Cap Applicators Market (2016-2024): With Automatic Cap Applicators Spurring in Utility, Total Market Value Expected to Reach US$1,866.7 mn by 2024
Albany, NY -- (SBWIRE) -- 01/02/2018 -- The market for cap applicators is largely characterized by a high level of fragmentation due to the coexistence of sizable players, medium businesses, and small vendors. This differential placement of players within the market is being challenged by the large market players. Mergers and acquisitions have surfaced across the market due to the quest of the large players to capture a greater market share while expanding their geographical reach.
An ardent packaging machinery player, Kliklok Woodman was acquired by Bosch Packaging Technology in 2015, which is an example of the growing inclinations towards acquisitioning. The contemporary day players in the global market for cap applicators include Tetra Pak, Closure System International, Tecnocap Group, Federal Mfg. Co., Accutek Packaging Equipment Companies, Inc.Krones Ag, Bosch Packaging Technology, Karmelle Liquid Filling & Capping Solutions Limited, E-PAK Machinery, Inc., and Crowns Holdings Inc.
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A recent report by Transparency Market Research (TMR) finds that the global cap applicators market would be valued at US$1,866.7 mn by 2024 growing from US$1,133.8 mn in 2016, thus, registering a CAGR of 6.4% over the forecast period of 2016-2024. The automatic cap applicators are expected to outreach all other varieties of applicators in terms of revenue, beating the hand-held and semi-automatic types. On a geographical outlay, Asia Pacific is expected to be the undisputed leader of the market, and is expected to register a CAGR of 6.6% during the forecast period.
Growth in Food and Beverages to Up Market Game
The packaging industry is expected to be assisted by the growth of the food and beverages industry in the coming years. Currently, 55% of the sales of the packaging industry is attained from the supplies to the food and beverage industry, which is anticipated to underhandedly aid the market for cap applicators. Moreover, the invention of rinsing machines, fillers, and capping technologies in the packaging machinery domain is due to a dire need for these equipment in the food industry.
Product manufacturers have evolved newer and highly customized versions of closures and caps while designing their products. This is a key trend in the industry because it would also augment the demand for multiple capping applicators that can affix into the changing designs. The market would, henceforth, benefit hugely from the new designs of caps within the manufacturing industry.
Moreover, the preferences of the clients keep changing which prompts the manufacturers to bring in innovation, and cater to the demands of the clients. This is expected to create immense room for the cap applicators market once it starts receiving customization requests from manufacturers.
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Employing Refurbished Applicators to Inhibit Market Growth
There is an awakening in the market with regards to the efficiency of used or refurbished capping machines that could perform most of the functions of the new machinery. This inclines the manufacturers to continue using the old equipment in order to avoid extra cost for new machinery.
The affinity to use old machinery slackens the progress of the market, making it woeful for the cap applicator companies. Moreover, a peculiar problem faced by these companies is the long life of the cap applicators. Although, it should be a positive sign for the industry, and emphasize the credibility of market players, the long lasting equipment prevents the sale of new ones and hampers market growth. Despite the challenges, the innovations within the packaging industry along with the introduction of customized capping designs, the market is expected to remain affluent.