Plastic Caps And Closures Market to Reach USD 55.22 Billion by 2024, Globally: Zion Market Research

by | Sep 4, 2018 | Globe Newswire

According to the report, global plastic caps and closures market was valued at approximately USD 38.96 billion in 2017 and is expected to generate revenue of around USD 55.22 billion by the end of 2024, growing at a CAGR of around 5.11% between 2018 and 2024.

New York, NY, Sept. 04, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Plastic Caps and Closures Market by Material (PET, PP, and HDPE), by End-user (Food, Pharmaceuticals, Household Cosmetics & Personal Care, and Others), and by Type (Screw Caps, Dispensing Caps, and Closures): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global plastic caps and closures market was valued at approximately USD 38.96 billion in 2017 and is expected to generate revenue of around USD 55.22 billion by the end of 2024, growing at a CAGR of around 5.11% between 2018 and 2024. 
  
The swift technological development and continuous improvement in the product have led to the upsurge in the packaging industry across the globe. With the help of these technological upgradations, the demand for plastic closures and caps is rising day to day. In addition, these plastic caps and closures act as a perfect substitute for glass bottles and containers due to the fragility and brittleness of glass products. Moreover, these plastic products are easy to transport over long distances. Increased consumption of food owing to the growing population, particularly in the developing countries also contributes to the growth of the market since the demand for packaged food items is growing which has a longer shelf life. Many organizations are significantly investing their capital in research and development in order to come up with the exclusive and economical product packaging to meet the consumer needs. The food and beverage and pharmaceutical industries in the developing nations will provide growth opportunities to the current market. Also, the rising concerns for food and safety among the population is also a driver influencing the growth of the market. Such factors are expected to drive the plastic caps and closures market growth over the forecast period. 

Browse through 72 Tables & 22 Figures spread over 110 Pages and in-depth TOC on “Global Plastic Caps and Closures Market: Industry Size, Share, Trends, Growth Analysis, and Forecast, 2017 – 2024”.

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The plastic caps and closures market is segmented on the basis of material into PET, HDPE, and PP. PET segment held major revenue share in 2017. The growth is attributed to its large usage in the food and beverage industry. PET bottles are used in packaging of water, aerated drinks, carbonated drinks, and alcoholic beverages.

Based on the type, plastic caps and closures market has been categorized into screw caps, dispensing caps, and closures. Screw caps segment contributed a noteworthy revenue share in 2017. The growth is anticipated due to its extensive usage in various end-user industries. 

Based on end-user, the plastic caps and closures market has been categorized into pharmaceutical, food, household & personal care, and others. The food segment contributed a noteworthy revenue share in 2017. The growth is anticipated due to rise in convenience packaging. Regulatory bodies such as the FDA (Food and Drug Administration) have formulated stringent rules and regulations regarding food safety because of the growing health concerns among the consumers.   

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European plastic caps and closures market is growing at a good rate. The rising demand for value-added and premium plastic caps & closures are driving the market growth. Brand owners in this region are looking to improve product differentiation, aesthetics, and functionality with the help of packaging.  

The Asia Pacific plastic caps and closures market held the majority of the market shares in 2017. The growth of this regional market is attributed due to the rising demand of the beverage industry for products such as alcoholic beverages, carbonated drinks, and others. In addition, consumers in developing countries are becoming more health conscious. Thus, the demand for healthy food is rising. This is contributing to the healthy growth of the plastic caps and closures market. Such factors are expected to drive the plastic caps and closures market growth over the forecast period.

Browse the full “Plastic Caps and Closures Market by Material (PET, PP, and HDPE), by End-user (Food, Pharmaceuticals, Household Cosmetics & Personal Care, and Others), and by Type (Screw Caps, Dispensing Caps, and Closures): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024” report at https://www.zionmarketresearch.com/report/plastic-caps-and-closures-market

Latin America plastic caps and closures market accounted for an important growth rate during the forecast timeframe. The growth is accredited due to lifestyle-related change in the region. Moreover, there is a rise in per capita income of the middle-class people in the region. Such factors are expected to drive the industry growth in the Latin America over the forecast period.

Some of the industry players operating in the plastic caps and closures market include Phoenix Closures, Inc., Global Closure Systems, Amcor Limited, J.L. CLARK Silgan Holdings Inc., Comar LLC, AptarGroup, Alcoa Corporation, TriMas, BERICAP GmbH & Co. KG, Guala Closures Group, and others. 

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This report segments the global plastic caps and closures market as follows:

Global Plastic Caps and Closures Market: Material Segment Analysis

  • PET
  • PP
  • HDPE

Global Plastic Caps and Closures Market: Type Segment Analysis

  • Screw Caps
  • Dispensing Caps
  • Closures

Global Plastic Caps and Closures Market: End-User Segment Analysis

  • Food
  • Pharmaceuticals
  • Household Cosmetics & Personal Care
  • Others  

Global Plastic caps and closures Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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