Plastic caps and closures market size is expanding at a remarkable pace on the back of the growing beverages industry coupled with the rising competition between the players. The intensifying competition between the players has led to a high emphasis on branding as well as product differentiation among manufacturers of packaged water and drinks.
Growing emphasis on health and hygiene has boosted the growth of the toiletries industry, which has ramped up the demand for plastic closures and caps. A variety of initiatives being taken by the companies benefits the plastic caps and closures market. To illustrate, Klöckner Pentaplast Group recently entered an alliance with Berry Plastics Group, Inc., a company that develops plastic closures and caps. These types of initiatives on the part of the industry players can accelerate the expansion rate of the market in the ensuing period.
Materials that are used by the manufacturers of plastic caps and closures are polyethylene, polystyrene, and polypropylene. Out of these, the polypropylene segment forms the biggest share of 49.4% in the market and is bound to grow at a phenomenal rate in the given timeframe. Caps and closures that are made of polypropylene boast of sturdy impact strength, cost-effectiveness, as well as flexibility. The material has the capacity to bear extreme temperatures, given its high melting point, further boosting its demand in the market.
The type-based segments are dispensing caps, closures and screw caps. Screw caps stand as the leading segment in the market with a maximum share of 42.1%, on account of their strong demand in industries like healthcare, beverage, cosmetic, food, and others. The segment can acknowledge better growth in the near future and will continue its steady growth rate throughout the review timeline.
The end-users are pharmaceutical, personal care, and food and beverages. Between these, the food & beverage segment holds a considerable share of 35.7% in the market and is anticipated to perform well even in the years ahead. The mounting demand for fresh packaged food, consumer convenience, as well as the need for a longer shelf life of food products boosts the demand for plastic caps and closures in the food and beverage industry.
Regional Demand for Plastic Caps and Closures
Asia Pacific (APAC), North America, Europe, and the Middle East and Africa (MEA) are the primary markets for plastic caps and closures.
During the forecast period, APAC can be the leading market for plastic caps and closures, with maximum growth expected to be in countries like India, Japan, and China. These countries are some of the most prominent exporters of goods to different parts of the world. Dispensing caps and bottle closures are gaining significant prominence in the region, given the expanding beverage industry. Elevated demand for carbonated soft drinks, ready-to-drink teas and coffees as well as bottled water, in the region spells success for the plastic caps and closures market.
While North America is achieving great success in the plastic caps and closures market, Europe is not much far behind. The region has managed to seize a total share of 23.67% in the global market, as estimated in 2017. The market growth in the region is expected to be persistent in the future, thanks to the constant innovation and development of hygiene and beauty products, packaging and personal care packaging. In addition, soaring demand for consumer-friendly products that are easily transportable and lightweight, surging focus on sustainability, and the rising hygiene standards also trigger the demand for the caps and closures market in the region. The United Kingdom (U.K) stands as the top market for plastic caps and closures in the region, owing to the massive demand for safe and convenient plastic packaging across a slew of industries within the country.
The APAC market has demonstrated exceptional growth over the years, owing to the sizeable investment being made by vendors in the packaging of food & beverage as well as healthcare & pharmaceutical products. The thriving medical sector has ushered in various opportunities for plastic packaging in the region. However, the highest demand for plastic caps and closures is generated by the food and beverage industry in the region. The regional market growth is also backed by supportive regulations and the burgeoning customer base for packaged and processed beverage products.
Read More :
Comments