The increase in demand for bottled water, need for convenience, concerns about product safety & security, product differentiation, and decreasing package sizes are driving the market for caps & closures.
New York, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Caps & Closures Market by Type, Metal Caps & Closures, Other Caps & Closures ), Raw Material, End-Use Industry - Global Forecast to 2026" - https://www.reportlinker.com/p03984705/?utm_source=GNW
However, the development of substitutes is expected to restrain this market. Emerging economies are expected to offer significant growth opportunities to manufacturers of caps & closures.
Caps & closures are one of the fastest-growing types of packaging solutions and are expected to gain widespread popularity in the packaging market.However, they are expected to face competition from various other types of packaging solutions such as pouches.
Technology related to caps & closures helps deliver high levels of sophistication in terms of maintaining the quality of the product, protecting it from external damage, and increasing its shelf life.They are also used for branding and marketing purposes.
The caps & closures market is expected to witness significant growth in the future, owing to their benefits and uses in the packaging industry.
Plastics is the largest raw material segment of the caps & closures market
Plastic is widely used across several industries as a preferred raw material for manufacturing caps & closures as it can be molded into the desired shape when it is heated or when pressure is applied.After the manufacturing process, the plastic hardens and transforms into a solid substance, which is suitable for sealing products.
Plastic caps & closures can be easily formed, are of high quality, are cost-effective, and provide excellent barrier properties and the freedom of design.
Plastics caps & closures is the largest type segment of the caps & closures market
On the basis of type, the market is segmented by plastics caps & closures, metal caps & closures and others.Among them, plastics caps & closures segment is expected to dominate the market during the forecast period.
They are also used for the packaging of food, beverage, healthcare, personal care & home care, and industrial products.Plastic caps and closures are manufactured using various raw materials such as PE, PP, PET, PVC, PS, and PC.
The cost-effectiveness, low weight, and compatibility of plastic caps & closures play a crucial role in the growth of the overall market.
Beverage packaging is the largest end-use industry segment of the caps & closures market
Beverage packaging is one of the biggest end-use industries for caps & closures.Beverage packaging is used to enhance the shelf life while retaining the taste and texture of the beverages.
New pack types such as pouches and cartons are being increasingly used.The demand for novel differentiating closures from beverage companies drives the market for premium caps in the beverage industry.
These factors are contributing to the caps & closures market.
APAC is the largest market for caps & closures market
The APAC region is projected to be the largest market, in terms of value.APAC is also expected to grow at the highest CAGR during the forecast period.
Growth in APAC is backed by the efficient demand and supply cycle of the food & beverage industry majorly in countries like China, India, and Japan.A periodic and significant increase in the population and increasing demand for packaged food & beverage products is driving the market in the region.
Other factors, such as the increasing consumer goods demand, innovation in packaging industry, etc are expected to support the growth of this regional market during the forecast period.
The breakdown of primary interviews is given below:
• By Department: Sales/Export/Marketing – 60%, Production – 25%, and R&D –15%
• By Designation: Managers – 50%, CXOs – 30%, and Executives – 20%
• By Region: APAC – 42%, North America – 18%, Europe – 14%, Middle East & Africa – 22%, and South America – 4%
The key companies profiled in this report on the caps & closures market include RPC Group PLC (UK), Crown Holdings Incorporation (US), Amcor Limited Plc (Australia), Rexam PLC (UK), Berry Plastics Corporation (US), Silgan Holdings Inc. (US), AptarGroup Incorporated (US), and Guala Closures Group (Italy) and among others.
The caps & closures market has been segmented based on raw material, type, end-use industry and region.This report covers the caps & closures market and forecasts its market size until 2026.
It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the caps & closures market.The report also provides insights into the drivers and restraints in the caps & closures market along with opportunities and challenges.
The report also includes profiles of top manufacturers in the caps & closures market.
Reasons to Buy the Report
The report is expected to help market leaders/new entrants in the following ways:
1. This report segments the caps & closures market and provides the closest approximations of revenue numbers for the overall market and its segments across different verticals and regions.
2. This report is expected to help stakeholders understand the pulse of the caps & closures market and provide information on key market drivers, restraints, challenges, and opportunities influencing the market growth.
3. This report is expected to help stakeholders obtain an in-depth understanding of the competitive landscape of the caps & closures market and gain insights to improve the position of their businesses. The competitive landscape section includes detailed information on strategies, such as merger & acquisition, new product developments, expansions, and collaborations.
Read the full report: https://www.reportlinker.com/p03984705/?utm_source=GNW
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