Caps & Closures Market

Caps & Closures Market

Growth Factors of Caps & Closures Market

The caps & closures market size was valued at USD 73.49 billion in 2023, and the market is now projected to grow from USD 77.45 billion in 2024 to USD 125.10 billion by 2032, exhibiting a CAGR of 6.18% during the forecast period of 2023-2032.

The COVID-19 pandemic had a detrimental impact on the market due to halted production unit and supply chain, closure of projects and temporary shutdown of industries. Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the caps & closures market. The closing of retail locations resulted in a decline in the demand for caps and closures. Sales in the end-use sectors, like food and beverage and personal care, decreased. But once lockdowns became more common, there is a growing need for unique and imaginative packaging solutions, which is opening up profitable potential for the industry.

Features like durability and light weight boost demand and accelerate caps & closures market growth. Market expansion is driven by a rise in demand for packaged food and beverages as urbanization increases. Growing urbanization is closely correlated with an increase in the need for caps and closures. Convenient and portable food and beverage packaging options are more popular among urban customers. Due to the many advantages lightweight caps and closures provide to both producers and customers, there is a growing demand for them on the market. Plastic closures provide producers with a flexible option appropriate for a range of sectors. They can drastically lower manufacturing costs and are expected to stimulate the market because they need fewer resources and are less expensive to make and ship.

Using recyclable or biodegradable plastics and the expanding sustainability trend promoting caps & closures market growth during projected period. An increased emphasis on environmentally friendly and sustainable packaging options is a result of growing worries about environmental risks. They can be recycled along with other garbage from the home or business. All things considered, environmentally friendly caps and closures have several advantages, such as less of an influence on the environment, more brand recognition, and higher customer loyalty.The growing need for convenient packaging alternatives and environmentally friendly packaging is driving the global market. The most often utilized kind of caps and closures are made of plastic because of their affordability, robustness, and convenience of use. Over the course of the projection period, the growing sustainability trend will present profitable chances for market expansion.

Comprehensive Analysis of Caps & Closures Market

The caps & closures market and packaging industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by material, by product type and by end users. The material segmentations include, Plastic, Metal, and Others, and by Product Type segmentations include Push/Pull Caps, Screw Caps, Tethered Caps, and Others. However, by End Use Industry segmentations include Food & Beverages, Personal Care & Cosmetics, Pharmaceutical, Consumer Goods, and others.

The Asia Pacific region lead the caps & closures market with a market size of USD 25.95 billion in 2023 due to an increase in the population, the number of small enterprises offering bespoke packaging, and the demand from the cosmetics industry.

The top players in the market play a crucial role in the packaging industry assuring industrial prospectus growth and setting market standards. These players include, BERICAP Holding GmbH (Germany), Guala Closures S.p.A (Italy), Closure Systems International, Inc. (U.S.), Amcor Plc (Australia), Silgan Holdings Inc. (U.S.), Aptar Group (U.S.), UNITED CAPS (Luxembourg), Nippon Closures Co., Ltd. (Japan), Mold-Rite Plastics, LLC (U.S.), O.Berk Company, LLC (U.S.), Pelliconi & C. Spa. (Italy), Weener Plastics (Netherlands), Blackhawk Molding Co. Inc. (U.S.), C. L. Smith Company (U.S.), Elmoris, Jsc (U.S.) these market players provide a level-playing competitive landscape.

In January 2023, APF FuturityTM, the first metal-free, highly recyclable multidose nasal spray pump designed to administer nasal saline and other similar over the counter (OTC) treatments, was introduced by Aptar Pharma, a division of AptarGroup, Inc.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 6.18% from 2024-2032

Unit Value (USD Billion) & Volume (Billion Units)

Segmentation By Material

• Plastic
• Metal
• Others

By Product Type

• Tethered Caps
• Push/Pull Caps
• Screw Caps
• Others

By End-use Industry

• Food & Beverages
• Pharmaceutical
• Consumer Goods
• Personal Care & Cosmetics
• Others

By Region

• North America (By Material, By Product Type, By End Use Industry, and Country)
• U.S. (By Product Type)
• Canada (By Product Type)
• Europe (By Material, By Product Type, By End Use Industry, and Country)
• Germany (By Product Type)
• France (By Product Type)
• U.K. (By Product Type)
• Italy (By Product Type)
• Spain (By Product Type)
• Russia (By Product Type)
• Rest of Europe (By Product Type)
• Asia Pacific (By Material, By Product Type, By End Use Industry, and Country)
• China (By Product Type)
• India (By Product Type)
• Japan (By Product Type)
• Australia (By Product Type)
• Southeast Asia (By Product Type)
• Rest of Asia Pacific (By Product Type)
• Latin America (By Material, By Product Type, By End Use Industry, and Country)
• Brazil (By Product Type)
• Mexico (By Product Type)
• Rest of Latin America (By Product Type)
• Middle East & Africa (By Material, By Product Type, By End Use Industry, and Country)
• GCC (By Product Type)
• South Africa (By Product Type)
• Rest of the Middle East & Africa (By Product Type)

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