Caps and Closures Market: Asia Pacific to Stay Frontrunner through 2021
Albany, NY -- (SBWIRE) -- 11/14/2017 -- The global caps and closures market features a highly fragmented vendor landscape. To sustain the high competitive rivalry that a fragmented arena invariably bears, key players are adopting strategies that cater to the changing consumer requirements and help them in establishing a strong presence in the market. According to the research by Transparency Market Research (TMR), Berry Plastics, Global Closure Systems, Silgan Holdings Inc., Crown Holdings Inc., Bericap, and Reynolds Group Holdings Ltd. Are among the torch bearers in the global marketplace.
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"Mergers and acquisition and product innovation are some of the go-to strategies for the majority of these players to expand their product portfolio and stay relevant in the global caps and closure market," says TMR's lead analyst. The market is anticipated to rise to a valuation of US$51.57 bn by 2021, expanding at a 5.2% CAGR between 2015 and 2021.
Demand for Caps and Closures to Remain High for Alcoholic Beverages through 2021
By application, the alcoholic beverages segment will continue to account for the leading share in the market in terms of revenue until 2021. The growing consumption of beer and wine is supplementing the growth of the segment. On the basis of geography, Asia Pacific will continue to dominate the market until 2021, reaching a valuation of US$18.75 bn. The increasing sales of canned food and beverages due to the improving living standards and rising purchasing power are fuelling the demand for caps and closures in the region.
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Flourishing Growth of Packaging Industry to Provide Fillip to Caps and Closures Market
With the booming packaging industry worldwide, the global market for caps and closures is expected to tread along a phenomenal growth trajectory. Packaging helps in extending the shelf life of food and beverages and also in retaining their flavor and texture for a longer duration. "The rising health and hygiene consciousness among the populace in countries such as Brazil, China, and India are causing a shift in preference from unpackaged to packaged food items. This is working in favor of the packaging industry, thus triggering the demand for caps and closures," says a TMR analyst.
The soaring demand for plastic caps and closures in the beverages sector is allowing the overall market to gain impetus. The spiraling use of PET-based disposable bottles is translating into the greater sales of plastic caps and closures.
Burgeoning Adoption of Flexible Packaging to Hamper Growth Prospects
The stiff competition from the flexible packaging industry is jeopardizing the presence of caps and closures. Flexible packaging systems such as pouches are making inroads into the shares of containers using caps and closures, especially in the food and beverage industry. In addition to this, flexible packaging is lighter in weight due to materials such as aluminum, paper, PVC, and polypropylene used for manufacturing it. This is allowing it to emerge as a strong substitute for caps and closures.
Due to the dynamic nature of the packaging industry, manufacturers are constantly under the pressure of changing designs of their offerings. The recent trend of lightweight packaging is prompting them to manufacture lightweight and cost-effective caps and closures. However, lightweight caps are highly susceptible to cracking and contamination. This, in turn, is impeding the upward climb of the market.
The above preview is based on the report by TMR, titled "Caps and Closures Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021."
Global Caps and Closures Market, by Food Closures Type
Easy-open can ends
Metal lug closures
Plastic screw closures
Global Caps and Closures Market, by Beverage Closures Type
Plastic screw closures
Metal screw closures