According to a recent survey conducted by ChemView Consulting, the Global Caps & Closures Market grew at a CAGR of 4.8% between 2017-2021 and is estimated to be US$ 58,936.2 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.2% and is expected to reach a valuation of US$ 97,845.2 Mn by 2032 end.
The caps and closures serve the primary purpose of keeping the container closed and the contents contained for the designated shelf life. It also acts as a barrier against dirt, oxygen, moisture, as well as preventing the goods from being opened prematurely. In the packaging industry, the caps and closures are primarily used to protect items and extend their shelf life. The rubber, plastic, and metal are used in the caps and closures market to provide appropriate product packaging.
The caps and closures are in high demand due to the rise in demand for easy to open and sustainable packs, rapid urbanization, and demographic trends. These are commonly used in the food and beverage industry for alcoholic and non-alcoholic drinks. The caps and closures help to extend the shelf life of products, protect them from dirt and moisture, and keep the oxygen content of the packed product balanced. With the increasing demand for caps and closures, import and export have become more important.
The caps and closures market is primarily driven by the packaging industry. The major purpose of packaging is to give food and beverages a longer shelf life, as well as products that keep their texture, flavour, and test for a long period. The caps and closures aid in the process of extending product shelf life and brand promotion. Furthermore, the growing demand for packaging propels the global caps and closures market growth. The fast-moving consumer goods, cosmetics, toiletries, and pharmaceuticals contribute towards the growth of the caps and closures market. However, the price volatility of raw materials such as high-density polyethylene and polypropylene is a major constraint to the caps and closures market’s expansion.
The caps and closures are popular because of their user-friendly design, great degree of customization, and durability. The caps and closures are expected to see a significant increase in demand throughout the projection period due to their accurate closing, binding properties, and widespread popularity among consumers.
The key market players are emphasizing circular packaging with the inclusion of post-consumer resin and other recyclable materials in caps and closures. The manufacturers of caps and closures are updating their recycling initiatives as a result of this, reaching sustainability goals and attracting environmental conscious customers to the caps and closures market.
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A list of some of the key suppliers present in the market are:
- Crown Holdings Inc
- BERICAP Holding GmbH
- Guala Closures S.p.A
- Closure Systems International, Inc
- Amcor Plc
- Silgan Plastic Closure Solutions
- Aptar Group
- UNITED CAPS
- Nippon Closures Co., Ltd.
- Mold-Rite Plastics, LLC
- Berk Company, LLC
- Pellicano & C. Spa.
- Weener Plastik GmbH
- Blackhawk Molding Co. Inc.
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- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
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- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
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About ChemView Consulting:
ChemView Consulting is a leading market research firm in the Asia Pacific, with expertise in Chemicals & Materials, Food & Beverages, Packaging, Oil & Gas, New & Renewable Energy, and Disruptive Technologies. We are one of the top market intelligence firms specializing in business analytics with an expertise in the ever-growing chemicals industry. We track high-growth markets with innovative ideas and opportunities insights through B2B research.
Our client base ranges from industry experts, investors, top companies in the chemicals; and oil & gas industry to SMEs, start-ups, and new entrants. We have worked with over 100 companies to upscale their position as the global leader in the chemical & materials landscape with our cutting-edge analytics and advisory services.
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