Caps and Closure Market to Increase at Steady Growth Rate by 2015-2021
Zion Market Research has published a new market research report analyzing the latest trends and developments in the global Caps and Closure Market, titled “Caps and Closure Market: Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2024”.
Global Caps and Closure Market: Overview
Cap and closures are small devices used to seal containers or bottles. They latch containers and prevent them from leaking internal material. Caps and closures have become an integral constituent of packaging. It builds attractive appearance and brand diversification in the product. Caps and closures enhance the product life and preserve products. Beverages and paint industries are heavily used caps and closures at large extent to entice customers and elevate the revenue. For instance, PROCAP Company introduced a lightweight closure for edible oils, vinegar, and sauces. It is the lightest and cost-efficient closure.
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Global Caps and Closure Market: Growth Factors
Owing to rising application in cosmetics and home care products, use of caps and closures is expected to augment global market growth. In addition, rising demand in the pharmaceutical industry may positively impact the global market in the near future. Furthermore, people preferring innovative product packaging may anticipate the global market growth. Growing demand for childcare products in the international market is expected to boost the market in the near future. In addition, plastic closures performance is high as compared to other products; this is projected to propel the caps and closures market growth in future. Increasing environmental concerns and recycle of the waste products is the biggest challenge before market. Strict government regulation over carcinogenicity of plastics may hinder the market growth in the near future.
Global Caps and Closure Market: Segmentation
Caps and closure market are segmented on the basis materials as steel, aluminum, tin-plated, plastic, and others. Of which, plastic is heavily preferred material segment globally. Based on the application, the global market is categorized as food and beverages, pharmaceuticals, dyes and paint, cosmetic, and others. The pharmaceutical industry is the dominating application segment in the global market owing to rising concerns for high-quality products. The beverage is another end-user industry after pharmaceutical for aesthetically appealing and attractive packaging.
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Global Caps and Closure Market: Regional Analysis
Asia Pacific is the leading segment worldwide owing to higher demand for caps and closure market. Other regions such as China and India are emerging as lucrative markets. Further, growing demand for canned food and beverages positively impact the caps and closure market in Asia Pacific. In addition, people with greater financial stability and improved living standards may augment the demand in future. Furthermore, adoption of e-commerce technology, people willing to spend on packaged products and convenient foods, and increasing consumption of alcoholic beverages in Asia Pacific are anticipated to boost the global cap and closure market.
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Global Caps and Closure Market: Competitive Players
Some of the key players in the global cap and closure market include Closure Systems International, Holdings, Pact Group Holdings, Plastics Corporation, Crown Holdings, Jabil Packaging Solutions, AptarGroup Inc., Zip-Pak, Berry Plastics Corp., and others.
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