Global Plastic Caps And Closures Market Size, Share, Growth Analysis, By Type, By Application - Industry Forecast 2022-2028

Global Plastic Caps and Closures Market was valued at USD 63.59 billion in 2021, and it is expected to reach a value of USD 90.92 billion by 2028, at a CAGR of more than 5.24% over the forecast period (2022- 2028).

The market for plastic caps and closures is being driven by rising demand for bottled water, the desire for convenience, worries about product safety and security, product differentiation and branding, and decreasing package sizes.

Plastic caps and closures may be preferable to other materials because of their affordability, lighter weight, and compatibility with a wide range of materials. This makes them appropriate for a variety of end-user industries, such as the food, beverage, healthcare, personal care, industrial, and home care. The ability of plastic caps and closures to preserve the flavour and texture of these beverages is a key factor in the market growth for plastic caps and closures.

One of the main market drivers for the plastic caps and closures sector is the rising demand for cosmetics and makeup in developed nations, which uses pump closures and dispensing closures. Due to the end-favorable consumer economy, demand for healthcare, cosmetics, skincare, beverages, and healthcare is among those that are rising quickly. These elements support the overall expansion of the plastic caps and closures market.

Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Plastic Caps and Closures Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The global plastic caps and closures market is segmented based on the type, application, and region. Based on the type, it is segmented into polyethylene terephthalate (PET), polypropylene (PP), high-density polyethylene (HDPE), low-density polyethylene (LDPE), and others. Based on application, it is segmented into food & beverages, pharmaceuticals, cosmetics & household, and others. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

Plastic caps and closures are made for a variety of reasons, including convenience and easier operation. To protect the product from dirt and other microbes, a plastic cap is necessary. Metal caps and closures are more expensive than plastic ones. Customers want closures that are convenient, user-friendly, and easy to open.

The global market for plastic caps and closures is anticipated to grow as a result of the rising popularity of dispensing closures and pump closures in numerous product categories like body care, skincare, beverages, and liquid food products. The demand for FMCG products that encourage healthier lifestyles is increasing as the health and wellness trend shifts towards preventive healthcare. Customers increasingly depend on plastic caps and closures to ensure the safety and authenticity of the goods they buy because they stop contamination, tampering, and counterfeiting.

Restraint

The market for plastic caps and closures is under threat from the use of packages without closures like pouches and blister packs. These packaging options offer the packager many benefits, including lower material costs when compared to conventional rigid packaging techniques and considerations for sustainability. Many FMCG companies use the pouch packaging format as a packaging innovation tool to offer convenience to consumers. The wide range of design options available across all end-use segments is expanding to include a number of new easy-open and easy-reclose options. For instance, the market for caps and closures made of plastic is constrained by those made of metal and cork.

Market Trends

The market for caps and closures is significantly influenced by the food industry. Healthy beverages are in higher demand as consumers become more health conscious. The convenience of bottled water has become more widely available thanks to rising individual incomes, which is a major factor in the expansion of the market for caps and closures.

The growing millennial workforce is further fueling this trend. It has been discovered that the millennial generation works flexible hours, which raises the demand for foods to eat on the go and is anticipated to drive the market for caps and closures.