A recent report published by Infinium Global Research on plastic caps & closures market provides an in-depth analysis of segments and sub-segments in the global as well as regional plastic caps & closures market. The global plastic caps & closures market is projected to grow at a CAGR of 5.1% over the forecast period of 2018-2024.
Pune, India -- (SBWIRE) -- 03/20/2019 -- The report on Plastic Caps and Closures Market by raw material (Polypropylene, Low Density Polyethylene, High Density Polyethylene), container type (plastic, glass), technology (compression molding, injection molding), product type (dispensing caps), end-user (beverages, food, pharmaceuticals) trends analysis and forecasts up to 2024 studies the market sizes, key trends and opportunities in the main geographies such as North America, Europe, Asia-Pacific, Rest of the World. According to the report the Global Plastic Caps and Closures Market is projected to grow at a CAGR 5.1% in terms of value over the period of 2018-2024. The growth in the world market is primarily driven by a significant contribution by North America (Leading region) region to this market.
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Plastic Caps & Closures Market: Industry Insights
The caps and closures are suitable to meet the requirements of a massive range of products and containers. These caps are designed to fit a certain type of jar, bottle, or container neck finish as well as the actual material and interior configuration of the closure that may differ to suit with different contents. Variety of different closure types are available.
Plastic Caps & Closures Market: Drivers and Restraints
Growing demand for packaged food drives the growth of plastic caps & closures market. Rising income levels coupled with changing consumer preference is expected to fuel the market in the forecast period. Furthermore, increasing concerns towards product safety and security, performance restrictions and requirements for sensitive applications such as food and drink boost the growth of plastic caps & closures market. Growing product innovation and brand differentiation provide beneficial opportunities for plastic caps & closures market.
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Plastic Caps & Closures Market: Segmentation
The global plastic caps & closures market is projected to grow at a CAGR of 5.1% over the forecast period of 2018-2024. Plastic caps & closures market is segmented into raw material, container type, technology, product type, and end-user. Based on, raw material it includes PP (Polypropylene), LDPE (Low-Density Polyethylene), HDPE (High-Density Polyethylene), and others. On the basis of container type, the plastic caps & closures market include plastic and glass. These closures are available in a variety of different types including normal screw on, tamper-evident and child-resistant options. These closures used to ensure medicine bottles and containers to stay secure and avoid accidents.
Based on technology, the plastic caps & closures is segmented into compression molding, post-mold tamper-evident band, and injection molding. Compression molding is widely used technology and most of the caps for soft drinks are produced through compression technology. On the basis of product type, the plastic caps & closures market include dispensing caps, screw-on caps, and others. Several varieties of dispensing caps are available for dispensing bottles. On the basis of end-user, plastic caps & closures market is categorized into beverages, personal & home care, food, pharmaceuticals, and others. In food and pharmaceuticals industry, demand for plastic caps & closures is increasing rapidly.
Plastic Caps & Closures Market: Regional Insights
In 2018, Asia Pacific accounted for the largest market share and is expected to grow at the highest CAGR within the forecast period. This growth is mainly attributed to growing demand from the beverage industry in the region. North America is anticipated to provide significant opportunities for plastic caps and closures due to the increasing consumption of liquor among the population.
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Plastic Caps & Closures Market: Competitive Analysis
The prominent players in the plastic caps & closures market are Caps & Closures Pty Ltd, UNITED CAPS, O.Berk Company, LLC, Coral Products PLC, Closure Systems International, AptarGroup, Inc., BERICAP, RPC Group Plc., Silgan Holdings Inc., Crown, and Amcor Limited among others.