Caps And Closures Market Size, Share & Trends Analysis Report By Material (Plastic, Metal), By Product (Dispensing Caps, Screw Closures, Crown Closures, Aerosol Closures), By Application, By Region, And Segment Forecasts, 2024 - 2030

Caps And Closures Market Size, Share & Trends Analysis Report By Material (Plastic, Metal), By Product (Dispensing Caps, Screw Closures, Crown Closures, Aerosol Closures), By Application, By Region, And Segment Forecasts, 2024 - 2030

Caps And Closures Market Growth & Trends

The global caps and closures market size is expected to reach USD 103.87 billion by 2030, expanding at a CAGR of 4.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth is expected to be driven by the growing emphasis on providing convenient dispensing and secure packaging sealing solutions among end-use industries such as food, beverage, industrial, healthcare, personal care, and home care.

According to the International Organisation of Vine and Wine, global wine exports in 2022 recorded the highest figures of USD 40.1 billion (EUR 37.6 billion). Although the overall volume of wine exported was low, the rise in prices due to global supply chain disruptions and the high inflation resulted in driving the prices of wine by 15% compared to that of 2021. The low volume wine production increases pressure on the wine manufacturers to maintain their product quality, thereby, fueling the demand for closures to seal the wine bottle to prevent unfavorable contact between the wine and oxygen.

Outbreaks of diseases affecting animals, such as canine distemper in dogs, feline panleukopenia in cats, and avian influenza in poultry, led to mass vaccination campaigns. These campaigns require large quantities of injectable vaccines, and consequently, are expected to drive the demand for medical stoppers.

Closure weight reduction is a recent trend observed among the market players since it helps reduce costs and increase competitiveness among market players. This is driving raw material suppliers to develop materials enabling plastic converters and brand owners to optimize their closures production costs, thereby providing positive market growth potential for the market. For instance, BorPure MB5568/9 HDPE resin developed by Borouge and Borealis AG ensures superior Environmental Stress Cracking Resistance (ESCR) in low volumes.

Global caps and closures manufacturers are adopting strategies such as mergers & acquisitions, expansions, joint ventures, and collaborations to increase their individual market share. For instance, in March 2023, AptarGroup, Inc. completed the acquisition of Bahrain-based closure manufacturer, Gulf Closures. This acquisition enables Aptar Group Inc. to utilize the Gulf Closures manufacturing expertise to serve the company’s existing customers in the Middle East and strengthen its presence in the region.

Caps And Closures Market Report Highlights

• he growing demand for bottled water due to the lack of necessary public water distribution systems in most of developing countries and water scarcity problem in most of the arid countries is expected to drive the market growth
• Rising consumption of packaged beverages globally is expected to drive the demand for caps and closures over the forecast period
• Volatility in raw material prices on account of the raw material supply disruptions due to geopolitical tensions such as the Russia & Ukraine war, political instability among some of the countries, and natural calamities are expected to restrain the market growth
• Screw closures are projected to be the fastest-growing segment in the products category of the market. Screw closures are priced lower compared to dispensing caps and are easy to be designed which drives its adoption in beverages, food, healthcare, home care, and healthcare products packaging. Furthermore, alcoholic beverage manufacturers shifting from cork stoppers to aluminum screw closures are expected to support market growth over the forecast period
• Asia Pacific emerged as the dominant region in 2023 and is expected to grow with the fastest growth rate over the forecast period in terms of revenue. The increasing disposable income, growing international tourism due to major sports events being hosted in the region, and the growing health awareness among the Asia Pacific population is expected to drive the demand for packaged food, beverages, and sports drinks, thereby fueling the market growth in the region

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