Screw Closures Market is projected to expand at a CAGR of 5.0% during forecast period between 2018 to 2026 and expected to reach US$ 42,469.9 Mn by 2027
Albany, NY -- (SBWIRE) -- 01/14/2019 -- According to Transparency Market Research's latest market report titled "Screw Closures Market: Global Industry Analysis, 2013 – 2017 and Opportunity Assessment, 2018 – 2027. The screw closures market stood at US$ 27,489.5 Mn in 2018 and is forecast to register a CAGR of 5.0 % during 2018 – 2027. The screw closures market is estimated to be valued at US$ 42,469.9 Mn by the end of the forecast period.
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Global Beverage Industry Market Growth
Screw closures are most prominent type of caps & closures used in the beverage industry. The hassle-free opening and closing, along with the improved security to prevent product wastage makes them ideal for use in the food & beverage industry. Hence, the growth of the screw closures market closely depends upon the development of the beverage industry. The ready-to-drink market is expected to witness an impressive growth in the overall screw closures market during the forecast period, which can increase the need of high-end screw closures. The food industry also accounts for a significant market share of the global screw closures market.
Pump Pressure Caps are Restraining the Growth of Global Screw Closures Market
Screw closures feature a tamper-evident flip top nozzle design that eliminates the drip mess and prevents cloging. Pump pressure caps & closures are also becoming popular among the personal care & cosmetics industry. These offer extra security and proper dispensing capability as compared to screw closures. 24–34 mm neck diameter pump pressure caps are replacing screw closures in packaging for face wash, shampoo, hand wash, hair oil, body care, and others. Their popularity can be a major restraint in the growth of the screw closures market.
Drivers and Restraints of the Global Screw Closures Market
High Demand for Screw Closures
The global demand for screw closures is continuously increasing due to the rise in the consumption levels of various personal care, food & beverage, and household goods. The growth of the screw closures market is primarily driven by the increased consumer spending on the convenience products. As the demand for these products grows, the demand for PET bottles and liquid cartons will also grow and will subsequently boost the growth of the global screw closures market in the region. Also, the growth in the beverage end-use industry is expected to further drive the growth of the global screw closures market. The penetration of bottled water is increasing at a good CAGR value globally due to the changing consumer habits towards more hygienic drinking habits. This has led to an increase in demand for screw closures.
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Growth in Single-serve Beverages
Single-serve beverages are packaged along with hot fill process which increase the shelf life of the packaged contents are fueling the growth of the global screw closures market. Single serves and ready-to-drink coffee, which didn't exist few years ago, comprise of more than 30% of the total coffee sold at the grocery stores are fueling the growth of the global screw closures market. Furthermore, technological developments & improvements in the hot-fill processing have become the prominent factor influencing the demand for the plastic screw closures.