Global Cap Applicators Market: Snapshot
The global market for cap applicators is significantly influenced by the recent technological advancements observed in the packaging machinery market. Increasing adoption of automation capabilities in capping machines are directing the packaging industry towards a much more profitable and efficacious future. The demand for such highly effective capping machines is rising on the backdrop of the flourishing food and beverages industry, which contains a large variety of products and packages which often requires new packaging equipment.
Transparency Market Research estimates that the global cap applicators market will be valued at US$1,133.8 mn by 2016 and rise to US$1,866.7 mn by 2024, representing an incremental opportunity of US$732.8 mn between 2016 and 2024. This translates to a healthy CAGR of 6.4% from 2016 to 2024. In terms of volume, the market is expected to expand at a CAGR of 5.5% over the said period.
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Automatic Cap Applicators to Surpass Hand-held and Semi-automated Capping Equipment by Demand
Of the key varieties of capping machines available in the global market, including automatic, semi-automatic, and hand-held, the automatic variety is currently the most preferred and is expected to continue accounting for the leading share in market’s overall revenues throughout the forecast period as well. The segment is expected to account for a more than 87% of the global market by 2024, witnessing a 1.7 times increase in its revenue share in the global market from 2016 to 2024.
The segments of semi-automatic and hand-held capping machines are expected to lose a sizeable share in the market to automatic capping machines by the end of the forecast period. The vast usage of automatic capping machine in manufacturing sectors across the developed economies of Europe and North America are expected to support this transition. Furthermore, developing countries such as China and India are constantly adopting government regulations focused on prevention of contamination across the manufacturing sector, which are expected to up the adoption of automatic capping machines.
Asia Pacific to Continue Being Dominant Revenue Contributor
In terms of geography, the Asia Pacific market for cap applicators is expected to be the most promising regional market in terms of incremental opportunities for high revenue generation in the future years. The region is estimated to emerge as the dominant segment contributing to the global market revenue, with a share of 34.6% in the global market in 2016, followed by Europe and North America. The relatively mature cap applicator markets such as Europe and North America are highly regulated and are likely to develop an approximately 6.1% higher demand for cap applicators in 2016 than the previous year. Latin America and Middle East are estimated to collectively represent slightly over 12% of global cap applicators market in 2016.
The Asia Pacific cap applicators market is expected to surpass all other regional markets, exhibiting a CAGR of over 6.6% between 2016 and 2024. Over the next half of decade, Asia Pacific region is expected to provide immense opportunities for packaging machinery manufacturers on the backdrop of supportive organizational changes in the food and beverages and pharmaceutical sectors. The Asia Pacific market is also expected to witness significant development of many packaging institutions and companies planning to set up their manufacturing facilities in the region to gain economies of scale.
Furthermore, high demand for broad range of packaged products, driven significantly by rising disposable incomes, is expected to propel the Asia Pacific cap applicators market over the forecast period. This trend is highly impactful in countries such as India and China, wherein the population witnessed 4% to 5% growth in disposable incomes between 2010 and 2015.
The key participants in the global cap applicators market are Tetra Pak, Krones Ag, Crowns Holdings Inc., Bosch Packaging Technology, Closure System International, Tecnocap Group, Federal Mfg. Co., E-PAK Machinery, Inc., Karmelle Liquid Filling & Capping Solutions Limited, and Accutek Packaging Equipment Companies, Inc.
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Thriving Food and Beverages Sector Fuels Expansion of Cap Applicators Market
Cap applicators refer to closing equipment that are widely employed for sealing a wide range of packages including bottles and other containers. Depending on various closures with different sizes and designs, there are wide range of cap applicators available in the market. Generally, cap applicators are utilized for sealing of bottles that comprise liquid or dairy products. Thus, the global cap applicators market is gaining prodigious demand opportunities from dairy industry across the globe.
Cap applicators are extensively used by companies engaged in the pharmaceuticals, food and beverage, consumer products, and personal care products. Apart from this, they also used in many end-use industries such as chemicals and automotive fluids. Cap applicators are gaining traction across food and beverages industry as they help in maintaining the freshness of products until they are opened. The government bodies in many developing regions are introducing stringent regulations related to prevention of contamination in manufacturing industries. As a result, there is remarkable growth in demand for cap applicators from all these regions.
Depending on nature of operation, there are three types of capping equipment available in the global cap applicators market, namely, automatic capping machines, handheld capping machines, and semi-automatic capping machines. Several companies engaged in the global cap applicators market is growing efforts to advance the quality of the products they provide. As a result, they are increasing focus on research and development activities.
The recent COVID-19 pandemic has slowed down the overall economic growth of the globe. The companies engaged in the various manufacturing sectors are experiencing noteworthy drop in their sales. This scenario is showing adverse impact on the revenues of the cap applicators market. This aside, the companies engaged in the cap applicators market are facing issues related to production and trading activities. To deal with this issue, many industry leaders are growing focus toward strategizing their business moves and regain their regular activities.
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