Plastic Caps & Closures Market Estimated to Lock an Ineffaceable Growth by 2023; Asserts MRFR
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.
Pune, India -- (SBWire) -- 01/05/2018 --Global Plastic Caps & Closures Market Information by Type (Reclosable Packaging, Non-reclosable Packaging, Special Blister Packaging), By End-Use (Personal Care, Chemicals, Pharmaceuticals) and By Region – Forecast to 2023
The Global Plastic Caps & Closures Market is driven by some of the leading players operating in the market including RPC Group Plc. (UK), Reynolds Group Holdings Limited (New Zealand), Crown Holdings Inc. (U.S.), Amcor Limited (Australia), Rexam PLC (UK), Berry Plastics Corporation (U.S.), Silgan Holdings Inc. (U.S.), AptarGroup Inc. (U.S.), Guala Closures Group (Italy), and BERICAP GmbH Co. & KG (Germany). With their sedulous work these fervent players are constantly bringing up novelties in Plastic Caps & Closures. Acknowledging their contribution, MRFR has profiled them in their Analysis.
Plastic Caps & Closures Global Market - Overview
Plastic Caps & Closures are extensively used as a part of packaging or containers, like bottles, cans, tubes, stand-up Pouches etc. Besides serving as access to open the container and providing protection to the product against spillage and damage; they also add elegance and reflect the exclusivity & luxury nature of the product, convey a brand's image while establishing emotional connection with the consumer. For instance, Plastic Caps & Closures of a skincare product; are usually given the glossy surfaces through metallization processes to give it a sleek look allowing it to reflect smoothening & glowing benefits of that product. Similarly Dark and sturdy Plastic Caps & Closures are assigned to shampoo bottles to actually convey that the containing product will help hair to grow strong & thick.
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Although small in size, Plastic Caps & Closure are equally crucial for branding and to enhance the user's experience with the product. Unlike their Metal counterparts, rust proof and firm, Plastic Caps & Closures offer a long lasting utility, longer shelf life without affecting the quality of product, are recyclable and come in various sizes, shapes and designs. Attributing to all these advantages, Plastic Caps & Closures have garnered popularity and are exclusively preferred for packaging of Drinking Water, Food & Beverages, Personal Care/ beauty products, Alcoholic Beverages, chemicals and so on.
Improving economy has allowed people to adopt quality life style increasing their purchasing power and affordability. This has prompted the growing utilization of quality products. Owing to the advantages Plastic Caps & Closures offer they are largely popular and hence vastly preferred for capping & closing solutions. These factors together have provided impetus to augment its demand due to which today, the global market of Plastic Caps & Closures is perceiving an exponential growth.
Accrediting the growing traction the Plastic Caps & Closures market is enjoying globally and the prominent growth prospect the market is demonstrating currently; the Market Research Future has recently published a brilliant study report giving out the market insights up till 2023. In its analysis MRFR asserts that the global Plastic Caps & Closures market is expected to reach the market size of ~USD 61.71 billion by 2023 posting a striking CAGR of ~5.2% between 2017 and 2023.
Gone are the days when Elite liquors/wines and alcoholic beverages were packaged in glass bottles capped with the natural cork. PET bottles with the complementing caps have taken over the glass packaging long ago due to the shortage of natural cork. Thus allowing the drinks & beverages industry to foster the Plastic Caps & Closures market growth. Trend of packaged food and drinking water owing to the need of the modern & heady lifestyle coupled with the convenience Plastic Caps & Closures offer is driving the Plastic Caps & Closures market growth globally.
On the other hand, factors such as volatility in the prices of raw materials coupled with the stringent regulations on packaging material waste and recycling, are forecasted to pose challenges to the Plastic Caps & Closures market growth. However, growing preference and demand for the Plastic Caps & Closures from a various product manufacturers and consumers alike; are expected to fuel the market growth of light weight, recyclable and cost effective Plastic Caps & Closures during the years to come.
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Plastic Caps & Closures Global Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Plastic Caps & Closures appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. Vendors are focusing on improving their market performance and are aggressively expanding by acquiring promising companies in the fast-growing markets like India, China, Indonesia, Brazil, and South Africa.
27-Sep-2017 - United Caps/ Caps United (Wiltz, Luxembourg, Europe) a global provider of innovative Caps & Closure, announced its plans to launch a new version of its ProSpring closure for sports drinks in early 2018 to enter new markets such as Germany following the success the cap had in the UK and other parts of Europe.
On 17 Oct, 2017 the Company announced that it is taking over the plastic closures division of Closures4you. The takeover offer includes 28 mm caps for re-usable glass bottles and for disposable PET bottles. This latest acquisition is part of UNITED CAPS' comprehensive growth strategy.
In June 2017, the company announced the takeover of cap and closure manufacturer Dewit Plastics. In the case of Closures4you, the plan is to ensure future market supply from the UNITED CAPS plant in Schwerin. The takeover will make available capacity for a new closure design to replace some previous closures. To ensure a smooth transition in terms of customer supply, Closures4you will make its closure capacities available through the end of March 2018. With this strategic step, UNITED CAPS is driving forward the modernisation of its product portfolio
Plastic Caps & Closures Global Market - Segments
For the convenience of the report and enhanced understanding; MRFR has segmented the Plastic Caps & Closures Market in to 4 key dynamics.
Segmentation by Raw Material : Comprises Polypropylene, Polyethylene, Polystyrene, and other Resins.
Segmentation by Product Type : Comprises Screw Caps, Dispensing Caps and other Plastic Caps.
Segmentation by End Use : Comprises Food & Beverage, Pharmaceutical, and others.
Segmentation by Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Plastic Caps & Closures Global Market - Regional Analysis
On the basis of geography, the market has been segmented as North America, Europe, Asia Pacific and RoW. Geographically, Asia Pacific dominates the global plastic caps & closures packaging market with the largest market share.
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