Caps and Closures Market In-Depth Research On Basis Of Material, Product, Application, Region And Forecast To 2030

 San Francisco, 6 Aug 2021: The Report Caps And Closures Market Size, Share & Trends Analysis Report By Product (Dispensing Caps, Screw, Crown), By Material (Plastic, Metal), By Application (Food, Cosmetics & Toiletries), By Region, And Segment Forecasts, 2021 - 2030

The global caps and closures market size is expected to surpass USD 143,699.6 million by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.0% over the forecast period. The market is projected to be driven by the growth in the food & beverage industry across the globe, contributing to an increased usage of packaging products.

Rising counterfeiting activities in the alcoholic beverages market are likely to boost demand for anti-tamper or tamper-evident closure. For instance, Everledger launched a new line of anti-tamper closures for wine and spirit bottles in April 2020, wherein the bottle cap is provided with Near Field Communication (NFC)-powered tamper detection label. The label, in turn, will allow the beverage manufacturer to track the bottle during shipping. This is anticipated to fuel the need for tamper-evident bottle closures of alcoholic beverages.

Peanut butter, jellies, ketchup, and other spreadable & condiments are widely used in households and foodservice restaurants in countries, such as the U.S and Canada. As per YouGov America’s survey result published in August 2019, about 66% of the surveyed individuals ‘really like’ or ‘somewhat like’ the peanut butter & jelly sandwich. This, in turn, is expected to boost demand for dispensing caps & screw closures used for sealing containers of various spreadable items.

Closures play an important part in protecting canned food from moisture and dust particles. As per data released by the U.S. Department of Agriculture, about 31.4 pounds of tomatoes were available per person for consumption, after adjusting for losses, in the U.S. in 2019, of which 60% were available in canned form. Consumer preference for canned foods due to their multiple benefits is anticipated to augment demand for can metal ends.

The screw closures segment accounted for the second-highest share of 29.1% in 2020. Screw caps are used for closing containers of liquid products, such as beverages, edible oils, syrups, and motor oil. As per the Department of Food and Public Distribution, Government of India, the net availability of edible oils from all domestic sources was 8,630 thousand tons in 2015-16, which increased to an estimated volume of 10,655 thousand tons in 2019-20 in India. Therefore, the increasing demand for liquid product packaging solutions is expected to drive the segment growth.

The cosmetics & toiletries application segment held a significant market share and is expected to register the fastest CAGR from 2021 to 2030. Cosmetic usage is increasing worldwide, which is expected to propel the demand for cosmetic packaging products. Players are focusing on developing new closures designs that are convenient to open and close as well as offer excellent seals. For instance, Berry Global Inc. introduced PalmSoft child-resistant closure for beauty and personal care products in 2018. This closure provides soft rubber feel at the top with an enhanced grip for patients with arthritis and other individuals facing difficulty in opening the bottle.

Players are focusing on making plastic closure sustainable by using recycled packaging materials. For instance, in September 2020, Coca-Cola North America introduced caps made from recycled High-Density Polyethylene (HDPE) plastic for DASANI bottles. Similarly, 20-oz., half-liter, and 1-liter PET bottles of Reyes Coca-Cola have re-sealable closures that are derived from 30% recycled content.

Access Research Report of Caps and Closures Market @ https://www.grandviewresearch.com/industry-analysis/caps-and-closures-market

Caps And Closures Market Report Highlights

• Caps are closure for the bottles or jars that we use for packaging stuff. Closures can be of different types such as rubber, cork, or foam.
• As per a recent study published by Grand View Research, the annual growth rate for the caps and closures market is 5.0% (CAGR) from 2021 to 2030.
• Covid-19 has adversely affected the manufacturing industry. The same is the case with the caps and closures market. With lockdown all over the world and the supply chains being disrupted, the caps and closures market saw quite a dip.
• Most plastic caps are made with the process known as injection molding. In this process, the thermoplastic polymer (plastic that can be heated to shape) is heated to a temperature till it becomes soft and then the desired shape is given.
• Crown, Amcor plc, Closure Systems International, Ball Corp., and Silgan Holding, Inc. are the biggies of the caps and closures market.
• In the year 2020, Asia Pacific was the largest regional market with a total revenue share of over 41% in the global caps and closures market.

Access Press Release of Caps and Closures Market @ https://www.grandviewresearch.com/press-release/global-caps-closures-market