22-Aug-2018 | Zion Market Research
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 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
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.
Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America are regional segments of the global plastic caps and closures market. The Asia Pacific held major revenue share in 2017 and is predicted to continue its regional superiority over the forecast period. The growth is accredited to the rising demand in the beverage industry for products such as alcoholic beverages, carbonated drinks, and others. This above factor is anticipated to further drive industry growth in the region over the forecast period. The Latin America region is expected to contribute to the highest growth rate. Growing disposable income in developed, as well as emerging economies coupled with the rising health consciousness, is the major driver for the plastic caps and closures market growth and development within the forecast timeline.
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.
This report segments the global plastic caps and closures market as follows:
Global Plastic Caps and Closures Market: Material Segment Analysis
Global Plastic Caps and Closures Market: Type Segment Analysis
Global Plastic Caps and Closures Market: End-User Segment Analysis
Global Plastic caps and closures Market: Regional Segment Analysis
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