Global Plastic Caps And Closures Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
13 Aug, 2021
The plastic caps and closures market consists of sales of plastic caps and closure products by entities (organizations, sole traders, or partnerships) that are mainly produced from high-density polyethylene (HDPE) and polypropylene (PP). Plastic caps and closures are the final elements of the packaging process that are used in a variety of applications such as beverage packaging, non-food packaging, and cosmetic packaging.
Global Plastic Caps And Closures Market Size And Drivers:
The global plastic caps and closures market is expected to grow from $37.01 billion in 2020 to $39.74 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The growth in the plastic caps and closures market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $52.31 billion in 2025 at a CAGR of 7.1%. An increase in demand for bottled water from consumers across the globe is driving the plastic caps and closures market.
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Trends In The Global Plastic Caps And Closures Market
Key players operating in the plastics 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 September 2020, Borealis and MENSHEN, the leading players in plastic closures and packaging solutions have partnered on a series of ten package closures based on Borcycle, a progressive recycling technology that turns polyolefin-based waste streams into value-adding adaptable products. Borcycle is developed to make a variety of recycled polyolefins (rPO)-based compounds that are excellent for use in complex rigid packaging applications.
Global Plastic Caps And Closures Market Segments:
The global plastic caps and closures market is further segmented based on product type, materials, end user and geography.
By Product Type: Screw Caps, Dispensing Caps, Others
By Materials: Polypropylene, Polystyrene, Polyethylene, Others
By End-User: Pharmaceutical, Personal Care, Food And Beverages, Others
By Geography: The global plastic caps and closures market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the plastic caps and closures market in 2020.
Read More On The Report For The Global Plastic Caps And Closures Market At:https://www.thebusinessresearchcompany.com/report/plastic-caps-and-closures-global-market-report
Plastic Caps And Closures Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides plastic caps and closures market overviews, analyzes and forecasts market size and growth for the global plastic caps and closures market, plastic caps and closures market share, plastic caps and closures market players, plastic caps and closures market segments and geographies, plastic caps and closures market’s leading competitors’ revenues, profiles and market shares. The plastic caps and closures market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.