The global caps and closures market is likely to experience remarkable growth over the assessment period. Much of the market’s expansion is attributed to the phenomenal rise in the popularity of the packaged beverages and food products worldwide.
Most of the demand for cap and closure in unit terms is meant for low-cost commodity types like metal crowns and plastic screw caps. The value growth of the global caps and closures market is projected to be stimulated by the rising utilization of better closure solutions in various packaging for beauty care and pharmaceuticals. Value gains of the global caps and closures market highly likely to fuelled by rising consumer preference for hassle-free yet highly secured closures.
Pact Group Holdings, Silgan Holdings, Closure Systems International, Plastics Corporation, Aptar Group, and Plastics Corporation are few of the renowned companies in the global caps and closures market.
A report on global caps and closures market has been prepared by Transparency Market Research (TMR), which predicts the market to register a growth rate of 5.2% CAGR during the assessment period, from 2015 to 2024. The global caps and closures market is estimated to reach value worth US$ 51.57 bn through 2024.
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Growing Popularity of Packaged Food and Beverage Products will Fuel North America Market
Latin America, Asia Pacific, Middle East and Africa, Europe, and North America comprise the major regions in the global caps and closures market.
North America his estimated to hold the position of one of the leading producers of the global caps and closures market during the period of assessment. Growing popularity for beverages like packaged juices, alcoholic drinks, and energy drinks are likely to accelerate the growth of the market in the next few years to come. In addition to that, caps and closures also find increased use in the pharmaceutical industry, which is likely to offer copious expansion opportunity of the caps and closures market in North America.
Augmented use of caps and closures in the pharmaceutical and beauty care products is projected to offer growth opportunities to the market in the Europe region. The market is likely to experience growth in Latin American, driven by Brazil over the period of review. Food and Beverage sector together with beauty care products will spearhead the growth of the caps and closures market in the region.
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Strict Government Regulations in the Pharmaceutical Industry to Accentuate Demand
Value and unit gains of the global caps and closures market in the pharmaceutical sector are triggered by the constant increase in the output of the pharmaceutical sector. Along with that, drug manufacturers need to comply with the rules and regulations related to seniors friendly, child friendly lay down by the government. Security features are of utmost importance in the packaging of various drugs. Growth of the global caps and closures market is aloes likely to be supported by the augmented utilization high-end dispensing closures. These closures facilitate in the delivery of topical, oral liquid and some selected medicines.
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Increased consumption of alcoholic drinks such as beer has across the globe is triggering demand in the alcoholic beverage market, which in turn is necessitating the use of caps and closures to secure the content. Metal screw closures and metal crowns for bottles are rapidly substituting corks that are found in the wine bottles. Therefore, the global caps and closures market are likely to get considerable value gains from this segment over the review period.
Furthermore, the non-alcoholic segment including products like carbonated soft drinks, bottled water are also likely to offer considerable growth opportunities for the caps and closures market. Growing preference over bottled water over carbonated drink is another trend that is projected to influence the market in the forthcoming years.
On the flip side, the entry of flexible packaging solutions is likely to adversely affect the expansion of the global caps and closures market over the assessment period. Notwithstanding, the market is expected to gather momentum form the increased investment in discovering new designs, materials, and technologies of caps and closures are likely to encourage growth of the market.
