Caps & Closures Market Worth 68.71 Billion USD By 2021, At A CAGR Of 5.62%

The caps & closures market is expected to witness high growth as a result of the growing end-use industry such as beverage and healthcare as well as the rising concerns toward product quality and safety.

The report "Caps & Closures Market by Type (Plastic Caps & Closures (Screw Caps, Dispensing Caps, Others), Metal Caps & Closures (Screw & Lug, Can Ends, Crown Caps, Others), Other Caps & Closures (Corks, Others)), Raw Material, End-Use Industry - Global Forecast to 2021", The caps & closures market size is estimated to grow from USD 49.78 Billion in 2015 to USD 68.71 Billion by 2021, at a CAGR of 5.62%. Factors such as increasing demand in Asia-Pacific, growing demand from the end-use industries such as food, beverage, and healthcare, and rising concerns toward product quality and safety are some of the drivers for the growth of the caps & closures market.

Browse 198 market data Tables and 51 Figures spread through 199 Pages and in-depth TOC on "Caps & Closures Market”

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End-use industries such as beverage and healthcare to gain maximum traction during the forecast period

The beverages segment dominated the market in 2015 and is projected to be the second-fastest-growing end-user industry in the next five years, as a result of the rising consumer demand for beverage products such as bottled water and beer as well as growing demand for quality and safe products. Furthermore, the healthcare segment is projected to be the fastest-growing end-use industry due to the rising consumption of pharmaceutical and medical products.

Plastics as a raw material to play a key role in the caps & closures market

The report defines and segments the caps & closures market on the basis of raw material into plastics, metal, and others. The plastics segment is projected to contribute the largest market share as it is light in weight and cost effective, whereas metal will have the next largest market share from 2016 to 2021. The plastics segment is further divided into its subsegments such as polypropylene, polyethylene, polyethylene terephthalate, polyvinyl chloride, and others. Out of these, polypropylene is projected to be the fastest-growing subsegment as it does not crack under stress and has good resistance to almost all types of chemicals, including strong acids, alkalis, and most organic materials.

“Asia-Pacific region to be the largest market for caps & closures during the forecast period.”

The Asia-Pacific region leads the market due to its large population and its proven identity of a major manufacturing hub that offers production opportunities at affordable costs to companies. As caps & closures are used widely by different industries, such as food, beverages, and healthcare, the Asia-Pacific region, which is witnessing major growth in these sectors as well, has become a large market for these packaging solutions. This is followed by North America, which is the next largest market for caps & closures followed by Europe and Rest of the World.

The global market for caps and closures is dominated by players such as RPC Group PLC (U.K.), Crown Holdings Incorporation (U.S.), Amcor Limited Plc (Australia), Rexam PLC (U.K.), Berry Plastics Corporation (U.S.), Silgan Holdings Inc. (U.S.), AptarGroup Incorporated (U.S.), and Guala Closures Group (Italy).

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The segmentation for this report is based on raw material, type, end-use industry, and region. Plastic caps & closures are projected to form the fastest-growing type in the caps & closures market as it is light weighted, cost effective, and can be used to package various types of products belonging to different industries. Furthermore, under plastic caps & closures type, screw caps dominated the market as they are widely used for packaging of beverage products such as bottled water and fruit juices.

The market share of plastic is the largest as per raw material and is further projected to be the fastest-growing segment. This is closely followed by metal which has the second-highest growth rate. Plastic resin such as polypropylene (PP) and polyethylene (PE) are widely used with PP expected to be the fastest-growing subsegment. The other types of raw materials that are used for manufacturing caps & closures include wood, glass, paperboard, and rubber & elastomer.

Caps & closures are used in various industries and their utility across industries includes maintaining the quality of the products, increasing the shelf life of the commodity, and keeping the products fresh. These are some of the main reasons which have led to the increase in its share in the packaging industry. The beverages industry, for a long time, has been the major contributor to the rising demand for caps & closures. But in recent times, this has been closely competed by other industries such as healthcare.

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