Caps and Closures Market to Achieve Significant Growth in the Near Future
Caps and Closures Market by Product Type, Raw Material, and Application: Global Opportunity Analysis and Industry Forecast, 2022–2031” the global caps and closures market size was valued at $46,151.7million in 2020, and is projected to reach $81,330.4 million by 2031, registering a CAGR of 4.9% from 2022 to 2031. In 2020, the screw closure segment accounted for approximately 23% of the global market in terms of value.
Caps and closures are mainly used in the packaging industry to preserve and extend the shelf life of products. The caps and closures industry uses different types of materials to construct suitable product packaging, such as plastic, metal, rubber, and wood.
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Plastic is one of the major driving factors of the caps and closures for food & beverages market. The demand for plastic caps and closures for food & beverages is increasing as they are an important part of packaging for containers such as canisters, bottles, cans, beverage carton, and tubes. Plastic is gradually replacing the traditional raw materials used in manufacturing of caps and closures such as tinplate and aluminum. With the growing competition and adoption of high-tech enlargements, plastics caps, and closures have become more important in the caps and closures market. The increase in popularity of plastic caps and closures for aseptic cartons, stand-up pouches, and gable top drive the plastic caps and closures for food and beverages market.
The governments of all countries heavily promote go-green projects and eco-friendly concepts. The plastics and other chemicals widely used in the process of manufacturing caps and closures affect the environment. An increase in the requirement of eco-friendly caps and closures which use recycled and natural ingredients such as wood and paper board is expected in the future. The use of eco-friendly material such as paper board, wood, bamboo, post consumer resin (PCR), post industrial resin (PIR) , and polymerized lactic acid(PLA) reduces wastage, which will provide caps & closures market opportunities for growth.
In terms of value, Asia-Pacific and LAMEA collectively contributed approximately half share of the global market in 2020. Developing countries, such as Brazil, India, and China display a huge growth potential for this market on account of high manufacturing of food & beverage products in these countries to cater the market demand.
The caps and closures market is segmented on the basis of product type, raw material, application, and region. On the basis of product type, the market is segmented into easy-open can end, metal lug closures, peel-off foils, screw closures, metal crowns, corks, and others. By raw material, the market is segmented into plastic, metal, wood, and others. On the basis of application, the industry are broadly classified into beer, wine, bottled water, carbonated soft drinks, dairy product, condiments & sauces, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, Russia, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Taiwan and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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