As per a recent market analysis by Future Market Insights (FMI), the global caps and closures market is anticipated to reach US$ 81.6 Bn in 2021. With a favorable demand outlook from the food & beverage and pharmaceutical industries, the market is projected to grow at a 5.6% CAGR through 2031.
Caps and closures made from plastic and metal are widely adopted in the packaging industry for closing and sealing a wide range of packaging formats such as bottles, jars, containers, and cartons. Attractive shelf-appeal, user friendly design and easy accessibility are key factors boosting sales of caps and closures.
FMI forecasts sales of caps and closures to gain traction on the back of their predominant use in both industrial and non-industrial sectors. Owing to surging demand, manufacturers operating in the global caps and closures market are offering innovative designs such as child resistant caps to gain a competitive edge in the market.
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Growing preference towards lightweight and convenient packaging solutions is further anticipated to provide tailwinds to caps and closures sales. Improvements in formats such as screw closures and tethered caps will continue fostering sales of the same over the forecast period.
Besides this, consistent development of pharmaceutical products and personal care products is propelling demand for caps and closures. Catering to high demand, manufacturers are investing in strategic collaborations, mergers, and acquisitions to expand their production facilities and product portfolios.
As per FMI’s in-depth regional analysis, the U.S. is anticipated to dominate the North American caps and closures market. Growth can be attributed to the presence of key market players, coupled with increasing per capita expenditure on food & beverages and pharmaceuticals in the country.
“Customized solutions aligned with end-use requirements offered by market players, along with intensive research and development to launch sustainable packaging solutions will continue augmenting the global caps and closures market growth through 2031,” says the FMI analyst.
- By product type, the screw closures segment is projected to hold 51% of the total caps and closures sales.
- In terms of material type, plastic will emerge as the most-preferred material, growing at a 5.7% CAGR.
- By end-use, the food & beverage segment is estimated to remain the major revenue contributor in the global caps and closures market. The segment is projected to offer an incremental opportunity of US$ 35.2 Bn during the assessment period.
- The U.S. will continue witnessing high demand for caps and closures, with sales increasing at a 3.5% CAGR through 2031.
- Germany will lead the European caps and closures market, holding 16% of the total sales in Europe.
- India will emerge as an attractive market, accounting for nearly 23% of the APAC caps and closures market.
- The Japanese caps and closures market is projected to grow at a 6.8% CAGR.
Crown Holdings Inc, BERICAP Holding GmbH, Guala Closures S.p.A, Closure Systems International, Inc are the top players operating in the caps and closures market. Furthermore, Amcor Plc, Silgan Plastic Closure Solutions, Aptar Group, UNITED CAPS, Nippon Closures Co., Ltd. are also the noticeable players in the caps and closures market. The Tier 3 players in the market hold 85-95% in the global caps and closures market. In conclusion, key players contribute almost 05-15% of the global market. For instance in 2021, Berry Global Inc. one of the leading packaging and caps and closure manufacturer has introduced lightweight plastic caps through the reduction in overall plastic usage.
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More Insights into the Global Caps and Closures Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global caps and closures market, analyzing historical demand from 2015-2020 and forecast statistics for 2021-2031. The study reveals growth projections on the caps and closures market on the basis of product (screw closures, snap closures, push-pull closures, tethered caps and others), production process (injection molding, compression molding and others (blow molding, and more), material (plastic, metal, aluminium and others) and end use (food & beverage, consumer goods, personal and homecare, pharmaceuticals and others) across five regions.
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