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Plastic Caps & Closures Market Expanding To Reach US$ 61 Bn By 2029 | Insights By Application, Growth & Demand Forecast
As per FMI estimates, the plastic caps & closures market is anticipated to create an incremental opportunity of US$ 18 Bn by the end of 2029.
The highly recyclable and convenient packaging perspective, as well as its rising applications in food and beverage packaging, bode well for future demand and market growth for plastic caps and closures. Furthermore, as consumers turn their focus to simple packaging options, demand for plastic caps and closures is expected to expand. Based on the combined effects of all of these variables, the global plastic caps and closures market is expected to grow by US$ 18 billion over the forecast period.
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The plastic caps & closures market totaled to US$ 41 Bn by market value in 2021, according to FMI. The overall plastic caps & closures market is likely to expand 1.4x the current market value by the end of 2029.
Leading as well as small-scale manufacturers in the worldwide plastic caps and closures market are focused on changing end-user industry needs and manufacturing accordingly. To expand their business reach and strengthen their market position, leading players in the plastic caps and closures market are pursuing market strategies such as product portfolio expansions and mergers and acquisitions.
Top Key Players Covered –Berry Global, Inc., Amcor plc, Silgan Plastics, Aptar, Inc., O.Berk Company, LLC, Bericap GmbH & Co KG, UNITED CAPS, CL Smith Company, Closure Systems International, Inc., BLACKHAWK MOLDING CO., Inc., Georg MENSHEN GmbH & Co. KG, Mold-Rite Plastic, LLC, Plasticap Inc.,, Guala Closures S.p.A, Weener Plastik GmbH.
Looking at the growth of food & beverages industry across developing Asian economies and the subsequent rise in demand for convenient packaging formats, manufacturers of plastics caps & closures are most likely to spot profits in Asia Pacific (excluding Japan).
Key Takeaways – Plastics Caps & Closures Market Study
- Screw caps & closures are experiencing the unmatchable demand, especially in the beverage industry as this packaging solution maintains the optimum air levels in bottles and provides convenient opening and closing.
- Thermoplastics such as polyethylene (PE), polypropylene (PP), and others dominate the global plastics caps & closures market in terms of material. Use of these plastics for manufacturing plastics caps and closure offers advantages such as low processing cost as well as lightweight and high strength products.
- The beverage industry has been identified as the key end user of the plastics caps & closures, as this sector generates a constant demand for plastics caps & closures to pack a wide variety of carbonated and non-carbonated drinks.
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Rising Demand for Convenience Packaging and Small Bottles
Consumers prefer to bring their favorite products with them when they go to different places. Millennials across the globe are more inclined towards convenience packaging as these packaging solutions are easy to carry, easy to dispose, and have better flow control. High preference for these convenience packaging products over conventional packaging products, especially from the Generation Z, boosts the demand for plastics caps & closures. The rapidly rising adoption of smaller bottles due to the current “on-the-go and breakfast bottles” trend in the beverage industry is another factor that propels growth of the plastics caps & closures market.
Plastic Caps & Closures Market by Category
By Caps Type:
- Screw Closures
- Snap Closures
- Push-Pull Closures
- Others
By Material Type:
- Thermoplastic
- PE
- LDPE/LLDPE
- HDPE
- PP
- Others (PS, PET etc.)
By End Use:
- Beverage
- Food
- Pharmaceutical
- Household
- Cosmetics & Personal Care
- Others (Chemicals, Fertilizers etc.)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- MEA
- Japan
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Explore FMI’s Extensive ongoing Coverage on Packaging
Pet Care Packaging Market- The global pet care packaging market is, by no means, likely to go petty ways in the forecast period. In other words, the global pet care packaging market is expected to reach US$ 14.1 Bn by the year 2030 at a decent CAGR of 4.2% between 2022 and 2030.
Breathable Films Market - The global breathable films market is bound to breathe proficient revenue between 2022 and 2030, reaching US$ 3.9 Bn by the year 2030 at a CAGR of 4.1%.
Aluminum Foam Market - The global aluminum foam market is slated to progress at a CAGR of 4.4% between 2022 and 2030, reaching US$ 61.6 Mn by the year 2030.
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Future Market Insights is the premier provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, UAE, and has its global delivery center in India. In addition to these, FMI also carries out business development and client engagement through its US and UK offices.
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