Plastic Caps and Closures Market on Track to US$ 54,800 Million by 2027
Future Market Insights presents a new report titled ‘Plastic Caps and Closures Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017-2027’ that studies the performance of the global plastic caps and closures market over a 10 year assessment period from 2017 to 2027. The report presents the value and volume forecasts of the global plastic caps and closures market and provides important insights into the factors driving market growth as well as the factors restricting market growth. According to the report forecasts, the global plastic caps and closures market was estimated to be valued at nearly US$ 34,200 Mn in 2017 and is anticipated to reach a valuation of nearly US$ 54,800 Mn in 2027 and in the process exhibit a CAGR of 4.8% during the assessment period 2017-2027.
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Top Trends in the Global Plastic Caps and Closures Market
The trends that are gaining popularity in the beverages sector of the plastic caps and closures market is light-weighting and constant efforts towards reducing the costs and achieving sustainability targets. Most of the top manufacturers in the global plastic caps and closures market are spending a great amount of money on research and development initiatives. R&D on plastic caps and closures mainly pertains to light weight designs, new consumer needs and consumer convenience. Some of the practical examples of such trends are the knurl pattern for easy gripping, smart hinge caps and extended height caps for the purpose of ergonomics. However, this process of weight reduction doesn’t apply to the short caps that are popularly used in the U.S. and European markets. In the markets of China and Africa, tall neck finishes are still widely used and it is in such product types that weight reduction techniques can be used efficiently. In the latest innovations in the global plastic caps and closures market, the weight of 30/25 mm cap is reduced from 2 grams to 1.58 grams.
Global Plastic Caps and Closures Market: Segmentation and Forecast
The global plastic caps and closures market is segmented on the basis of cap type, material type and end use.
The screw closures segment in the cap type category was estimated to be valued at nearly US$ 24,200 Mn in 2017 and is anticipated to reach a valuation of about US$ 38,600 Mn in 2027 with a CAGR of 4.8% during 2017-2027
The thermoplastics segment in the material type category was estimated to be valued at nearly US$ 33,300 Mn in 2017 and is likely to reach a valuation of nearly US$ 53,400 Mn in 2027
The non-carbonated drinks sub-segment in the end use category is expected to register a CAGR of 5.2% during the period of forecast.
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Global Plastic Caps and Closures Market: Regional Forecast
The APEJ plastic caps and closures market was estimated to be valued at nearly US$ 11,600 Mn in 2017 and is projected to reach a valuation of nearly US$ 20,550 Mn in 2027, registering a CAGR of 5.9% during 2017-2027.
Global Plastic Caps and Closures Market: Vendor Insights
This report studies some of the important companies operating in the global plastic caps and closures market such as Closure Systems International, Inc., Silgan Plastic Closure Solutions, Bericap GmbH and Co KG, Global Closure Systems, AptarGroup, Inc., Berry Plastics Group, Inc., Amcor Limited, O.Berk Company, LLC, Blackhawk Molding Co. Inc., CL Smith Company, Georg MENSHEN GmbH & Co. KG and Takween Advanced Industries among others.