The primary function of caps & closures is preserving products and extending their life.
According to the report, the global caps and closures market is projected to grow at a CAGR of 4.60% to reach over the forecast period 2019-2025. The demand for global caps and closures is poised to increase due to its application in-home care products and cosmetics industries, its growing application in the pharmaceutical sector as well as child care products. The other segment is that of food and beverage which is poised to drive the growth of this market to exponential heights. Further segments pertaining to paper, rubber, and cork are going to gain more currency due to the extent of research and development to bring about more environment-friendly caps and closures in the market. Caps and closures made out of plastic is the segment that is going to grow at a faster rate during the forecast period owing to its relatively lower cost in comparison to that of metal caps. Nevertheless, increasing consumer awareness concerning its carcinogenicity and biodegradability along with strict regularity policies are going to hinder the growth of this segment.
From the regional perspective, the APAC is going to witness an exponential growth during the forecast period, due factors like increasing availability of disposable income, rising government policies and incentivization towards self-reliance, increasing urbanization as well as the increasing investment by secondary segment market like bottling and packaging industries. The North America and European market to are poised to witness significant growth due to the increasing number of food and beverage variants that are emerging as successful alternatives to their traditional counterparts like plant-based milk.
The South American continent is poised to witness steady growth of its currently untapped potential is identified and invested on time. Further considering the low capital investment the market is dominated by regional players. Market participants are often involved in strategic agreements, joint ventures, and M&A to penetrate regional markets. For example, in 2018 Luxembourg-based family company UNITED CAPS that is known to manufacture caps and closures for the global market had announced its acquisition of the Spanish closure manufacturer Embalatapbased in Sopelana, Spain, was founded in 1973, to extend the former’s product portfolio and cater to closures for edible oils typically used in the Southern European market. Besides, the current pandemic has proved it to be extremely challenging to maintain the supply chain for caps and closures for essential products such as antibacterial soap and hand sanitizers, due to which the market is witnessing a recycle drive initiated by the supply side.
The major players covered as part of the report are Amcor PLC, AptarGroup, Inc., Crown Holdings, Inc., WestRock Company, Ball Corporation, Saint-Gobain, Silgan Holdings, Closure Systems International, Berry Global, Inc. and BERICAP Holdings GmbH among others.
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In this report the caps and closures market has been segmented based on the following: