Plastic Caps and Closures Market Size, Is Anticipated To Expand Moderately At A CAGR Of 5.2% Till 2023
Summary
Global Plastic Caps and Closures Industry By Type (Screw Caps, Dispensing Caps, and Closures), By Material (Polypropylene, Polyethylene and Polystyrene), By End-User (Food & beverages, Pharmaceutical and Personal Care), By Region – Forecast to 2023
Overview
The global report studying the Plastic Caps and Closures Market Size is showing signs of progress at a 5.22% CAGR during the forecast period of 2018 to 2023. Market Research Future (MRFR) has revealed documents about factors that can impact the market outcome in the coming years. Features like durability, the flexibility of the product, rising consumption of packaged food in urban areas, growing disposable income, and others are expected to assist in the maintenance of the upward trajectory.
Competitive Landscape:
Silgan Holdings Inc. (U.S.), Amcor Limited (Australia), Comar LLC (U.S.), AptarGroup (U.S.), Global Closure Systems (France), TriMas (U.S.), Phoenix Closures, Inc. (U.S.), Alcoa Corporation (U.S.), Guala Closures Group (India), J.L. CLARK (U.S.), and others are some of the major companies to inspire changes in the global Plastic Caps and Closures Market Size. These companies opt for various strategic measures that can assist in propelling growth. MRFR experts have noted those changes and their recording can help in tracking trends that are impacting more to make sure the profit margin goes up.
Segmentation:
The global market report comprising details of the Plastic Caps and Closures Market Size includes a study of the market using type, material, and end user as prominent segments. Data collected from these segments can assist in forming an idea about how the market can move forward.
By end users, the Plastic Caps and Closures Market Size includes a discussion of personal care, food & beverages, pharmaceuticals, and others. The food & beverage segment is slated to benefit from a hike in the consumption of carbonated beverages and ready-to-eat foods.
Regional Analysis:
In Europe and North America, demand for such products is high to support the end user needs. The consumption of packaged food is one major reason for that. But the regions are also strict on environmental laws that can pose a problem for the market.
Industry News:
The COVID-19 crisis has triggered a significant change in consumer behavior. People have started storing packaged food and beverage items as a necessary measure to counter lockdowns. This has spurred a huge demand for plastic caps and closures and the market is expected to witness some changes. However, some countries are also considering their environmental impact and are planning actions accordingly.
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