Pune, India -- (SBWIRE) -- 03/21/2018 -- Market Research Future published a research report on "Plastic Caps & Closures Market Research Report- Forecast 2023" – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Plastic Caps & Closures Market – Overview

Plastic caps & closures form an integral part of the present day packaging industry. Without these one cannot imagine beverage bottles or food containers. However, the use of plastic has only taken speed recently. In earlier times, wood or metal was used for this purpose. But since the time plastic caps & closures came into existence there has been no looking back for them. This is because plastic is easily available and very convenient to mold into desired cap shapes. Owing to these reasons the global plastic caps & closures market is gaining traction.

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Plastic caps & closures are available in many varieties but one of the most common ones happens to be screw caps. They can applied on any given container or bottle by the hand or with the help of an automated machine. They are fixed tight enough to protect the content present inside the container and avoid closure disruption. Furthermore, these caps can also be used to reseal that particular container or bottle securely.

Some of the main purposes of caps & closures can be listed as keeping the container sealed & protected from impurities, offer a resistance against dirt, oxygen and moisture. On the whole, it can be firmly said that these caps are extremely important and useful in nature.

Market Scenario

At present, the packaging industry is more welcoming than ever towards new and better innovations. Due to this it can be very naturally assumed that the coming years will bring a whole lot of growth opportunities for the global plastic caps & closures market. During the forecast period of 2018-2022, the market is estimated to earn around USD 61 billion. In terms of CAGR, the market is anticipated to tread forward at the rate of 5%.

There are many factors that work collectively towards carving a path of success for this market. The higher consumption of processed beverages and foods happens to be a chief growth factor for this industry. Advancement in the plastic industry packaging is another aspect that works in the favor of this market.

The reusable characteristic of plastic and hike in the annual income of people can be termed as additional development drivers for the market. However, the market may come across small hindrances like unstable raw material rates and stricter government rules. Although, experts believe that the market will overcome such small issues as it treads forward.

Market Segmentation

The worldwide plastic caps & closures market has been divided into four equal parts. They can be listed as end users, raw materials, geographies and product types.

On the basis of end users, the market has been trifurcated into pharmaceutical, food & beverage and others.
When it comes to raw materials, the market is separated into polystyrene, polypropylene, and polyethylene.
Geographically, the industry has its reach across various areas of the world like Europe, North America, Asia Pacific and Rest of the World.

Finally, on account of product types, the market has been segmented into dispensing caps and screw caps.

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Innovations

The global plastic caps & closures market has been introduced to a lot of innovative products over the last few years. But one of the most important amongst them happens to be DOUBLEFLOW. It is a peculiar kind of cap that has a dual-function. It can be used as a precision pouring instrument for vinegars and edible oils.

Market Players & Key Strategies

Some of the most prominent players of this market can be listed as Amcor Limited, Berry Plastics Corporation, Reynolds Group Holdings Limited, AptarGroup Inc., and Crown Holdings Inc. The two major strategies used by these players happens to be strategic expansions and new product development.

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