New York, United States, Dec. 22, 2023 (GLOBE NEWSWIRE) -- The Global Caps & Closures Market Size is to Grow from USD 81.21 Billion in 2022 to USD 147.88 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.18% during the projected period.
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Containers are sealed with caps and closures to keep the product from leaking. They are a vital part of many packaging industries, including food and beverage, cosmetics, and pharmaceuticals. Caps and closures, on the other hand, can be made of a variety of materials, the majority of which are plastic or metal. They have been created to provide a reliable and safe closure that protects the package's contents from moisture, air, and other impure substances. Caps and closures are available in a wide range of sizes and shapes. They can be made of metal, plastic, rubber-based products, cork, or a variety of other materials, depending on the requirements and needs. They are used in a variety of industries, including food and beverage, pharmaceutical, cosmetics, and household products. Caps and closures increase a product's shelf life, allowing brands to maintain product quality and value in the marketplace. Rising demand for convenient packaging solutions and environmentally friendly packaging options is driving the global market. Plastic Caps and closures are the most commonly used type due to their ease of use, durability, and low cost. The rising sustainable development inclination will provide profitable opportunities for market expansion over the forecast period.
COVID 19 Impact
The sudden appearance of the novel coronavirus had an adverse impact on this market. While demand for caps and closures decreased in some industries, such as cosmetics and personal care, it increased in others, such as food and beverage and pharmaceuticals. In the early stages of the pandemic, imposed shutdowns and lockdowns disrupted the supply chain. They impacted the availability of caps and closures by delaying the production and transportation of raw materials and the final products. However, as regulations are relaxed, this market is expanding. Following the ease of lockdown, there is an increase in demand for creative and innovative packaging solutions, which will create more profitable growth opportunities for this market.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Caps & Closures Market Size, Share, and COVID-19 Impact Analysis, By Type (Tethered Caps, Push/Pull Caps, Screw Caps), By Material (Plastic, Metal, Wood), By Application (Food & Beverages, Pharmaceutical, Consumer Goods, Personal Care & Cosmetics), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The screw caps segment dominates the market with the largest revenue share over the forecast period.
On the basis type, the global caps & closures market is segmented into tethered caps, push/pull caps, and screw caps. Among these, the screw caps segment is dominating the market with the largest revenue share over the forecast period. Screw caps have grown in popularity because they are extremely useful. compared to corks, they do not require any opening equipment and can be easily opened with your hands. This makes them ideal for picnics, weekend getaways, or any other occasion where a corkscrew is not required. Screw caps reduce storage costs while also lowering production costs. Screw caps, on the other hand, can be kept vertically with ease, saving money on storage.
The plastic segment is witnessing significant CAGR growth over the forecast period.
On the basis of the material, the global caps & closures market is segmented into plastic, metal, and wood. Among these, the plastic segment is witnessing significant growth over the forecast period. The most commonly recycled materials are plastics. Plastic caps, like most common plastic products, have a number of benefits, including low cost, durability, customizability, and chemical stability. In the many applications where plastic caps are appropriate, these advantages amount to unusual financial savings and business dependability. Plastic caps are used in many industries, including furniture design, chemical storage, medical supplies, and electronics. For instance, a camera lens cap is a specialized shape and design of a plastic cap. Another specialized design on medicine bottles provides both child safety and storage benefits.
The food & beverage segment accounted for the largest revenue share over the forecast period.
On the basis of application, the global caps & closures market is segmented into food & beverage, pharmaceuticals, consumer goods, personal care & cosmetics Among these, the food & beverage segment dominates the market with the largest revenue share over the forecast period. Beverage packaging is used to preserve the flavor and texture of products while extending their shelf life. Pouch and carton packaging ideas are increasingly being used in the beverage packaging industry. The demand for advanced differentiating closures from the world's leading beverage companies drives the market for premium caps in the beverage industry. A variety of caps and closures can be used to seal or package non-alcoholic beverages.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast. Demand for packaged food and bottled beverages is driving the APAC market. APAC is a massive bottled water market. Low-quality tap water, rising health consciousness, higher living standards, and global travel are some of the key factors driving the packaged water market in APAC, which in turn drives the growth of the caps and closures market. Increased income, lifestyle changes, increased packaged food popularity, and increased overall consumer demand for canned foods. Furthermore, China and India are two of the world's largest consumer markets, increasing demand for caps & closures in the packaging industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Caps & Closures market are Silgan Holdings Inc., Aptar Group, UNITED CAPS, Nippon Closures Co., Ltd., Mold-Rite Plastics, LLC, O.Berk Company, LLC, BERICAP Holding GmbH, Guala Closures S.P.A, Closure Systems International, Inc., Amcor Plc, Pelliconi & C. Spa. , Weener Plastics, Blackhawk Molding Co. Inc., C. L. Smith Company and other key vendors.
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Recent Market Developments:
- In March 2023, the 23 H-PAK is a new carton packaging cap from UNITED CAPS. Instead of expensive line changes, the company's most recent innovation, the 23 H-PAK, is linked to exceptional value and performance.
Market Segmentation:
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global caps & closures market based on the below-mentioned segments:
Caps & Closures Market, Type Analysis
- Tethered Caps
- Push/Pull Caps
- Screw Caps
Caps & Closures Market, Material Analysis
- Plastic
- Metal
- Wood
Caps & Closures Market, Application Analysis
- Food & Beverages
- Pharmaceutical
- Consumer Goods
- Personal Care & Cosmetics
Caps & Closures Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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