Global Caps and Closures Market to Reach US$51.6 bn by 2021, Increasing Need for Durable Packaging Drives Growth
Transparency Market Research (TMR) has recently published a study on the global caps and closures market, estimating the market to expand at a CAGR of 5.20% during the period from 2015 and 2021.The research report, titled “Caps and Closures Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2021,” expects this market to increase from a value of US$36.2 bn in 2014 to an estimated value of US$51.6 bn by the end of the forecast period.
In 2014, 1,342.2 bn units of caps and closure were produced in the global market. Rising at a CAGR of 3.50% during the forecast period, the production is likely to reach an estimated number of 1,702.1 bn units by the end of 2021, states the research report.
From the pharmaceuticals market to the food and beverage industry, caps and closures have widespread applications across various sectors. They are utilized to seal bottles, cans, tubes, and several other types of packaging in order to extend the shelf life of products. The increasing demand for food and beverages in the global arena has fueled the need for durable packaging, resulting in a significant rise in the demand for caps and closures across the world.
In this report, the global caps and closure market has been analyzed on the basis of type, application, and the regional spread of this market. Based on the type, the market has been classified into caps and closures used for food items and caps and closures used for beverage products. In 2014, the market for caps and closure used for beverages occupied the largest share in the overall market.
The market for caps and closures used for beverages has been further categorized into plastic screw closures, corks, metal screw closures, metal crowns, and other closures. Additionally, the market for caps and closures used for food items has been segmented into easy-open can ends, peel-off foils, plastic screw closures, metal lug closures, and various other types of caps and closures.
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Alcoholic beverages and non-alcoholic beverages have been identified as the key application areas of caps and closures in this market study. The alcoholic beverages segment has been classified into wine, beer, and other alcoholic beverages and the non-alcoholic beverages segment has been categorized into carbonated soft drinks, bottled water, and other non-alcoholic drinks.
By geography, the report has segmented this market into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. In 2014, Asia Pacific led the overall market in terms of both volume and revenue. Analysts expect this hierarchy to continue during the forecast period, ensuring the dominance of this regional market in the near future, notes the study.
Pact Group Holdings Ltd., Berry Plastics Corp., AptarGroup Inc., Silgan Holdings Inc., BERICAP GmbH und Co. KG, Crown Holdings Inc., Closure Systems International (CSI), and Reynolds Group Holdings Ltd. are the major companies operating in the global caps and closures market profiled in this report.