Plastic Caps & Closures Market
Plastic Caps & Closures Market Size, Share & Industry Analysis, By Material Type (Polyethylene, Polypropylene, Others), By Product Type (Screw Caps, Dispensing Caps, Others), By End-Use Industry (Food & Beverage, Pharmaceuticals, Personal Care & Cosmetics, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) -- Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The global plastic caps & closures market is projected to grow at a CAGR of 5.8% from 2024 to 2031, reaching a value of USD 72.4 billion by 2031. Asia-Pacific currently dominates the market, accounting for approximately 38% of the global share. Key metrics include increasing demand for convenience packaging and the growing beverage industry worldwide.
The plastic caps and closures market is expanding steadily, driven by increased demand for packaged food and beverages, pharmaceutical products, and personal care items. Technological developments in cap design, which focus on increased utility and sustainability, are also helping to drive market growth.
Market Dynamics:
Market Trend: Sustainable and smart packaging solutions drive innovation in plastic caps and closures.
The trend towards sustainable packaging is having a big impact on the plastic caps and closures market. Manufacturers are increasingly focussing on producing environmentally friendly alternatives, such as lightweight caps, bio-based materials, and designs that allow for easy recycling. This move is motivated by both consumer demand and regulatory pressure to limit plastic waste.
According to recent industry research, 67% of consumers evaluate the recyclability of packaging when making purchases. In response, major beverage firms have pledged to make all of their packaging recyclable by 2025. For example, Coca-Cola has launched its "World Without Waste" project, with the goal of collecting and recycling the equivalent of every bottle or can it sells globally by 2030.
Furthermore, the use of smart technologies in caps and closures is growing popularity. Over the last year, the adoption of smart hats using NFC or RFID technology for product verification and tracking has increased by 35%. Companies like as Aptar Group have introduced connected caps that can provide product information, usage instructions, and even reminders to consumers via smartphone apps.
Market Driver: Growing beverage industry and increasing demand for convenience packaging fuel market growth.
The rising beverage industry, especially in emerging nations, is a major driver of the plastic caps and closures market. The worldwide beverage market is estimated to reach $1.9 trillion by 2027, with a 3.1% CAGR. This expansion is fuelling demand for novel and practical packaging solutions, such as enhanced cap designs.
According to recent estimates, global bottled water consumption has climbed by 7.4% each year over the last five years, with XX billion litres expected in 2023. This tendency is especially prominent in Asia-Pacific countries, where growing urbanisation and rising disposable incomes drive demand for bottled beverages.
In response to this trend, businesses are investing in new manufacturing facilities and technology. For example, Berry Global recently announced a $110 million investment to enhance its closure manufacturing capabilities in North America and Asia, with an emphasis on lightweight, one-piece closures for the beverage market.
Market Restraint: Environmental concerns and regulatory pressures challenge traditional plastic cap manufacturers.
Despite the market's expansion, environmental concerns and tightening laws on single-use plastics provide substantial hurdles to the plastic caps and closures sector. Many countries have adopted or are proposing restrictions or tariffs on specific plastic products, such as caps and closures.
A recent survey found that 72% of customers are actively attempting to limit their use of plastic packaging. This shift in customer behaviour puts pressure on industry to create alternative alternatives. Furthermore, the European Union's Single-Use Plastics Directive, which went into force in July 2021, mandates all caps and lids to stay connected to containers holding beverages up to 3 litres by 2024.
Segment Overview:
The screw caps segment dominates the plastic caps & closures market, driven by widespread use in beverage and pharmaceutical industries.
The screw caps category now dominates the plastic caps and closures industry, accounting for over 45% of total market value. This supremacy is partly due to their versatility, convenience of application, and ability to produce a good seal for a diverse range of products.
According to recent market research, the global screw caps market is estimated to reach $ XX billion by 2026, with a CAGR of 5.4% between 2021 and 2026. Polypropylene is the most popular material for screw caps, accounting for 55% of the market, followed by polyethylene (30%).
The beverage industry is the greatest end-user of screw caps, thanks to increased consumption of bottled water, carbonated soft drinks, and alcoholic beverages. According to recent industry projections, the global bottled water market is expected to reach $ XX billion by 2028, with a CAGR of 6.7% between 2021 and 2028. This expansion is likely to have a direct influence on demand for screw caps. Child-resistant screw caps are becoming increasingly popular in the pharmaceutical industry as safety rules tighten. The global child-resistant packaging market, which includes screw caps, is estimated to reach $ XX billion by 2026, with a CAGR of 5.8%. Major players such as Berry Global and Aptar Group have expanded their product portfolios to incorporate novel child-resistant screw cap designs in response to the increased demand.
Regional Outlook:
Asia-Pacific leads the global plastic caps & closures market, driven by rapid industrialization and increasing consumption of packaged goods.
Asia-Pacific currently dominates the global plastic caps and closures industry, with over 38% of the market share. This dominating position is primarily due to fast industrialisation, urbanisation, and rising consumption of packaged foods, beverages, and personal care goods in countries such as China, India, and Southeast Asia.
The Asia-Pacific plastic caps and closures market is estimated to develop at a 6.5% CAGR between 2024 and 2031, reaching $ YY billion by the end of the forecast period. China is the largest market in the area, accounting for almost 40% of the Asia-Pacific market share.
Silgan Holdings stated in February 2024 that it would expand its plastic closure production facilities in Singapore to accommodate the increased demand for dispensing closures in the Southeast Asian market.
Key Statistics: A recent survey found that per capita consumption of bottled beverages in Asia-Pacific has climbed by 25% in the last five years, fuelling demand for caps and closures. Furthermore, the region's e-commerce sector has increased by 18% per year, increasing the demand for secure and convenient packing solutions.
India has emerged as a crucial growing market for plastic caps and closures, owing to the government's "Make in India" policy, which promotes domestic manufacture. Several global corporations have constructed production facilities in the country to meet rising demand. For example, Aptar Group recently opened a new manufacturing unit in Hyderabad to produce novel dispensing solutions for the Indian market.
Competitive Intelligence:
The plastic caps and closures industry is dominated by five large international firms and numerous regional players. Berry Global, Aptar Group, and Silgan Holdings are key market leaders with considerable market shares thanks to their global presence, extensive product portfolios, and technological capabilities.
Berry Global, for example, has focused on strategic acquisitions to increase its global footprint. The company's recent acquisition of RPC Group strengthened its position in the European market and expanded its product range. Aptar Group, well-known for its unique dispensing systems, has made significant investments in research and development to provide sustainable and smart packaging solutions.
Emerging Asian firms, such as Bericap and Phoenix Closures, are challenging Western companies' market supremacy, particularly in Asia's fast growing markets. These companies are gaining market share by utilising their local production capabilities and cost benefits.
Berry Global and Aptar Group both account for 10-15% of the global plastic caps and closures market, followed by Silgan Holdings at 8-10%. However, the business remains fragmented, with many smaller regional players focussing on specific niches or local markets.
Looking ahead, the competitive landscape is projected to be defined by a greater emphasis on sustainability, technological innovation, and development into emerging markets. Companies who can provide a combination of environmentally friendly solutions, innovative functionality, and cost-effective manufacturing are likely to acquire a competitive advantage in this changing industry.
Analyst Opinion:
The plastic caps and closures business is at a crossroads, balancing expansion prospects with growing environmental concerns. As we approach 2031, we predict a dramatic move towards more sustainable solutions, fuelled by both consumer demand and government forces.
One major trend to monitor is the development of mono-material packaging solutions, in which caps and containers are made of the same type of plastic to enable recycling. This technique has the potential to alleviate some of the present issues in plastic recycling while still providing the convenience and functionality that consumers expect.
Furthermore, we anticipate growing use of new technologies in cap manufacturing, such as 3D printing for rapid prototyping and IoT-enabled smart caps for improved product traceability and user involvement. These technologies have the potential to provide manufacturers with new revenue streams and chances for differentiation. Localised production is also expected to gain traction in the market, particularly in emerging nations, in order to cut transportation costs and carbon impact. This trend may lead to increasing rivalry from regional companies and more consolidation in the industry.
Major Players:
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Berry Global Group, Inc.
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Aptar Group, Inc.
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Silgan Holdings Inc.
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Amcor plc
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Closure Systems International
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Bericap GmbH & Co. KG
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Coral Products PLC
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RPC Group PLC
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United Caps Luxembourg S.A.
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Caps & Closures Pty Ltd
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Guala Closures Group
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Alpla Werke Alwin Lehner GmbH & Co KG
Key Developments:
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July 2024: Aptar Group introduced a new range of tethered beverage caps that conform with the EU Single-Use Plastics Directive while improving consumer convenience.
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In May 2024, Silgan Holdings purchased a leading Asian caps and closures producer, considerably boosting its footprint in the Asia-Pacific region.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Berry Global Group, Inc.
5.2. Aptar Group, Inc.
5.3. Silgan Holdings Inc.
5.4. Amcor plc
5.5. Closure Systems International
5.6. Bericap GmbH & Co. KG
5.7. Coral Products PLC
5.8. RPC Group PLC
5.9. United Caps Luxembourg S.A.
5.10. Caps & Closures Pty Ltd
5.11. Guala Closures Group
5.12. Alpla Werke Alwin Lehner GmbH & Co KG (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Sustainable and smart packaging solutions drive innovation
6.1.2. Mono-material packaging solutions for improved recyclability
6.1.3. Increased adoption of advanced manufacturing technologies
6.2. Market Drivers
6.2.1. Growing beverage industry fuels demand for caps and closures
6.2.2. Increasing demand for convenience packaging in emerging markets
6.2.3. Technological advancements improving cap functionality
6.3. Market Restraints
6.3.1. Environmental concerns and regulatory pressures challenge manufacturers
6.3.2. Volatility in raw material prices affecting profit margins
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY MATERIAL TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
7.1. Polyethylene
7.2. Polypropylene
7.3. Others
8. BY PRODUCT TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
8.1. Screw Caps
8.2. Dispensing Caps
8.3. Others
9. BY END-USE INDUSTRY (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
9.1. Food & Beverage
9.2. Pharmaceuticals
9.3. Personal Care & Cosmetics
9.4. Others
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
BY MATERIAL TYPE
- Polyethylene
- Polypropylene
- Others
BY PRODUCT TYPE
- Screw Caps
- Dispensing Caps
- Others
BY END USER INDUSTRY
- Food & Beverage
- Pharmaceuticals
- Personal Care & Cosmetics
- Others
BY REGION
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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