Economic Effects of Caps and Closures Market Advancement Strategy, Main Top Players, Analysis and Forecast to 2021
The global caps and closures market is driven by emerging economies. China and India are two of the key caps and closures markets in the world. Caps and closures are used mainly in the packaging industry to preserve products to extend their shelf life. In the past, North America dominated the global packaging industry. However, the change in manufacturing trends has led to key companies to shifting their manufacturing bases from developed economies to emerging economies.
These trends have, in turn, substantially driven the packaging sector in emerging economies. Caps and closures being a significant segment in the global packaging industry will witness strong growth in emerging markets. Broadly, the global caps and closures market is segmented on the basis of product type, application, and geography.
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The research study on the global caps and closures market offers strategic market forecasts. These forecasts will help businesses understand the growth framework of the global caps and closures market for the food and beverages industry. Forecasts for the period of 2015 to 2021 are available in the report for both volume and value. In addition to this, the report delivers valuable forecasts for various segments of the market, which will help firms gauge the growth prospects of these segments.
Overview of the Global Caps and Closures Market
In terms of value, the global caps and closures market is projected to expand at a CAGR of 5.20% during the forecast period. In 2014, the market was worth more than US$36.2 bn and by 2021, the market is expected to be worth over US$51.5 bn. In terms of volume, the global caps and closures market is expected to expand at a 3.50% CAGR. In 2014, the market recorded 1342.2 bn units and by 2021, it is projected to record 1702.1 bn units.
On the basis of product type, the global caps and closures market is divided into beverage caps and closures and food caps and closures. Some of the caps and closures used in the beverage closures segment are metal screw closures, corks, metal crowns, and plastic screw closures. In 2014, plastic screw closures led the beverage closures type segment in the global caps and closures market both in terms of value and volume in 2015. The rising consumption of beer and bottled water is driving the plastic screw closures segment in the global caps and closures market.
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Region-wise, the global caps and closures market is segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Asia Pacific dominated the global caps and closures market both in terms of revenue and volume in 2014. The Asia Pacific market for caps and closures benefits from the rising demand for metal food cans. Nevertheless, it is Latin America that is projected to expand at the highest CAGR of 7.2% in terms of revenue during the forecast period.
Companies mentioned in the research report
Players in the global caps and closures market are eyeing emerging economies of Asia Pacific and Latin America. Some of the key players operating in the global caps and closures market are Berry Plastics, Crown Holdings, Silgan Holdings, Closure Systems International, Reynolds Group Holdings, AptarGroup, and Pact Group Holdings.
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