasing concerns regarding product safety and security, reduced package sizes and product differentiation and branding are the significant drivers projecting the growth of the caps and closures market.
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The increased demand for fresh water and growing product characteristics impacts the sector’s landscape. The continuing production of alternatives in tandem with emerging markets in developing markets has, however, hindered the growth of the industry. Nevertheless, continued research activities, coupled with increased business efforts to create an ecologically sustainable product is projected to improve the development of the business. Furthermore, increasing revenue from the middle class, along with the continuous penetration of goods across developed countries, would complement market perspectives on the timeline.
With the sudden impact of COVID-19 the industry growth is facing a temporary slowdown due to the massive decline in demand for plastic caps and closures by automotive, personal care and chemical industry. Although, the demand for plastic caps and closures is expected to hike up particularly from the food and beverage and pharmaceutical industries amidst the pandemic. Bulk purchasing of essentials which mainly include food products, bottled/packaged water and pharmaceutical products during COVID-19 increased enormously with a panic situation spread worldwide leading to the respective industries maximizing production has positively impacted the demand for caps and closures.
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Individual governments requiring the food industries to excel their production and avoid any shortage incurred due to the heavy losses both monetary and non-monetary resulted in a non-stop production environment and strained supply chain. The healthcare and pharmaceutical sector is considered to express a strong demand for plastic caps and closures owing to the similar manufacturing crisis as PPE, hospitals and drugs manufacturers are facing immense pressure on manufacturing facilities. Besides, the market products deliver an array of benefits. For instance, plastic caps deliver elevated safeguarding of the packaged product from physical and chemical factors along with being a cost-effective.
Popular use of dispensing closures and pump closures in products of varied industrial nature such as skincare, body care, beverages and liquid foods is likely to augment the growth of the plastic caps and closures market globally. The region accounting for largest plastic caps and closures market is Asia Pacific with future segmentation into Japan, China, India, South Korea and Australia along with the rest of the Asia Pacific. Asia Pacific is expected to keep growing exponentially with extensively growing population, rapid industrial growth and urbanization. China has prominently emerged as the manufacturing hub with excessive demand for plastic caps and closures.
Key players involved in this industry include Global Closure Systems, Silgan Holdings, Reynolds Group Holdings, Crown Holdings, Berry Plastics Corporation, Berlin Packaging, Guala Closures Group, Manaksia Ltd., Alpha Holdings GmbH
Key Segments Across Caps and Closures Market
Type Overview, 2018-2025, (USD Billion)
Plastic
Metal
Others
Applications Overview, 2018-2025, (USD Billion)
Food & Beverage
Pharmaceutical
Cosmetics
Automotive
Other
Regional Overview, 2018-2025, (USD Billion)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Rest of Europe
Asia Pacific
China
India
Japan
Rest of Asia-Pacific
Central & South America
Brazil
Argentina
Rest of Central & South America
Middle East & Africa
Saudi Arabia
Rest of Middle East & Africa
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About Us:
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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