According to Transparency Market Research’s latest market report titled “Screw Closures Market: Global Industry Analysis, 2013 – 2017 and Opportunity Assessment, 2018 – 2027. The screw closures market stood at US$ 27,489.5 Mn in 2018 and is forecast to register a CAGR of 5.0 % during 2018 – 2027. The screw closures market is estimated to be valued at US$ 42,469.9 Mn by the end of the forecast period.
Global Beverage Industry Market Growth
Screw closures are most prominent type of caps & closures used in the beverage industry. The hassle-free opening and closing, along with the improved security to prevent product wastage makes them ideal for use in the food & beverage industry. Hence, the growth of the screw closures market closely depends upon the development of the beverage industry. The ready-to-drink market is expected to witness an impressive growth in the overall screw closures market during the forecast period, which can increase the need of high-end screw closures. The food industry also accounts for a significant market share of the global screw closures market.
Pump Pressure Caps are Restraining the Growth of Global Screw Closures Market
Screw closures feature a tamper-evident flip top nozzle design that eliminates the drip mess and prevents cloging. Pump pressure caps & closures are also becoming popular among the personal care & cosmetics industry. These offer extra security and proper dispensing capability as compared to screw closures. 24–34 mm neck diameter pump pressure caps are replacing screw closures in packaging for face wash, shampoo, hand wash, hair oil, body care, and others. Their popularity can be a major restraint in the growth of the screw closures market.
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Drivers and Restraints of the Global Screw Closures Market
High Demand for Screw Closures
The global demand for screw closures is continuously increasing due to the rise in the consumption levels of various personal care, food & beverage, and household goods. The growth of the screw closures market is primarily driven by the increased consumer spending on the convenience products. As the demand for these products grows, the demand for PET bottles and liquid cartons will also grow and will subsequently boost the growth of the global screw closures market in the region. Also, the growth in the beverage end-use industry is expected to further drive the growth of the global screw closures market. The penetration of bottled water is increasing at a good CAGR value globally due to the changing consumer habits towards more hygienic drinking habits. This has led to an increase in demand for screw closures.
To estimate the market size of screw closures in terms of value and volume, the revenue generated by key manufacturers of screw closures, and their corresponding production capacity has been taken into consideration. As an initialization of the study, the current market size of screw closures was estimated, along with the historical growth in market size of screw closures.
This formed the basis of how the screw closures market is expected to shape up in the future. The screw closures market was assessed by a three-pronged approach– by tracking the supply side, downstream industry, and the economic envelope. In addition, it should be noted that in an ever-fluctuating global economy, TMR not only conducts forecasts in terms of CAGR, but also analyses the market based on key parameters, such as year-on-year (Y-o-Y) growth rates, to understand the predictability of the screw closures market and identify the right opportunities across it.
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The screw closures market has also been assessed on the basis of segment-wise Y-o-Y growth rates. This detailed level of information is important for identifying the key trends in the screw closures market. Another key feature of the global screw closures market report is the analysis of the market in terms of absolute dollar opportunity. Absolute dollar opportunity is critical for evaluating the scope of opportunity that a provider can look to achieve, as well as to identify potential resources from a delivery perspective of the screw closures market. The overall absolute dollar opportunity along with the segmental split is mentioned in the report.
In the final section of the global screw closures market report, a detailed competitive dashboard has been provided to give a detailed overview of the key manufacturers of screw closures. It is intended to represent a comparative analysis based on the segment-wide revenues of the manufacturers along with their product portfolios, key strategies, and market presence. Report audiences can gain segment-specific manufacturer insights to identify and evaluate key competitors based on the in-depth assessment of their capabilities and success in the screw closures marketplace. A list of key participants in the screw closures market, including suppliers and distributors is provided in the screw closures market report.