Plastic Caps and Closures Market to Reach $ 33 Billion by 2024
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 forecast to
surpass $ 33 billion by 2024 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.
Stringent regulations by agencies such as U.S. EPA, REACH and European
Commission regarding plastics usage are expected to further pose challenges to
the market players in the coming years.
Browse market data Tables and Figures spread through 110
Pages and an in-depth TOC on "Global Plastic Caps and Closures Market"
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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 and dispensing caps. Dispensing caps
are anticipated to grow at the highest rate during the forecast period owing to
their adoption across various end-users such as beverages, food and
pharmaceuticals. Moreover, caps & closures are used for preserving products
and extending their life, and consequently, the global caps & closures
industry is expected to grow significantly through 2024.
The major players operating in the plastic caps and closures market include
Bericap Holdings, Berry Global, Crown Holdings, Silgan Holdings, AptarGroup, Reynolds
Group Holdings Limited, Rexam PLC, Guala Closures Group, Bericap GmbH Co. &
Kg, 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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