Expanding Application in Food & Beverage Packaging to Hasten Growth in the Plastic Caps & Closures Market; FMI Analysts Predict Market Valuation to Surpass US$ 76,953.0 Million by 2033. The United States plastic caps & closures market is projected to exceed US$ 10.5 billion by 2029, growing at a CAGR of 3.7% from 2023 to 2029, and is a key market in North America.
/EIN News/ — NEWARK, Del, May 17, 2023 (GLOBE NEWSWIRE) — The global plastic caps & closures market size is slated to surpass a valuation of US$ 45,913.6 million in 2023. FMI anticipates the market is estimated to attain a valuation of US$ 76,953.0 million by 2033. The market is predicted to showcase a CAGR of 5.3% from 2023 to 2033.
For packing and closing various kinds of bottles, tubes, containers, and jars, plastic caps, and closures provide a reliable and secure packaging option. Thermoplastic and thermoset plastics are the materials used to make plastic caps and closures.
Plastic caps and closures are great for packaging a range of carbonated and non-carbonated beverages as well as industrial items since they are lightweight and recyclable.
The increasing number of millennials in emerging nations and their increasing disposable incomes drive the consumption of carbonated and non-carbonated drinks. Due to shifting inclinations toward healthy lifestyles, the market for plastic caps & closures has experienced notable expansion.
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The demand for plastic caps and closures is expected to increase as consumers turn to convenient packaging options.
The United States is anticipated to be a significant growth region during the forecast period. The rising product innovations, expanding food and beverage industry, and growing demand for bottled water are expected to bolster regional market growth.
Key Takeaways from Plastic Caps & Closures Market:
- In 2018, the global plastic caps & closures market size stood at US$ 36,420.4 million.
- The market size valued at US$ 43,602.7 million in 2022.
- The market expanded at a considerable CAGR of 4.6% from 2018 to 2022.
- In 2022, the screw closures segment captured 71.0% market share.
- Thermoplastics accounted for nearly 97% of the total plastic caps & closures market in 2022.
- In 2022, the beverage segment captured 49.1% market share.
- In 2022, the United States accounted for 18.9% market share.
Recent Developments Observed by FMI:
- For the Estathè brand of sweet tea soft drinks from Ferrero, Aptar debuted a new practical product packaging in May 2023. To package Estathè, Ferrero used an Aptar Rocket sports hat.
- In March 2023, United Caps introduced a brand-new tethered closure for a carton packing. The Tamper-Evident (TE) band included in the new 23 H-PAK tethered solution keeps all components whole for quick recycling and is easy to incorporate with existing practices.
- Mespack and Hoffer introduced spout and cap closure in January 2023. The new closure uses 20% less plastic and is comprised of a monolayer material.
- Silgan Plastics, a top provider of eco-friendly rigid packaging solutions, purchased Gateway Plastics in September 2021. Gateway Plastics makes dispensing closures and offers integrated dispensing packaging solutions to the food and beverage industry.
- In June 2021, Mala Verschluss-Systeme GmbH was bought by BERICAP, a well-known producer of plastic closures. Manufacturers of aluminum closures include Mala. With the purchase of Mala, BERICAP might expand its product line to include aluminum closures and create cutting-edge closure solutions that combine plastic and aluminum.
- Aptar Global, Inc. debuted PolkaLite, a new product category, in January 2022. PolkaLite is a closure that performs better and is convenient since it is light.
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Key Players in the Global Market
- Berry Global Inc.
- Amcor Plc
- Silgan Plastics
- Aptar Inc.
- O.Berk Company LLC
- Bericap GmbH & Co KG
- UNITED CAPS
- CL Smith Company
- Closure Systems International Inc.
- BLACKHAWK MOLDING CO. Inc.
- Georg MENSHEN GmbH & Co. KG
- Mold-Rite Plastic LLC
- Plasticap Inc.
- Guala Closures S.p.A.
- Weener Plastik GmbH
Plastic Caps & Closures Market Segmentation
By Caps Type:
- Screw Closures
- Snap Closures
- Push-Pull Closures
By Material Type:
- Others (PS, PET, etc.)
- Cosmetics & Personal Care
- Others (Chemicals, Fertilizers, etc.)
- North America
- Latin America
- Asia Pacific
- The Middle East & Africa (MEA)
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Table of Content
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Caps Type
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Type
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
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Sport Caps And Closures Market Outlook: Sport cap and closure solution providers are investing in the research & development of more eco-friendly alternatives for plastic but there has not been any substantial breakthrough yet. This factor is expected to pose several challenges to sport cap and closure vendors in the years to come as more stringent mandates are being placed to reduce the use of plastic.
Transport Cases & Boxes Market Analysis: Transport cases & boxes made up of plastic material are expected to be the most lucrative ones because of their functional characteristics such as durability, sturdiness, and being light in weight.
Post-Consumer Recycled Plastic Packaging Market Types: Packaging products made of eco-friendly material are gaining popularity as market players are adapting to sustainable packaging methods. Products and materials sold in the consumer markets, which have served their intended purpose or completed their life cycle are sent to material recovery facilities (MRFs).
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Originally published at https://www.einpresswire.com/article/634185418/the-plastic-caps-and-closures-market-is-projected-to-be-worth-us-76-953-0-million-by-2033-registering-a-cagr-of-5-3-during-the-forecast-period-2023