Chicago, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The Caps & Closures Market is estimated to be USD 65.0 billion in 2021 and is projected to reach USD 85.0 billion by 2026, at a CAGR of 5.5% from 2021 to 2026, as per the recent study by MarketsandMarkets™. The driving factors for the caps & closures market is increase in demand for easy-to-open and sustainable packs, demographic trends, and rapid urbanization contribute to the demand and adoption rate of caps & closures. These are widely used in the food & beverage industry for various applications, such as bottled water, carbonated drinks, mayonnaise, ketchup, and alcoholic beverages. Caps & closures help extend the shelf life of products, provide a barrier to dirt and moisture, and balance the oxygen content of the packed product. Import and export of caps & closures have been gaining importance with its increasing demand.
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Browse in-depth TOC on "Caps & Closures Market ”
337 - Market Data Tables
46 - Figures
252 - Pages
List of Key Players in Caps & Closures Market :
- RPC Group PLC (UK)
- Crown Holdings Incorporation (US)
- Amcor Limited Plc (Australia)
- Rexam PLC (UK)
- Berry Plastics Corporation (US)
- Silgan Holdings Inc. (US)
- AptarGroup Incorporated (US)
- Guala Closures Group (Italy)
Drivers, Restraints and Challenges in Caps & Closures Market :
- Driver: Increase in the demand for bottled water
- Restraint: Availability of substitutes to hinder the growth of caps & closures market
- Challenges: Stringent environmental regulations
Key Findings of the Study:
- Plastic segment to witness highest CAGR during the forecast period
- Plastic caps & closures type segment to witness highest CAGR during the forecast period
- APAC is the largest market for caps & closures
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Caps & closures manufacturers are the most important players in the value chain as they produce and provide various types of caps & closures based on their use in the end use industry. An efficient supply chain helps manufacturers achieve sustainability by boosting collaborative relationships with suppliers and developing innovative measures in operational improvements, distribution management, and timely delivery of products to multiple customers and end users. The end-use industries of caps & closures are food, beverage, cosmetics, healthcare and others. This provides additional value to the chain.
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The overall caps & closures market was dominated by the plastic segment with a share of 68.8% in 2020. Plastic caps & closures are made from a wide range of polymers such as polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), and polyvinyl chloride (PVC). Plastic is widely used across several industries as a preferred raw material for manufacturing caps & closures as it can be molded into the desired shape when it is heated or when pressure is applied. After the manufacturing process, the plastic hardens and transforms into a solid substance, which is suitable for sealing products. Plastic caps & closures can be easily formed, are of high quality, are cost-effective, and provide excellent barrier properties and the freedom of design.
The type of raw material used depends on end-use sectors, product type, and the container for which it is required. The PP segment leads the market. PP is widely used owing to its high resistance to chemical corrosion, making it an excellent choice for packaging for cleaning products, bleaches, and first-aid products, among others. It also offers excellent fatigue resistance and elasticity, securing it a well-deserved reputation for toughness and durability.
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