Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Caps & Closures market.
Trusted Business Insights presents an updated and Latest Study on Caps & Closures Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Caps & Closures market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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The global caps & closures market size was USD 54.32 billion in 2018 is projected to reach USD 82.30 billion by 2026, exhibiting a CAGR of 5.52% during the forecast period.
We have updated the Caps & Closures Market with business impact analysis and disruption caused by COVID-19.
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Caps & closures can suit various requirements of a huge range of containers and products. This are designed to fit a specific type of bottle, container, or jar neck. Besides, the outer and interior material of caps and closure are designed and made up of such a material to suit the different contents. The current lifestyle requires lightweight products that are easy and handy to use, and thus this trend has led to lighter, smaller, and more convenient packaging. Knowing the importance of caps & closures, many players are coming forward to improve the properties of caps and closures. For instance, in February 2020, Amcor plc, a global packaging player, introduced a new proprietary system for the development of bespoke, dimensional, and recyclable closures. This new offering targets premium spirits and wine bottle brands and boasts tailored closure to elevate the design and to ensure the quality of products.
Demand for Lightweight products is expected to continue to be a key trend in the market
The lightweight packaging is a trend that is driving innovation throughout the value chain, as these products are one of the most important packaging components in the packaging market. A cap provides properties such as impact performance, stress crack and creeps resistance, sealability, and outstanding taste and odor restraining properties. High demand for carbonated soft drinks, packaged drinking water is expected to fuel the demand for this market. People are more attracted towards handy, lightweight, and corrosion resistance caps and closures, and this factor will subsequently aid the development of the market.
Advancement in technology and design to create new opportunities
The most important trend nowadays in the caps & closure market is it has moved from two-piece combination closure to one-piece closure, mostly for carbonated soft drinks and hot-fill applications. Moreover, the designs and models of caps and closures tend to change, to improve the properties, style, and strength. Hence, there is continuous advancement in modeling and simulation, which helps the mold maker and molders to evaluate different resins and different closure designs before prototypes are even made, saving valuable time and resources. Moreover, improvement in material process ability, mold and equipment design, automation, and in-line testing have a significant increase in production rates.
Increasing Demand from Asia Pacific to Drive Market
The growth for caps & closure market is driven by the increase in demand in the Asia Pacific region. In this region, there is a high demand from the end-use industries such as food & beverages, and pharmaceutical and others. Moreover, the increased focus on product quality, shelf life, and safety is driving the caps and closures market. The rising disposable income of the people and heavy urbanization is expected to boost the growth this market in the region. The urbanized population is continuously shifting towards the healthy and safe packaged food, mostly in the emerging economies such as China, Japan, and India. This has also changed the buying patterns by purchasing more packaged food owing to the increase in disposable income. Moreover, Asia Pacific is also expected to be the fastest-growing region due to the rising demand from the categories such as beer and alcoholic beverages as the cost of production is low in this region.
Increase in Demand for Beverages to Drive Market
Caps & closures have strong growth within the rigid plastic packaging market. The growth in caps & closure is driven by strong demand from sports closures and caps, pouch spouts, and other flat caps. Moreover, liquid food is also a large sector for the caps & closure market, and this segments demand is driven by the increased penetration of PET bottles in dairy, water, and juices applications. Also, plastic is growing as a substitute for glass packaging by plastic packaging such as preserves, sauces, soups, cooking oils, and juices is further increasing the demand for caps and closures. Moreover, ready to drink beverages such as tea, coffee, and other healthy alternatives will uplift the demand for beverages caps & closures.
Issues Related to Recycling of Caps & Closures to Restrict Market Growth
Strict environmental policies and legislation, and the increased restrictions on disposal of landfills are some of the major factors restricting the market for caps and closures. Moreover, the increasing plastic waste has led to stringent packaging regulations, which also included beverages, cosmetic, and consumer goods packaging. For instance, according to Plastic Industry Association, America used about 50 billion plastic water bottles in 2016, and the recycling was only 23%, signaling the need to focus on industry efforts to reduce plastic waste. Threats, including the environmental concerns to move away from single-use plastic and regulatory issues, are expected to restrain the market.
By Material Analysis
Plastic Segment to Dominate the Market during the Forecast Period
Based on the materials, the market is classified into plastic, metal, and others (rubber, cork, wood, etc.). Plastic caps and closures hold the largest share in the global caps & closures market. Plastic caps & closures have high mechanical strength, high stiffness, high resistance to wear and corrosion, and thus making it perfect material. Metal caps and closure holds a significant share in the global caps & closure market. Metals caps and closures, usually aluminum caps & closures are mostly used for glass containers, jars, and bottles as it provides high fit ability to glass than plastics. The manufacturers are also focusing on sustainable packaging. For instance, In August 2018, United Caps, an international manufacturer of caps and closures and Braskem, a petrochemical company based in Brazil, announced a new collaboration aiming to deliver Green bioplastic caps & closure made up of sugarcane. This new caps & closures will be an addition to the United Caps product portfolio.
By Application Analysis
Food & Beverages Industry Accounted for the Majority of the Market Share
By application, the market segments include food & beverage, pharmaceuticals, consumer goods, cosmetics & personal care products, and others. Food & beverages industry accounts for the significant share during the forecast period as caps & closures are widely used in industry for the bottleneck, jar neck, and containers. This are used to protect the product, enhance the safety, shelf life, reduce leakage, spoilage, and contamination in the food & beverage industry. Pharmaceutical holds a significant share in the global caps & closure market due to the increase in demand from the pharmaceutical packaging. The increase in pharmaceutical output also drives growth in pharmaceuticals. Besides government regulations, it is pushing the drug makers to develop caps and closures, which are senior-friendly, child resistant, and have enhanced security features.
The findings based on our research methodology indicate the Asia Pacific to hold the largest share in the global caps & closures market during the forecast period. The Asia Pacific leads the market owing to the large population and its demand in different industries such as pharmaceutical, food & beverages, and consumer goods. The Asia Pacific is experiencing large growth in these sectors due to the demand for beverages and also low production costs in this region as compared to other regions such as North America and Europe.
North America is expected to be the second dominant region in this market due to the demand for customers for conveniently packed products. Carbonated soft drinks are leading the North America closure market for the last ten years. However, people in this region are getting health conscious and shifting their focus on water, flavored drinks, and juices. This shift increased the sale of juices and healthy drinks, and this shift positively affected the caps & closure market.
Europe is expected to witness significant gains during the forecast timeframe. The market for caps and closures is quite matured and expected to show slow growth soon. Moreover, liquid food is the largest sector responsible for the growth of caps & closure in the European market. Manufacturers in Europe are focusing on investing in mass production of standardized products, for instance, screw-cap for PET bottles.
KEY INDUSTRY PLAYERS
In October 2019, SIG Combibloc Group Ltd., a system and solution provider of food & beverage packaging, launched its new combiMaxx closure, for customer convenience, while allowing customers to upgrade their packaging without investing majorly on the new sleeves. The company said that combiMaxx closure would offer customers easy handling, spill-free horizontal, and vertical storage.
List of Key Companies Profiled:
- Closure Systems International, Inc.
- Silgan Closures GmbH
- Crown Holdings
- Pact Group Holdings
- Berry Plastics Corporation
- Alpha Packaging
- Amcor plc
- Guala Closures S.p.A.
- Berlin Packaging
- AptarGroup, Inc
- SIG Combibloc Group Ltd.
KEY INDUSTRY DEVELOPMENTS:
May 2019 â€“ TriMas Corporation, a diversified manufacturer of engineered products, based in the U.S., acquired Taplas, a dispenser and closure and container manufacturer based in Italy. This acquisition will enhance the product portfolio of the company and will accelerate the opportunities for the global growth for the packaging business of TriMas Corporation.
April 2018 – Â UNITED CAPS, a manufacturer, announced the acquisition of Embalatap, a manufacturer of caps & closure based in Spain. The acquisition was made to extend the product portfolio, mostly for the edible oils typically used in the Southern European market.
Key Players to Uphold their Market Position Across Different Caps & Closures related Areas
Major players operating in the industry are adopting strategies such as strategic partnerships, new product launch & development, mergers & acquisitions, and agreements to enhance their market share and presence. Also, to build competitiveness, companies are increasing existing product offerings.
Although, the majority of market share is consolidated among large scale and medium scale regional manufacturers. Most of the manufacturers are investing in product and technology innovation to gain core competency within domestic and international markets.
The caps & closures market report offers qualitative and quantitative insights and the detailed analysis of market size & growth rate for all possible segments in the market.
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Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoptionÂ of caps & closures market trends by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porters five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
REPORT SCOPE AND SEGMENTATION
- Food & Beverages
- Consumer Goods
- Cosmetics & Personal Care Products
- North America (U.S. and Canada)
- Europe (Germany, UK, France, Italy, Spain and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (GCC, South Africa, and Rest of the Middle East & Africa)
Quick Read Table of Contents of this Report @ Caps & Closures Market Size, Share & Industry Analysis, By Material (Plastic, Metal, and Others), and By Application (Food & Beverage, Pharmaceuticals, Consumer Goods, Cosmetics & Personal Care Products and Others) and Regional Forecast, 2020-2029-(Includes Business Impact of COVID-19)
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