Caps & Closures Market expected to reach USD 91.12 billion 2027 – Report by Market Research Future (MRFR)
New York, June 28, 2021 (GLOBE NEWSWIRE) — Caps & Closures Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Caps & Closures Market Research Report, Material, Type, End-User and Region – Forecast till 2027” the market is expected to reach the market size of USD 91.12 billion by the end of 2027, at a CAGR of 5.6% during the forecast period between 2020 and 2027.
Growing Personal Care and Pharmaceutical Products Drive Market Demand
The caps & closures market outlook appears promising, witnessing the rising demand. Caps & closures are extensively used in the packaging of drinking water, food & beverages, personal care/ beauty products, alcoholic beverages, chemicals, and others. With increasing investments in product developments and innovations, the market is projected to garner significant traction in the years to come.
According to Market Research Future (MRFR), the global caps & closures market revenues are expected to increase exponentially by 2027, growing at an impressive CAGR during the forecast period (2020-2027). The rapidly growing sustainable packaging industry supports the caps & closures market growth due to the robust growth in dairy products and processed foods & beverages.
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List of the Key Companies Profiled in the Caps & Closures Market Research Report are-
- Berry Plastics Corporation (US)
- Rexam PLC (UK)
- AptarGroup Inc. (US)
- Crown Holdings Inc. (US)
- RPC Group Plc. (UK)
- Amcor Limited (Australia)
- Silgan Holdings Inc. (US)
- Reynolds Group Holdings Limited (New Zealand)
- BERICAP GmbH Co. & KG (Germany)
- Guala Closures Group (Italy)
COVID-19 Impact
The COVID-19 outbreak severely hit the caps & closures industry, causing huge revenue loss. Also, lockdown mandates halted the production of several key raw materials globally, which spiked the product prices and lowered the demand for dairy packaging. Manufacturers faced a number of problems, such as obtaining raw materials required for the production, attract workers from quarantines, and deliver end products.
The viral element of the pandemic made people more aware and concerned about the way food packaging takes place. As a result, consumers have become extremely careful about bottle closures. They are mainly concerned about product safety and user-friendliness. Resultantly, the caps & closures market is rapidly returning to normal, witnessing the steadily increasing demand. In addition, high consumption of packaging materials due to rising production activities, storing, and distributing is estimated to offer robust market opportunities.
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Rapid Growth in Economy and Population Worldwide Fosters Market Demand
The caps & closures market is predominantly driven by the food & beverages industry. Factors such as growing population & industrialization contribute to the caps & closures market shares. Moreover, the improving economy worldwide promotes the consumption of these products, improving people’s lifestyle and increasing consumer purchasing power. Also, the trend of packaged food and drinking water backed by the modern & heady lifestyle boost the caps & closures market size globally.
Industry players are increasingly using thermoplastics elastomers (TPEs), featuring all necessary properties to protect food and beverages from outside environments. In addition, TPEs would optimize production processes and offer superior material properties to manufacturers of closure systems. Close collaboration with several manufacturers helps caps & closure manufacturers to meet both performance and cost optimization criteria.
Volatility in Raw Material Prices and Supply Restrict the Market Growth
Volatility in prices and the demand-supply gap in raw materials required for production are major factors impeding the market growth. Also, stringent regulations on packaging material waste and recycling are forecasted to pose challenges to the caps & closures market growth. Nevertheless, growing uses of BPA-free materials and bioplastics would support the market growth throughout the assessment period.
Segmentation
The market is segmented into product types, materials, end-users, and regions. The product types segment is sub-segmented into caps, closures, corks, stoppers, cans, and others. The material segment is sub-segmented into plastic, metal, and others. The application segment is bifurcated into food & beverage, pharmaceutical, cosmetics, automotive care products, and others. Based on the regions, the market is sub-segmented into Americas, Europe, Asia-Pacific, Middle East & Africa, and the rest of the world.
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Regional Analysis
The Asia-Pacific region leads the global caps & closures market. Growing awareness for hygiene, shift in preference to packaged food items, and use of closures on popular container types are major caps & closures market trends. Besides, the growing consumer goods manufacturing with the expanding production capacities boost the region’s caps & closures market share.
Penetration of end-user industries especially, dairy products and personal care products, increase the consumption of caps & closures. In addition, factors such as the growing dairy businesses and vast investments in packaging technology developments drive caps & closures market growth. China and India are leading markets in the region, increasing the region’s caps & closures market share.
Competitive Analysis
The caps & closures market witnesses several strategic initiatives, such as mergers & acquisitions, collaboration, expansion, and product launches. Major market players make strategic investments in research and development activities and foster their expansion plans.
For instance, recently, on June 07, 2021, BERICAP GmbH & Co. KG (Germany), a leading global closures manufacturer, announced the acquisition of Mala Verschluss-Systeme, a German manufacturer of aluminum closures, to expand its aluminum closures portfolio.
The acquisition would open up new market segments for Bericap and enable the opportunity to develop innovative closure technologies that combine plastic and aluminum. Meanwhile, Bericap’s bigger production network would allow Mala to gain access to new markets and see an increase in the manufacture of aluminum closures.
Segmentation of Market covered in the research:
Information Material (Plastic, Metal and others), By Type (Caps, Closures, Corks, Stoppers, Cans and others), By End-User (Food & Beverage, Pharmaceutical, Cosmetics, Automotive and Others) and Region
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