Plastic Caps and Closures Market Trends, Size, CAGR, Analysis and Forecast 2023

Plastic Caps and Closures Market Trends Overview

As per Market Research Future (MRFR), the global plastic caps and closures market is poised to strike a CAGR of 5.225 during the forecast period 2018 to 2023. The market valuation is expected to touch USD 51,919.8 Mn towards the end of 2023. Rapid urbanization coupled with elevated standards of living has led to an upsurge in demand for packaged food and beverages. This, in turn, is forecasted to catapult the plastic caps and closures market on an upward trajectory.

Investments are likely to flow towards the market for innovation of new and greener ways for packaging. The increasing environmental concerns regarding the use of plastic in the packaging industry has opened new avenues of growth opportunities for the market participants. Additionally, strict enforcement has encouraged the key players to adopt greener means for the production of packaging materials. For instance, the use of sugar cane for manufacturing caps is one of the latest trends witnessed in the market. It is forecasted to have a favorable impact on the expansion of the plastic caps and closures market in the forthcoming years.

Competitive Analysis

Leading players in the global Plastic Caps and Closures Market Trends include

Guala Closures Group

Phoenix Closures Inc.

TriMas

Alcoa Corporation

AptarGroup

Comar LLC

Global Closure Systems

Silgan Holdings Inc

Amcor Limited

Recycling efforts are likely to be crucial in the Plastic Caps and Closures Market Trends over the forecast period, as several governments around the world are coming down hard on the excessive discarding of plastic waste. In fall 2018, students of Concord Intermediate School near Elkhart, Indiana started a project to collect discarded plastic caps and turn them into benches for the school’s playground. Deliveries of the recycled benches began in mid-2019. Community projects such as this could provide a direction for the global Plastic Caps and Closures Market Trends in the coming years.

Segmentation

The global Plastic Caps and Closures Market Trends is segmented on the basis of type, material, end use, and region.

By type, the global Plastic Caps and Closures Market Trends is segmented into screw caps, dispensing caps, and closures. The screw caps segment is likely to dominate the global Plastic Caps and Closures Market Trends over the forecast period due to the widespread use of screw plastic caps.

By material, the market is segmented into polypropylene, polyethylene, and polystyrene. The polypropylene segment is likely to play a key role in the development of the Plastic Caps and Closures Market Trends over the forecast period due to its growing demand.

By end use, the global Plastic Caps and Closures Market Trends is segmented into personal care, pharmaceuticals, food and beverages, and others. The food and beverage industry is expected to be the major end user in the global Plastic Caps and Closures Market Trends over the forecast period due to the growing demand for bottled beverages.

Regional Analysis

The Americas segment dominates the global Plastic Caps and Closures Market Trends and is likely to retain the lead over the forecast period due to the growing demand for bottled beverages, personal care products, and healthcare products in the U.S. and Canada.

Europe is also a leading regional market for plastic caps and closures, due to the growing demand for bottled healthcare and personal care products.

Asia Pacific is expected to exhibit rapid growth in the global Plastic Caps and Closures Market Trends over the forecast period due to the growing fast food industry in the region and the growing demand for bottled beverages of various kinds.

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