Low Profile Compact System Closures Market size and Key Trends in terms of volume and value 2016-2026
Packaging for products has evolved through the ages witnessing a tremendous shift in design, functionality, aesthetics and convenience. When we talk about convenience, we consider both the consumers, as well as the producers. With respect to the consumers, convenience refers to easy usage, durability, increased functionality and convenient disposal. With the ‘on the go lifestyle’ taking over, the aforementioned characteristics hold tremendous weightage. With respect to the producers, convenience refers to low cost of production, less raw material usage, convenient storage and transport, low weight, and aesthetic appeal. Considering these needs of consumers and producers, low profile compact system closures and packages exactly fit the bill. Low profile compact system closures have become a very attractive segment of closures in the cosmetics, pharmaceutical and healthcare sector.
Closures are used to seal bottles, cans, tubes etc. Low profile compact system closures maintain the integrity of the product and make possible the preservation of the product. This in turn increases the shelf life of the product. Various materials are used in the manufacturing of closures. The material used is mainly chosen to accentuate the aesthetics, while also maintaining the functionality of the product. One of the upcoming and most effective closure systems available in the market are the low profile compact system closures.
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Low profile compact system closures are perfect for water based and solvent based formulations as this technology maintains the characteristics of the product during use and on the shelf. Low profile compact system closures technology locks the container effectively, thereby retaining the product by prevention of weight loss due to loss of moisture.
Low profile compact system closures Market- Market Segmentation:
Based on the Material type, the low profile compact system closures market is segmented into:
- Others (wood, rubber, elastomers)
Based on the end use, the low profile compact system closures is segmented into:
- Food & beverages
- Others (automotive, chemical)
Low profile compact system closures- Market Dynamics:
Packaging today demands convenience not only in the functionality of the packaging, but also the storage, transport and disposal. With the rising disposable incomes, personal use products have seen a tremendous rise in demand. This has in turn triggered the supply of the products, and innovations to reduce the total cost of their production and packaging. By that token, low profile compact system closures have fittingly found their way in the packaging production systems. Low profile compact system closures reduce the overall weight of the packaged product. Weight reduction is achieved due to the less use of raw material in the production of the low profile compact system closures. In terms of sustainability, less energy is utilized during production, which is a major driver for the growth of low profile compact system closures market. Moreover, Transport of total number of units per truck also increase, which is expected to boost the global low profile compact system closures market growth.
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Low profile compact system closures- Regional Outlook:
In terms of geography, the low profile compact system closures has been divided in to five key regions; North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. The low profile compact system closures is expected to exhibit an above average CAGR during the forecast period. Asia Pacific is expected to be the fastest growing region for low profile compact system closures market during the forecast period. Due to the rising per capita income and the increase in industrialization, Asia Pacific region will also fare the largest in terms of consumption, as well as production in global low profile compact system closures market. Latin America and Europe will closely follow behind the growth pattern of the Asia Pacific region during the forecast period in low profile compact system closures. North America and Europe will comparatively witness a slower growth in terms of the low profile compact system closures market during the forecast period.
Low profile compact system closures- Major Players:
Some of the key players in the low profile compact system closures are Vetroplas Packaging Ltd., Berry Plastics Corporation, Crown Holdings, Portola Packaging Inc., Silgan Plasic Closures Solutions, Global Closure Systems, Paradigm Packaging Inc., OBerk Company LLC, Reynolds Group Holdings and PolyChem Alloy Inc among others.