Pune, India -- (SBWIRE) -- 02/16/2018 -- The report on global caps and closure market provides qualitative and quantitative analysis for the period of 2015 to 2023. According to the report the global caps and closure market is projected to grow with a CAGR of 4.9% from 2017 to 2023. In terms of volume the caps and closure market is likely to surpass 3.34 trillion units by 2023, with volume CAGR slightly more than 4.4% between 2017 and 2023. The global caps and closure market was worth USD 49.78 billion in 2015.

Market Insights

The report identified that the global caps and closure market is driven by factors such as, increasing demand in Asia-Pacific region, growth in applications such as food & beverages and pharmaceuticals. Moreover, growth in plastic and glass containers/bottles is likely to boost the market size of caps and closures over the next few years. On the other hand, the restraining factors identified in the study include demand for lightweight & cost-effective packaging.

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Rising demand for plastic caps and closures and increasing use of PET-Disposable bottles provide opportunity for major players in the emerging and developing economies. Flexible packaging such as pouches for sealing containers and usage of PVC, paper, aluminium and polypropylene as a substitute is a challenge for the major players to expand further during the forecast period.

Segments Covered:

The report segments the global caps and closure market on the basis of raw-materials, type, end-use industry and region. The market size of each segment has been provided in terms of value (USD) and volume (tons). The market segments, by raw-material include plastic, metal & others. The market segments by type include plastic caps & closures, metal caps & closures, caps & closures and other. The market segments by end-use industry include beverage industry, food industry, healthcare industry, cosmetics & toiletries and chemical & automotive industry.

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Geographic Coverage and Analysis:

The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2017 – 2023.

Asia Pacific is the key consumer of caps and closures in the global market. As of 2015, this region accounted for about 31% share in the global market. Europe accounted for 24% of the global share followed by North America at 20%. The rising demand for canned food and beverages is the primary factor driving the Asia Pacific caps and closures market. The rising demand for plastic packaging in regions of Europe and North America is fuelling demand for plastic screw caps which in turn is boosting opportunities for caps and closures market. India and China are emerging to be the economies across the APAC region, which are expected to grow with a rate of 7.9% during the forecast period.

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Companies Profiled:

The companies covered in the report include Pact Group Holdings Ltd, Aptar Group Inc., Reynolds Group Holdings Ltd, Closure Systems International (CSI), Silgan Holdings Inc., Crown Holdings, Inc., Berry Plastics Corporation, BERICAP GmbH und Co KG, Alpla Holdings Gmbh, Amcor Ltd., Essel Propack Ltd.

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