USD 65 billion
Report ID: SQSG15E2045 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 66 | Figures: 75
Plastic Caps And Closures Market size was valued at USD 65 billion in 2021 and is poised to grow from USD 68.58 billion in 2022 to USD 111.03 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).
Increased demand for bottled water, the urge for convenience, concerns about product safety and security, product differentiation and branding, and shrinking package sizes are driving the plastic caps and closures market.
Some of the potential advantages of plastic caps and closures over other materials include cost-effectiveness, lower weight impact, and compatibility with a variety of materials, making them suitable for a wide range of end-user industries including food, beverage, healthcare, personal care, industrial, and home care. Plastic caps and closures are effective at retaining the flavour and texture of these beverages, which is a major driver of the plastic caps and closures market growth.
The growing demand for cosmetics and makeup in the developed countries, which uses pump closures and dispensing closures, is one of the primary market drivers for the plastic caps and closures industry. The demand for cosmetics, skincare, beverages, and healthcare are among those that are rapidly increasing as a result of the end-favorable consumer's economic situation. These factors contribute to the overall growth of the plastic caps and closures industry.
US Plastic Caps And Closures Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 65 billion
Polyethylene Terephthalate (PET)
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The global plastic caps and closures market is segmented based on the type, application, and region. Based on the type, it is segmented into polyethylene terephthalate (PET), polypropylene (PP), high-density polyethylene (HDPE), low-density polyethylene (LDPE), and others. Based on application, it is segmented into food & beverages, pharmaceuticals, cosmetics & household, and others. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Plastic Caps And Closures Market Analysis by Type
The global plastic caps and closures market is segmented based on type into polyethylene terephthalate (PET), polypropylene (PP), high-density polyethylene (HDPE), low-density polyethylene (LDPE), others. Among these segments, Polyethylene Terephthalate (PET) segment dominants the market and continue during the forecast period. PET is approved as safe for contact with foods and beverages by the FDA and health-safety agencies throughout the world. The safety of PET for food, beverage, pharmaceutical and medical applications has been repeatedly demonstrated through extensive studies, regulatory approvals, testing, and its widespread acceptance for more than 30 years. PET does not contain bisphenol-A (BPA) or phthalates (plasticizers). The majority of soft drinks are packaged in bottles composed of polyethylene terephthalate (PET), which is good at retaining CO2. PET has also found applications in markets such as fruit juice packaging and sports drinks, as well as in bottles for cooking and salad oils and sauces. The proliferation of e-commerce sites has resulted in a significant increase in online shopping and is anticipated to boost market growth in the future.
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The global plastic caps and closures market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Among these regions, the Asia-Pacific region is projected to hold the most substantial share of more than 35% in 2021. Plastic caps and closures market growth is being aided by rising population, industrialization, and urbanisation. The rise of China as a global manufacturing hub has increased demand for plastic caps and closures. The region's production of these products is boosted by low labour costs and easy access to raw materials. During the forecast period, countries such as Indonesia, Malaysia, and Singapore will present lucrative opportunities for the growth of the plastic caps and closures market. Furthermore, the region's leading manufacturing facilities, including China, which is the major manufacturing hub and supplies major parts of the world, have been propelling the plastic caps and closures market growth in recent years. Similarly, due to the economic situation and the preference for packaged food and beverages, North America and other parts of the United States are forecasting healthy growth in the plastic caps and closures industry.
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Plastic Caps And Closures Market Driver
Concerns about product safety and security, as well as a desire for convenience
Plastic Caps And Closures Market Restraint
Substitute Product Development
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The Plastic Caps and Closures market is highly competitive and consists of several major vendors. In terms of market share, none of the major vendors currently dominate the market. These top vendors are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability.
Plastic Caps And Closures Market Top Company Profiles
Plastic Caps And Closures Market Recent Developments
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According to our global plastic caps and closures market analysis, Manufacturers will continue to look for packaging that adds value to their products. As a result, plastic caps and closures have shifted toward more expensive, functional closures, such as child-resistant, tamper-evident, and dispensing types. Simpler commodity closures, on the other hand, have maintained a dominant market position in higher-volume beverage applications such as bottled water and CSDs. Based on Type, Polyethylene Terephthalate (PET) segment dominates the market and will continue to do so throughout the forecast period. Among these regions, the Asia-Pacific region is expected to have the largest share (more than 35% in 2021).
|Market size value in 2021||USD 65 billion|
|Market size value in 2030||USD 68.58 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Plastic Caps And Closures Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Plastic Caps And Closures Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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