Plastic Caps and Closures Market Size Driven by Growing Demand for Bottled Beverages

Summary

Plastic Caps and Closures Market Size Statistics, 5.22% CAGR, Research Report and Industry Forecast 2023 | 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

Plastic Caps and Closures Market Size Overview

The global Plastic Caps and Closures Market Size is expected to exhibit a strong 5.22% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global Plastic Caps and Closures Market Size is mainly driven by the growing demand for plastics in the global packaging industry, but held back by the increasing awareness about the adverse effects of plastic waste on the environment.

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The growing demand for packaged beverages and personal care products is likely to be the major driver for the Plastic Caps and Closures Market Size over the forecast period. However, the Plastic Caps and Closures Market Size is also restrained by the growing awareness about the adverse effect plastic plays in environmental protection, i.e. the growing generation of nonbiodegradable plastic waste. This is likely to drive recycling efforts in the Plastic Caps and Closures Market Size over the coming years, lending the market an extra dimension that will enable smooth growth through the forecast period and beyond.

Competitive Analysis

Leading players in the global Plastic Caps and Closures Market Size include

Guala Closures Group

Phoenix Closures Inc.

TriMas

Alcoa Corporation

AptarGroup

Comar LLC

Global Closure Systems

Silgan Holdings Inc

Amcor Limited

Recycling efforts are likely to be crucial in the Plastic Caps and Closures Market Size over the forecast period, as several governments around the world are coming down hard on the excessive discarding of plastic waste. In fall 2018, students of Concord Intermediate School near Elkhart, Indiana started a project to collect discarded plastic caps and turn them into benches for the school’s playground. Deliveries of the recycled benches began in mid-2019. Community projects such as this could provide a direction for the global Plastic Caps and Closures Market Size in the coming years.

Plastic Caps and Closures Industry Segmentation

The global Plastic Caps and Closures Market Size is segmented on the basis of type, material, end use, and region.

By type, the global Plastic Caps and Closures Market Size is segmented into screw caps, dispensing caps, and closures. The screw caps segment is likely to dominate the global Plastic Caps and Closures Market Size over the forecast period due to the widespread use of screw plastic caps.

By material, the market is segmented into polypropylene, polyethylene, and polystyrene. The polypropylene segment is likely to play a key role in the development of the Plastic Caps and Closures Market Size over the forecast period due to its growing demand.

By end use, the global Plastic Caps and Closures Market Size is segmented into personal care, pharmaceuticals, food and beverages, and others. The food and beverage industry is expected to be the major end user in the global Plastic Caps and Closures Market Size over the forecast period due to the growing demand for bottled beverages.

Regional Analysis

The Americas segment dominates the global Plastic Caps and Closures Market Size and is likely to retain the lead over the forecast period due to the growing demand for bottled beverages, personal care products, and healthcare products in the U.S. and Canada.

Europe is also a leading regional market for plastic caps and closures, due to the growing demand for bottled healthcare and personal care products.

Asia Pacific is expected to exhibit rapid growth in the global Plastic Caps and Closures Market Size over the forecast period due to the growing fast food industry in the region and the growing demand for bottled beverages of various kinds.

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