New York, NY -- (SBWIRE) -- 01/25/2021 -- The global plastic caps and closures market is forecast to reach USD 58.50 Billion by 2026, according to a new report by Reports and Data. A combination of different market factors are supporting the growth of the market. One of the mentionable factor in this context is expanding the beverages industry and increasing market competition among industry players. The elevated competition among market players has resulted in an increasing emphasis on branding and product differentiation among packaged water and drinks manufacturers. As a result of the growing focus on branding and product differentiation, there is an increased demand for plastic caps and closures with different colors and altered company logo, which in turn propells the market growth.
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Leading Players Profiled in the Report Include:
Amcor, Berry Global, Silgan Holdings, Crown Holdings, Bericap, RPC Group, Closure Systems International, Aptar Group, O.Berk Company, LLC and Coral Products.
The increasing emphasis on health and hygiene has also resulted in the growth of the toiletries industry. The expansion of the toiletries industry is propelling the demand for plastic closures and caps. Different initiatives taken by the market players is another mentionable factor. As an instance, Klöckner Pentaplast Group had entered into a marketing alliance with Berry Plastics Group, Inc., a market player of plastic closures and caps. Such initiatives taken by industry players helps in supporting the expansion of the market.
Further key findings from the report suggest
The plastic caps and closures market held a market share of USD 41.17 Billion in the year 2018 with a growth rate of 4.4% during the forecast period.
In regards to Product type, the Screw-On Caps segment yielded the highest revenue of USD 20.58 Billion in 2018 with the fastest growth rate of 5.0% during the forecast period. The revenue generated by the Screw-On Caps segment is the result of its extensive use in different industries because of its traits like lightweight, cost-effective, user-friendly, can be tamper-evident and provides with enhanced security to the product within the bottle.
In context to Raw Materials, the HDPE (High-Density Polyethylene) segment is projected to witness the fastest growth rate of 5.1% during the forecast period, which is expected to occupy 22.2% of the market by 2026. The growth rate experienced by the HDPE segment is attributed to rising awareness about environmental hazards associated with disposed plastics and recyclability of HDPE, which contributes to its increasing popularity.
In context of End-use, the Foods and Beverages segment holds the largest market share of 51.0% in 2018 with the second-highest growth rate of 4.6% during the forecast period. The market share occupied by the Foods and Beverages segment is the result of the continuous expansion of the beverage industry and the increasing demand for online food delivery sector.
In regards to region, North America holds the second-largest market share of 23.0% in 2018 with a CAGR of 3.5% during the forecast period. Lifestyle changes, the increasing popularity of retail shelf packaging, and rising demand for on-the-go foods are some of the contributing factors for the market share occupied by this region.
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For the purpose of this report, Reports and Data have segmented the plastic caps and closures market according to Bottle Type, Product Type, Raw Materials, Technology, End-use, and Region:
Bottle Type Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
Glass
Plastic
Product Type Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
Dispensing Caps
Screw-On Caps
Flip-top closures
Easy Pull Bottle Cap
Sports cap
Others
Raw Materials Type Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
Polypropylene (PP)
HDPE (High-Density Polyethylene)
LDPE (Low-Density Polyethylene)
Others
Technology Type Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
Compression Molding
Injection Molding
Post-Mold Tamper-Evident Band
End-use Type Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
Foods and Beverages
Personal & Homecare
Pharmaceuticals
Others
Regional Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
North America
Europe
Asia Pacific
MEA
Latin America
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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technology
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Plastic Caps and Closures Market Segmentation & Impact Analysis
4.1. Plastic Caps and Closures Market Segmentation Analysis
4.2. Industrial Outlook
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