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Global Caps and Closures Market Analysis 2019 Forecasts to 2023

November 4, 2019 by Monica nerkar  

Global Caps & Closures Market, By Material (Plastic, Metal, and others), By Type (Caps, Closures, Corks, Stoppers, Cans, and others), By End-User (Food & Beverage, Pharmaceutical, Cosmetics, Automotive and Others) And Region - Forecast 2017-2023.

Caps & Closures had always been an integral part of packaging solutions, providing protection against spillage and damage of the product. With the technological intervention, they are also used to convey the exclusivity & luxury nature of the product, reflecting a brand’s image while establishing emotional connection with the consumer.

Caps & Closures offer a long lasting utility, longer shelf life without affectingthe quality of product, are recyclableand come in various sizes, shapes and designs. Attributing to all these advantages, Caps & Closures have garnered popularity and are exclusively preferred for packaging of Drinking Water, Food & Beverages, Personal Care/ beauty products, Alcoholic Beverages, chemicals and so on.  And hence, the Caps & Closures market is ever increasing.

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Acknowledging the growing traction the Caps & Closures market is enjoying globally; the Market Research Future has recently published a brilliant study report giving out the market insights up till 2023. In its analysis MRFR asserts that the global Caps & Closures market is expected to reach the market size of USD 65.12 billion by 2023, registering a CAGR of ~5.2% during the review period (2017 – 2023).

The global Caps & Closures market is predominantly driven by the food & beverages industry. Factors such as growing population & industrialization are also contributing to the market growth.  Improving economy worldwide, has allowed people to adopt quality life style increasing their purchasing power and affordability. This has prompted the growing utilization of quality products.  Trend of packaged food and drinking water backed by the modern & heady lifestyle coupled with the convenience Caps & Closures offer drive the Caps & Closures market growth globally.

On the other hand, factors such as volatility in the prices of raw materials coupled with the stringent regulations on packaging material waste and recycling are forecasted to pose challenges to the Caps & Closures market growth. However, growing preference and demand for the Caps & Closures from a various product manufacturers and consumers alike; are expected to fuel the market growth during the years to come. 

Global Caps & Closures Market   - Competitive Landscape

The competitive market of Caps & Closures appears to be fragmented with the matured & small key players along with the new entrants forming a competitive landscape. Through acquisition, strategic partnership, expansion, product/technology launch &collaboration, these players try to gain competitive advantage. Heavy investments are transpired in the R&D to develop a completely different technology compared to their competition.

Industry/Innovation/Related News:

April 16, 2018 - United Caps (Luxembourg) a leading caps and closure producer announced the acquisition of Embalatap (Spain) a notable closure manufacturer the acquisition will strengthen company’s  product portfolio, as Embalatap’s product range will now be marketed under the United Caps name.

April 10, 2018 – Bericap India Private Limited, a global manufacturer of plastic closures announced that it has started online promotion of its recently launched product ‘e-smoCap’ for e-liquids, targeting the fast-growing e-cigarette market. The company has also launched a YouTube video to promote the product’s consumer-friendly features. Childproof,  e-smoCap closure is made from recyclable polymers.

Global Caps & Closures Market- Segmentations

For the convenience of the report and enhanced understanding; MRFR analysis is segmented into 4 key dynamics.

By Materials :  Comprises Plastic Resins {polypropylene (PP) & polyethylene (PE) } and Metal among others

By Types :  Closures, Caps, Corks, and Stoppers, among others.

By End User Industries :  Pharmaceutical, Food & Beverage, Cosmetics, and Automotive among others.

By Regions :  North America, Europe, APAC and Rest of the World. 

Segment Plastic by Materials, is expected to be the fastest growing segment owing to the wide uptake of demand for the Light weighted & cost-effective capping solutions, especially from the F&B, pharmaceutical, and automotive industry.

Global Caps & Closures Market –Geographical Analysis

The Asia-Pacific market leads the global Caps & Closures market with the largest market share. The market is growing due the growing hygiene consciousness, a shift in preference to packaged food items, use of closures on popular container types. With the growing consumer goods manufacturing with the expanding production capacities in the region, the APAC is expected to retain its dominance during the forecast period.

While the North America market stand the second largest market for Caps & Closures, attributing to the augmenting penetration of end user industries especially, in the US. Continuing with the same growth trends the market will register the highest CAGR in the next six years.

Whereas the Europe market for Caps & Closures, emerging as the fastest growing market will account for a substantial market share in the next six years. The regional market growth attributes to the extensive demand for the Caps & Closures technologies.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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