Tokyo, Feb. 14, 2022 (GLOBE NEWSWIRE) -- The global caps and closures market size was reached at US$ 65.41 billion in 2021, according to Precedence Research. The need for caps and closures has grown as a result of rising food consumption and growing concerns about product quality and safety. Due to growing consumer goods and packaged goods market, there is a greater demand for novel packaging materials that can preserve products from harsh environments without compromising their quality. As a result, the caps and closures market demand will be stimulated.
Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1521
The caps and closures market growth is expected to be driven by rising demand for various food products as well as alcoholic and non-alcoholic drinks. The caps and closures operate as an obstacle, protecting the packaging contents from light, ambient air, and dust particles, extending the shelf life of the product. The food and beverage packaging requires tight sealing since these products are susceptible to microbial attack. The caps and closures are used in a variety of other industries, including personal care and pharmaceuticals.
Report Scope of the Caps and Closures Market
| Report Coverage | Details | |
| Market Size in 2021 | US$ 65.41 Billion | |
| Growth Rate from 2021 to 2030 | 4.4% | |
| Fastest Growing Region | North America | |
| Largest Revenue Holder | Asia Pacific | |
| Base Year | 2021 | |
Report Highlights
- Based on the product type, the plastic screw closures segment dominates the caps and closures market. The demand for this category is being driven by factors such as its cost-effectiveness, light weight, and ability to package a wide range of products from various industries.
- Based on application, the food and beverage segments hold the largest share in the caps and closures market. The market for caps and closures is driven by rising demand for fresh and high-quality packaged foods, customer convenience, and producers’ concerns about food products having a longer shelf life.
Ask here for more customization study@ https://www.precedenceresearch.com/customization/1521
Regional Snapshot
Asia-Pacific is the largest segment for caps and closures market in terms of region. The caps and closures market in Asia-Pacific region will be boosted by factors such as the rise of the end user industries, as well as population growth, combined with government initiatives and economic development.
North America region is the fastest growing region in the caps and closures market. Since a decade, carbonated soft drinks have dominated the North American caps and closures market. People in this region, on the other hand, are becoming more health conscious and focusing on water and juices. The sales of juices and healthy drinks grew as a result of this transition, which had a beneficial impact on the caps and closures market.
View Full Report Information@ https://www.precedenceresearch.com/caps-and-closures-market
Market Dynamics
Drivers
Technological advancements
The most significant trend in the caps and closures market is the shift from two-piece combination closures to one-piece closures, which is mostly used for soft drinks. Furthermore, the caps and closure designs and models evolve with time to increase their qualities and robustness. As a result, modeling and simulation are constantly improving, allowing mold makers and molders to assess multiple resins and closure designs before prototyping, saving time and resources. Thus, the technological advancements is driving the growth of the caps and closures market during the forecast period.
Restraints
Uncertainty in the price of raw materials
The key factor limiting the growth of the caps and closures market is the inconstancy in the pricing of raw materials. The caps and closures market’s raw materials such as polycarbonate, steel, polypropylene, and aluminum are used in the manufacturing of the caps and closures. The cost of raw materials rises in combination with the demand for caps and closures, affecting the manufacturing cost of the caps and closures. As a result, the uncertainty in the price of raw materials is restricting the growth of the caps and closures market.
Opportunities
Surge in demand from packaging industry
One of the primary factors contributing towards the growth of the caps and closures market in the food and beverage industry is an increase in demand for packaging. The primary goal of the packaging industry is to preserve the shelf life of the food and beverage. The caps and closures aid in the process of extending product shelf life by acting as a barrier to dirt and oxygen. Furthermore, in developing nations like China and India, the tendency of shifting from unpacked to packed goods is on the rise. As a result, surge in demand from packaging industry is creating lucrative opportunities for the growth of the caps and closures market during the forecast period.
Browse more related reports@ https://www.precedenceresearch.com/industry/packaging
Challenges
Availability of substitutes
The increased use of containers without closures, such as pouches, is threatening the growth of the caps and closures market. This type of packaging provides the packager with a number of advantages, including low material costs. Many fast-moving consumer goods firms are using the pouch packaging format as a packaging innovation tool to provide consumers with more convenience. Thus, the availability of substitutes is a major challenge for the growth of the caps and closures market.
Segments Covered in the Report
By Product Type
- Easy open Can Ends
- Metal Lug Closures
- Peel off Foils
- Metal Crowns
- Metal Screw Closures
- Corks
- Plastic Screw Closures
- Others
By Application
- Food & Beverage
- Healthcare
- Cosmetics & Toiletries
- Automotive
- Pharmaceutical
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Click Here to View Full Report Table of Contents
Buy this Premium Research Report@ https://www.precedenceresearch.com/checkout/1521
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333
About Us
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
For Latest Update Follow Us:
https://www.linkedin.com/company/precedence-research/
https://www.facebook.com/precedenceresearch/
https://twitter.com/Precedence_R
