Plastic Caps & Closures Market Outlook
The Plastic Caps & Closures Market is projected to expand at a moderate pace over the years to come. However, the growth of the market is threatened by a rise in the usage of packages without closures, for instance, blister and pouches packages.
These kinds of packaging provide several benefits to the packager, for instance, material cost saving in contrast to sustainability issues and traditional methods of rigid packaging. Several FMCG players adopt the pouch packaging format as a packaging innovation tool to offer ease to consumers.
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Soaring consumption of carbonated and non-carbonated drinks has been translating into improving prospects of bottles, jars, and other similar packaging formats, which in turn, lead to increasing sales of plastic caps & closures. The global plastics caps & closures market is projected to clock an impressive CAGR of 5% during 2019 – 2029, majorly driven by the consistent demand for plastics caps & closures of bottles, jars, tubes, and containers. The thriving trend of convenience packaging is further driving sales of different types of plastics caps & closures such as screw, snap, and push & pull caps & closures.
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.
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).
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.
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About Plastics Caps & closures Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global plastics caps & closures market, analyzing historical demand from 2014-2018 and forecast statistics for 2019-2029. The study provides growth projections on the plastics caps & closures market on the basis of cap type (screw closures, snap closures, push-pull closures, and other), material type (thermoplastics and thermoset) and by end-use (beverage, food, pharmaceuticals, household, cosmetics & personal care, and others (chemicals & fertilizers, etc.) across seven major regions.
FREQUENTLY ASKED QUESTIONS ABOUT GLOBAL PLASTIC CAPS & CLOSURES MARKET
What are the key factors accelerating growth of the plastic caps & closures market?
Rising consumption of carbonated & non-carbonated drinks across the globe, and striking adoption of convenient packaging solutions are factors that are propelling growth of the plastic caps & closures market.
What are future prospects of the plastic caps & closures market?
The global plastic caps & closures market is expected to grow at a steady pace during the next ten years. The global plastic caps & closures market was valued at US$ 36 Bn in 2018, and is projected to expand 1.7X by 2029.
Which end-use industries offer high growth prospects for manufacturers in the plastics caps & closures market?
The beverage industry is anticipated to hold a significant share in the global plastic caps & closures market, and remain the most lucrative segment throughout the forecast period. Moreover, the beverage industry is projected to generate an impressive incremental opportunity in the next decade, as the demand for plastic caps & closures for effective packing and sealing of a wide variety of bottles, jars, and containers is on the rise.