The market is further projected to reach nearly 62 billion by the end of 2025, growing at a CAGR of more than 5%.
Increasing caps & closures application in-home care products and cosmetics industries are further expected to augment global market growth. Increasing demand in the pharmaceutical industry will drive global market growth further. Growing demand for childcare items will have a positive impact on the world market. Due to the superior properties and low cost, caps & closures are expected to rise faster than metal caps over the forecast period.
Concerns about biodegradability and plastic carcinogenicity are expected to impede the growth of the market during the projected period. Strict agency policies are expected to generate more business growth challenges. Caps and locks are the final packaging elements and the quality of food packaging is retained. This industry is, however, largely dependent on the raw material suppliers for production which is likely to hinder its growth potential.
Polyethylene (PE) and polypropylene (PP), that are used as raw materials, have considerably fluctuating prices in the market. because the cost of production is dependent on this raw material, manufacturers find it difficult to maintain constant output.
On the basis of type, the market is segmented into plastic, metal, and others. Plastic caps and closure is projected to dominate the global caps and closure market. On the basis of application, the market is segmented into Food & Beverage, Pharmaceutical, Cosmetics, Automotive, Others. The food and beverage sector dominated the category of end-user goods in 2018. Due to a growing variety of food & drink companies in both developed and developing world, it is expected to continue to dominate over the forecast period.
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)
- Applications Overview, 2018-2025, (USD Billion)
- Food & Beverage
- Regional Overview, 2018-2025, (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Central & South America
- Rest of Central & South America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- North America