Plastic Caps And Closures Market Size, Share, Growth Analysis, By Type(Polyethylene Terephthalate (PET), Polypropylene (PP)), By Application(Food & Beverages, Pharmaceuticals) - Industry Forecast 2024-2031

Plastic Caps And Closures Market size was valued at USD 65 billion in 2019 and is poised to grow from USD 68.58 billion in 2023 to USD 111.03 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

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. 'Berry Global, Inc.', 'AptarGroup, Inc.', 'Silgan Holdings Inc.', 'Crown Holding', 'Amcor plc', 'RPC Group plc', 'Bericap Holding GmbH', 'Closure Systems International, Inc.', 'Guala Closures Group', 'O.Berk Company, LLC', 'United Caps Luxembourg S.A.', 'Caps & Closures Pty Ltd.', 'Plastic Closures Limited', 'Comar, LLC', 'Georg MENSHEN GmbH & Co. KG', 'Mocap LLC', 'Pano Cap (Canada) Ltd.', 'Technocap LLC', 'ALPLA Werke Alwin Lehner GmbH & Co. KG', 'The Cary Company'

Plastic caps and closures are driven by factors such as the desire for convenience and improved operability. A plastic cap is essential for protecting the product from dust and other microbes. Plastic caps and closures are less expensive than metal caps and closures. Consumers are looking for user-friendly, easy-to-open, and convenient-to-use closures.

The food industry is a significant contributor to the market for caps and closures. Consumers are becoming more health-conscious, and the demand for healthy beverages is increasing. Rising personal incomes have made bottled water a more accessible convenience for individuals, which is a driving factor in the growth of the caps and closures market.

The 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 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.