The plastic caps and closures market has experienced robust growth, increasing from $46.92 billion in 2023 to $50.23 billion in 2024, reflecting a CAGR of 7.1%. This growth is driven by competition and consumer preferences for innovative designs. By 2028, the market is projected to reach $66.84 billion, with a CAGR of 7.4%. Key factors include the demand for packaged products and sustainability, while notable trends involve regulatory compliance and convenience-driven solutions.
Major Driver In The Plastic Caps And Closures Market
The plastic caps and closures market is witnessing growth propelled by increasing global demand for bottled water. Bottled water, packaged in plastic or glass containers, relies on plastic caps and closures for spill prevention, easy transport, and extended shelf life. According to the International Bottled Water Association in May 2023, Americans consumed a substantial volume of bottled water in 2022, amounting to 46.5 gallons per person and contributing to a market value approaching $46 billion. This upward trend in consumption is expected to persist, driving demand for plastic caps and closures in the forecast period, reflecting anticipated market sizes for 2023, 2024, and 2028.
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Plastic Caps And Closures Market Competitive Landscape
Berry Global Inc., Amcor plc, Crown Holdings Inc., Silgan Holdings Inc., AptarGroup Inc., Berlin Packaging LLC, Albea SA, BERICAP GmbH & Co KG, Closure Systems International Inc., CL Smith Company, O.Berk Company, TricorBraun Ltd., Pretium Packaging LLC, United Caps Luxembourg S.A., Mold-Tek Packaging Ltd., Phoenix Closure Inc., Mold-Rite Plastics LLC., United States Plastic Corp, Tim Plastics Inc., Kaufman Container, Pano Cap Limited, Blackhawk Molding Co Inc., Comar LLC., MJS Packaging Services Ltd., Plastic Closures Ltd., Caps & Closures Pty Ltd., Weatherchem Corporation, Guala Closures Group India Pvt Ltd., Cap & Seal Pvt Ltd., Hicap Closures Co Ltd., All American Containers Inc., Alpha Packaging Pvt Ltd., CKS Packaging Inc.
Key Plastic Caps And Closures Market Trend
Key players operating in the plastic caps and closures market are focusing on developing and launching innovative products to meet the sustainability targets set by governing bodies across the globe. For instance, in October 2023, Berry Global, a US-based packing company, introduced a new lightweight tube closure solution called the Slimline range, which is designed to provide modern design and material versatility while reducing greenhouse gas emissions compared to traditional caps. The closures are available in 35mm and 50mm diameters, each in matte and glossy surface finishes, and with 3mm and 5mm orifices.
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Plastic Caps And Closures Market Segmentation
The plastic caps and closures market covered in this report is segmented –
1) By Product Type: Screw Caps, Dispensing Caps, Other Product Types
2) By Materials: Polypropylene, Polystyrene, Polyethylene, Other Materials
3) By End-User: Pharmaceutical, Personal Care, Food And Beverages, Other End-Users
By Geography:The regions covered in the plastic caps and closures market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the plastic caps and closures market in 2023.
The Plastic Caps And Closures Global Market Report 2024 furnishes information about the global plastic caps and closures market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
