According to Future Market Insights, the global caps & closures market is forecast to reach US$ 89.9 billion in 2023. Total sales of caps & closures in the global market are expected to accelerate at 5.7% CAGR between 2023 and 2033, touching a valuation of US$ 157.0 billion by 2033.
Rapid expansion of food & beverage, cosmetics & personal care, and pharmaceutical industries coupled with increasing demand for effective packaging across these sectors is a prominent factor driving the global caps & closures market.
Caps & closures made up of plastic and metal are the most preferred packaging options used for closing and sealing a wide range of packaging formats such as bottles, jars, containers, cartons, and several others. These packaging tools help to protect and safeguard the packed contents and enhance their shelf life
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With attractive self-appeal, user-friendly packaging outlook, and several USP’s, caps & closures are gaining crucial traction in the global packaging market. The global caps & closures market will gain impetus from rising demand for beverages and medicinal products, especially syrups worldwide.
Subsequently, innovation in packaging material and designs along with development of sustainable and eco-friendly caps and closures will bode well for the market during the next ten years.
Leading manufacturers are increasing their production capacities and adopting merger & acquisition strategy to gain profits. Besides this, they are investing rigorously in product enhancement to expand their customer base.
Key Takeaways from Caps & Closures Market
· By product type, screw closures segment is expected to hold around 54% of the market share by the end of 2033.
· Based on material, plastic segment is anticipated to expand by 1.9 times its current value during the assessment period.
· In terms of end use, the food and beverage segment will offer an incremental opportunity of US$ 41.1 billion during the next ten years.
· The caps & closures market in Asia Pacific is projected to expand by 2.1 times its value during the projection period.
· Caps & closures demand in India is poised to surge at around 7.8% CAGR between 2023 and 2033.
· The USA is forecast to hold about 15.6% share of the global caps & closures market in 2023.
Who is Winning?
Crown Holdings Inc., Berry Global Inc., BERICAP Holding GmbH, Guala Closures S.p.A, Closure Systems International, Inc., Amcor Plc, Silgan Holdings Inc., Aptar Group, UNITED CAPS, Nippon Closures Co., Ltd., Mold-Rite Plastics, LLC, O.Berk Company, LLC, Pelliconi & C. Spa., Weener Plastik GmbH, and Blackhawk Molding Co. Inc. are the top players operating in caps & closures market.
Key players contribute almost 5 to 10% of the global market while the Tier 3 players hold 85 to 95% in the global caps & closures market.
Key Segments of the Caps & Closures Market
By Product:
- Screw Closures
- Snap Closures
- Push-Pull Closures
- Tethered Caps
- Others
By Production Process:
- Injection Molding
- Compression Molding
- Others (Blow Molding, etc.)
By Material:
- Plastic
- Polyethylene
- Polypropylene
- Homopolymer
- Copolymer
- Random
- PCR
- Bioplastics
- Others (PET, PA, etc.)
- Metal
- Aluminium
- Others
By End Use:
- Food & Beverage
- Consumer Goods
- Personal and Homecare
- Pharmaceuticals
- Others
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