Screw Closures Market Analysis: The Polypropylene Segment accounts for more than half of the Market Value Share in 2018
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.
Want to know the obstructions to your company’s growth in future? Request a brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=54375
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.
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.
Read TMR Research Methodology at https://www.transparencymarketresearch.com/methodology.html
Growth in Single-serve Beverages
Single-serve beverages are packaged along with hot fill process which increase the shelf life of the packaged contents are fueling the growth of the global screw closures market. Single serves and ready-to-drink coffee, which didn’t exist few years ago, comprise of more than 30% of the total coffee sold at the grocery stores are fueling the growth of the global screw closures market. Furthermore, technological developments & improvements in the hot-fill processing have become the prominent factor influencing the demand for the plastic screw closures.
Growing Aversion Towards Soda & Soft Drinks
The consumption of bottled water and ready-to-drink tea and coffee has increased significantly globally due to growing aversion towards soda. Sealing breaches could also be the limiting factor, as a screw closures not only seals the containers, but also protect the containers but also protects its contents from piracy and satisfies technical demands requested by the government and authorities. Furthermore, energy drinks, along with their labeling, packaging, and ingredients are regulated by the U.S. food and drug administration (FDA) which is a hindering factor for the screw closures market.
In the global screw closures market report, we have discussed individual strategies followed by the key players to sustain in the competition. A competition dashboard with significant key players is provided in the global screw closures market.
Key Developments in the Global Screw Closures Market
- In May 2016, it was stated that the company along with its sister companies Graham Packaging Co. and Evergreen Packaging Inc., would be combining into one consolidated global headquarters in Memphis, U.S.
- In June 2015, it unveiled its new one-piece closure ‘33-400 directional screw closures’ which featured a stay clean lid which opened wide and away from the dispensing spout.
Competitive Landscape of the Global Screw Closures Market
Key players which have been profiled in the global screw closures market report include Amcor Limited, Berry Global Inc., Aptar Group, RPC M&H Plastics Ltd, Silgan Plastic Closure Solutions, O. Berk Company, LLC, Closure Systems International, Inc., Bericap GmbH and Co KG, Global Closure Systems, Weener Plastics Group BV, Blackhawk Molding Co. Inc., CL Smith Company, Georg MENSHEN GmbH & Co. KG, Mold-Rite Plastics, LLC, Alpha Packaging, Inc., and Comar LLC.
Read TMR Research Methodology at https://www.transparencymarketresearch.com/methodology.html
Thriving Beverages Industry Fuels Demand Opportunities in Screw Closures Market
Screw closures refer to caps that are used to close a bottle or any other kind of packaging. This product is gathering immense popularity across beverage industry owing to various advantages it offers. Screw closures offer versatility and are available in various sizes and shapes. The companies engaged in the global screw closures market are using a wide range of materials including metal and plastics in the manufacturing of screw closures.
Screw closures are gaining traction owing to their feature of offering hassle-free closing and opening of containers used in food and beverages industry. In addition to this, these products are gathering impetus owing to their ability to provide advanced security and preventing wastage of products from the food and beverage industry. Thus, the global screw closures market is projected to gather prodigious demand avenues from the food and beverages industry across the globe.
In the recent period of past few years, the improved spending power of major population across the globe is resulted into considerable growth in demand for ready-to-drink beverages. This factor is generating lucrative avenues for vendors in the global screw closures market. This aside, screw closures are extensively used by companies manufacturing various personal care and household products. Apart from this, growing consumer preference toward the use of bottled water is likely to fuel the sales opportunities in the global screw closures market in the years to come.
The recent COVID-19 epidemic has resulted into slowing down the growth of overall industrial sectors across the globe. Owing to halted production activities in the food and beverages sector, the vendors in the global screw closures market are experiencing significant fall in demand. Many players in the market for screw closures are increasing focus on strategizing their business moves in order to tackle with the present critical situation due to outbreak of coronavirus.
Read Our Trending Press Release Below: https://www.prnewswire.com/news-releases/increasing-demand-from-semiconductors-to-invite-extensive-growth-for-epi-wafer-market-through-forecast-period-of-2020-2030-301177165.html
