Albany, NY -- (SBWIRE) -- 05/28/2019 -- 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.
Competitive Landscape of the Global Screw Closures Market
Key players which have been profiled in the global screw closures market report include Amcor Limited, Berry Global Inc., Aptar Group, RPC M&H Plastics Ltd, Silgan Plastic Closure Solutions, O. Berk Company, LLC, Closure Systems International, Inc., Bericap GmbH and Co KG, Global Closure Systems, Weener Plastics Group BV, Blackhawk Molding Co. Inc., CL Smith Company, Georg MENSHEN GmbH & Co. KG, Mold-Rite Plastics, LLC, Alpha Packaging, Inc., and Comar LLC.
Key Developments in the Global Screw Closures Market
1. In May 2016, it was stated that the company along with its sister companies Graham Packaging Co. and Evergreen Packaging Inc., would be combining into one consolidated global headquarters in Memphis, U.S.
2. In June 2015, it unveiled its new one-piece closure '33-400 directional screw closures' which featured a stay clean lid which opened wide and away from the dispensing spout.
The Detailed analysis and statistical data about the market is given in Tabular format, Charts, and Graphs in this research report. Get PDF Sample of this study @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=54375
Global Beverage Industry Market: Growth Drivers
1. 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.
2. 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.
3. Growing Aversion Towards Soda & Soft Drinks
The consumption of bottled water and ready-to-drink tea and coffee has increased significantly globally due to growing aversion towards soda. Sealing breaches could also be the limiting factor, as a screw closures not only seals the containers, but also protect the containers but also protects its contents from piracy and satisfies technical demands requested by the government and authorities.
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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.
In the global screw closures market report, we have discussed individual strategies followed by the key players to sustain in the competition. A competition dashboard with significant key players is provided in the global screw closures market.