DataM IntelligenceGlobal Plastic Caps and Closures Market is expected to grow at a high CAGR of 5% during the forecast period (2022-2029).Market Overview
The "Global Plastic Caps and Closures Market" is expected to grow at a high CAGR during the forecast period (2022-2029).
Plastic Caps and Closures are the final components of the packaging process used in various industries such as food and beverages, pharmaceuticals, household goods, cosmetic products, etc. for maintaining the quality of the products, freshness, and increasing the shelf life.
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Market Dynamics:
The market growth is driven by the rising demand for plastic caps and closures due to their characteristics such as versatility, easy availability, durability, and flexibility. The growing trend of e-commerce shopping is also influencing the use of plastic caps and closures. Plastic caps and closures are widely used in toiletries for producing hair preparations products, face creams, lotions, and perfumes due to rising emphasis on health and hygiene.
Several companies are preferring plastic caps and closures due to their lower transportation cost, cost-effectiveness, durability, customizability, and chemical stability. New product launches and product diversification shall have a positive impact on the market. For instance, in March 2019, Aptar Beauty has launched a new dispensing closure made from 50% Post-consumer recycled resin (PCR) to be used on Ecover washing up liquid. It would ensure a leading position in the global transition to a circular economy and a sustainable future.
However, consumer health concerns and government taxes on the use of plastic caps and closures are hindering market growth.
Market Segmentation
By Material
- High-Density Polyethylene (HDPE)
- Low-Density Polyethylene (LDPE)
- Polypropylene (PP)
By Product Type
- Screw Caps
- Dispensing Caps
- Liquid Carton Closures
- Plastic Aerosol Sprays
By Application
- Food & Beverages
- Pharmaceuticals
- Cosmetics & Toiletries
- Others
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Competitive Analysis
The global plastic caps and closures are witnessing high competition with the presence of several local and international players. Amcor Limited, Silgan Holdings Inc., Comar LLC, AptarGroup, Alcoa Corporation, Phoenix Closures, Inc., and Guala Closures Group are the leading market players with prominent market size.
Companies are using different strategies such as portfolio expansion, product diversification, new product launch to increase their market penetration. Different processes such as injection molding, compression molding, and others are used for the production of plastic caps and closures.
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