Global Caps & Closures Market Analysis 2022
The Global Caps & Closures Market is expected to reach $119.77 billion by 2028 growing at a CAGR of 7.6% from 2021 to 2028. Caps and closures made from plastic, metal, and other materials are closing systems used in bottles, jars, containers, cartons, and other packaging formats for sealing and packaging applications. It serves the main purpose of keeping the container sealed and the contents safe for the designated shelf life. It also works as a barrier against dirt, moisture, and oxygen, and it keeps the items from being opened abruptly. Caps and closures are primarily utilized in the packaging industry to protect commodities and increase shelf life.
Factors such as rising demand from end-use industries, product differentiation & branding and decreasing pack sizes are driving the growth of the market. However, innovation and new substitutes are restraining the growth of the market.
Based on raw material, the plastic segment is going to have a lucrative growth during the forecast period which can be attributed to the high mechanical strength, high stiffness, high resistance to wear and corrosion, and thus making it a perfect material. Plastic material poses environmental concerns due to lower degradability as well as CO2 emissions taking place during its production.
The key vendors mentioned are Alpha Packaging, Amcor plc, AptarGroup, Inc, Berlin Packaging, Berry Plastics Corporation, Closure Systems International, Inc., Crown Holdings, Guala Closures S.p.A., Pact Group Holdings, SABIC, SIG Combibloc Group Ltd. and Silgan Closures GmbH.
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