Screw-on Caps to Witness High Demand During Forecast Period
Declining usage of bottles and containers made of glass
backed by high cost and brittle nature of glass to drive global plastic caps
and closures market through 2024
According to
TechSci Research report, “Global Plastic
Caps and Closures Market By Product Type, By Material, By Technology, By
End Use Industry, By Region, Competition Forecast & Opportunities, 2024”, the global plastic caps and closures market is expected to
grow at a CAGR of over 5% during the forecast on account of growing demand for
convenience packaging and rising concerns pertaining to the quality and safety
of products. Furthermore, plastic caps and closures find applications in
various end user industries such as beverages, household and personal care,
pharmaceuticals, among others which is further positively influencing the
growth of the market. However, increasing concern pertaining to the
biodegradability and carcinogenicity of plastic can act as a challenge for the
growth of the market.
Global
plastic caps and closures market can be segmented based on product type,
material, technology, end use industry and region. On the basis of product
type, the market can be segmented into screw-on caps, dispensing caps, among
others. Screw-on caps is anticipated to grow at the highest rate during the
forecast period due to lightweight and cost-effectiveness of these caps. Moreover,
screw-on caps can be used to pack various kinds of products which is further driving
their demand.
The major players operating in the plastic caps and closures market include
RPC Group PLC, Reynolds Group Holdings Limited, Crown Holdings Inc., Rexam PLC,
Berry Plastics Corporation, Silgan Holdings Inc., Aptargroup Inc., Guala
Closures Group, Bericap GmbH Co. & Kg, Amcor Limited, among others. The companies
operating in the market are using organic strategies such as product launches,
and mergers and collaborations in order to register positive growth in the
market.
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“Global
plastic caps and closures market is anticipated to witness growth during the
forecast period as plastic caps and closures provide cost-effective sealing
solution. Furthermore, durability, versatility and flexibility offered by the
plastic makes them viable choice for packaging which is further anticipated to
drive demand for plastic caps and closures over the next five years.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Plastic Caps and Closures Market By
Product Type, By Material, By Technology, By End Use Industry, By Region,
Competition Forecast & Opportunities, 2024” has evaluated
the future growth potential of global plastic caps and closures market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decision. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the global plastic caps and closures market.
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