Rockville, Jan. 16, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global plastic caps market is estimated at US$ 41 billion in 2023 and is predicted to expand at a healthy CAGR of 4.6% from 2023 to 2033.
Plastic caps are a safe and secure packaging solution commonly used for the packing and sealing of a variety of bottles, tubes, containers, and jars. Plastic caps are recyclable and lightweight, which makes them ideal for packaging a carbonated & non-carbonated beverages and industrial goods.
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The food and beverage industry account for a majority of the demand for plastic caps. This sector projected to hold 2/3 market share by 2033. Rapid penetration of the industry worldwide will create high demand for plastic caps. Furthermore, the pharmaceuticals and cosmetics & personal care segments combined are projected to offer decent opportunities during the forecast period. Consistently rising demand for plastics caps to seal and pack a variety of bottles, cans, tubes, and containers in these industries will substantially bolster market growth.
Key Takeaways from Market Study
- The global plastic caps market is projected to expand at 4.6% CAGR and reach US$ 64.1 billion by 2033.
- The market expanded at 3.9% CAGR between 2018 and 2022.
- Under product type, screw-on caps dominate the market with 62.5% share.
- Europe leads the global market with 29.4% share in 2023.
- North America is likely to account for 25.2% market share in 2023.
Market Development
Market players are shifting their focus to high-quality plastic caps to align with market standards for industrial purposes. Market stakeholders have diversified product portfolios to cater to both the industrial sector and the commercial sector. They are also focusing on reducing production costs to enhance the long-run strengthening of the cash flow. Key players also manufactured products that have higher strength, high flexibility, lightweight, and are recyclable.
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Competitive Landscape
Key manufacturers of plastic caps are focusing on developing new products and increasing their production capacity to cater to the increase in the demand for various applications. Key market players are also manufacturing products that are lightweight and low-cost. Along with this, manufacturers of plastic caps are now focused on the development and implementation of recyclable as well as highly sustainable caps.
- In Jan 2021, BERICAP produced its first test production of closures manufactured from sugar cane-derived resin. The closure itself is a 38 mm three-start design with a PE liner for use on HDPE bottles.
- In Sept 2022, Berry launched a fully accredited child-resistant (CR) complete-pack solution for liquid healthcare products. This pack comprises Berry’s pharma round PET bottle, together with its child-resistant closures (CRC) PP28 Medi-Loc® CRC and TE (tamper-evident) CRC, which can be fitted with a variety of specified liners.
Key Companies Profiled
- Berry Global Inc.
- Amcor Plc
- Bericap GmbH and Co KG
- Silgan Plastics
- Aptar, Inc.
- Mold-Rite Plastics, LLC
- O. Berk Company
- UNITED CAPS
- Pano Cap
- Phoenix Closures, Inc.
- Hicap Closures Co., Ltd
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Segmentation of Plastic Caps Industry Research
By Product Type:
- Screw-on Caps
- Dispensing Caps
- Caps with Handles
- Push-pull Caps
- Others
By Material:
- PET
- PP
- HDPE
- LDPE
- Others
By Packaging:
- Packet/Sachets
- Bottles
- Tubes
- Others
By End-use Industry:
- Food & Beverages
- Pharmaceuticals
- Agrochemicals
- Personal Care & Cosmetics
- Homecare & Toiletries
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the plastic caps market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of product type (screw-on caps, dispensing caps, caps with handles, push-pull caps, others), material (PET, PP, HDPE, LDPE, others), packaging (packet/sachets, bottles, tubes, others), and end-use industry (food & beverages, pharmaceuticals, agrochemicals, edible oil, personal care & cosmetics, homecare & toiletries, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania, and the Middle East & Africa).
Check out more related studies published by Fact.MR Research:
Side Pour Caps Market: The rising demand for bottles, containers, and cans is creating various opportunities for the growth of caps and closures in the near future. Various caps and closures are devised to serve different purposes. These caps help in maintaining the integrity of the product.
Applicator Caps Market: Applicator caps are made from plastic or metal to dispense a small portion or sample from bottles or vials. In daily use, applicator caps are found in personal care & cosmetic products such as nail care products, ink and laundry detergents.
Cap Seals Market: In the recent years, counterfeiting has been a major issue for packaging manufacturers. As a result of counterfeiting issues, packaging manufacturers are looking for better closing solutions such as cap seals.
Vial Capping Machines Market: The global packaging industry has evolved significantly over the past few decades, and vial capping machines market is owing to augmentation in demand around the world.
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