MarketsandMarkets projects that the caps & closures market size will grow from USD 49.78 Billion in 2015 to USD 68.71 Billion by 2021, at a CAGR of 5.62%. The demand for the market is supported by increasing demand in Asia-Pacific and wide application in diverse industries.
The global market for caps and closures is dominated by players such as RPC Group Plc (U.K.), Reynolds Group Holdings Limited (New Zealand), Crown Holdings Inc. (U.S.), Amcor Limited (Australia), Rexam PLC (U.K.), Berry Plastics Corporation (U.S.), Silgan Holdings Inc. (U.S.), AptarGroup Inc. (U.S.), Guala Closures Group (Italy), and BERICAP GmbH Co. & KG (Germany). These players have adopted various strategies to expand their global presence and increase their market share. New product developments, acquisitions, agreements, joint ventures, and strategic alliances and expansions are the major strategies adopted by the market players to achieve growth in the market.
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The growth of the caps & closures market was largely influenced by new product development in the past 6 years. A large number of developments such as new product development, acquisitions, agreements, joint ventures & strategic alliances, and expansions were made by top players in the market in 2014. New product development was the major strategy adopted by most of the players in the caps & closures market. Companies such as Reynolds Group Holdings Limited (New Zealand), Crown Holdings Inc. (U.S.), AptarGroup Inc. (U.S.), Guala Closures Group (Italy), and BERICAP GmbH Co. & KG (Germany) adopted this strategy to strengthen their product portfolio and to gain a competitive advantage.
Also, the year 2011 saw a lot of acquisitions by key players to increase their geographic presence and expand their product portfolio to untapped markets. During this period, Berry Plastics Corporation (U.S.) acquired Rexam’s Speciality and Beverage Closures (Rexam SBC) (U.K.). The company is a dominant global manufacturer of closures. This acquisition helped Berry Plastics to find new routes in the existing closure business and increase the overall potential of closures segment. Silgan Holdings (U.S.) acquired DGS SA (Poland), a company producing closures for preserves and juices. This acquisition will help Silgan to emerge in the European and Russian regions. AptarGroup Inc. (U.S.) acquired TKH Plastics Pvt. Ltd. (India), a manufacturer of dispensing closures. This strategic deal will help AptarGroup to expand its presence in India. Guala Closures Group (Italy) purchased 70% stake in DGS (Poland), an aluminum closures manufacturer for beverage applications. This acquisition will help the company to expand its business in wines and spirits closure market.
RPC Group Plc is one of the global leading producers of rigid plastics packaging. The group was formed after the management buyout of five U.K.-based plastic packaging companies. RPC Group Plc provides a wide array of caps & closures covering market end-applications such as food, personal care, vitamins, automotive, household, and industrial chemicals. The company produces closures with a diameter ranging from 28 mm to 110 mm, made from various materials such as polypropylene, (PP), low-density polyethylene (LDPE), and high-density polyethylene (HDPE). In March 2013, the company acquired Global Closure Systems Group (France) after the receipt of the anti-trust clearances. This will further strengthen RPC’s European platform in rigid plastic packaging with an extensive range of highly complementary closures and dispensing solutions.
Crown Holdings Inc. is a leading supplier of packaging products to the consumer marketing companies. The company operates in various segments such as aerosol, beverage, food, specialty packaging, and metal closures. It is largely into metal and composite types of closures and ends. The company adopted new product development as one of its key strategy to gain market share. In July 2011, the company launched Ideal Closure that is used for hot fills, beverages, coffee, and tea. The new product comprises of metal and plastic and delivers superior barrier performance, smooth opening, and is easily recyclable. Further, in March 2013, it launched a closure 360 End, for Helles Golden Lager, a product of Sly Fox Brewing Co. (U.S.). Its specialty is that it can be entirely removed from the can converting it into a drinking vessel.
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