The plastic caps and closures market size will grow from USD 40.52 Billion in 2018 to USD 51.67 Billion by 2023, at a projected CAGR of 4.99%. The plastic caps and closures market is expected to witness high growth as a result of the growing end-use industry such as beverages and healthcare as well as the rising concerns about product quality and safety. Plastic caps and closures have witnessed extensive traction for the packaging of bottled water, carbonated soda drinks, and non-carbonated soda drinks.
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Plastic caps and closures are used in various industries, and their utility includes maintaining the quality of the products, increasing the shelf life of the commodity, and keeping the products fresh. These are some of the main reasons which have led to the increase in their share in the packaging industry. The beverages segment is projected to have the largest market share and dominate the plastic caps and closures market from 2018 to 2023. Pharmaceuticals is the next application to play a key role in changing the plastic caps and closures landscape and grow at the highest rate during the forecast period. The beverages industry, for a long time, has been the major contributor to the rising demand for plastic caps and closures.
The plastic container segment is projected to be the fastest-growing end-use sector over the next five years. Plastic containers are economical and light in weight. They are widely used for packaging CSDs and bottled water owing to their cost-effective nature. The growing demand for CSD and bottled water is driving the demand for plastic containers.
The Asia Pacific region accounted for the largest market share in 2017 and is projected to grow at the highest CAGR from 2018 to 2023. The market in China is expected to grow at the highest CAGR during the forecast period. The growth in the Asia Pacific region is supported by the improving economic conditions, continuous improvements in government budgets, rising number of standards in building codes, positive demographic outlook such as the increasing population and rising per capita income, and the growing food & beverage industry in the region.
The major players in the plastic caps &closures market include Berry Group (US) Crown Holding (US), AptarGroup (US), Amcor (Australia), Coral Products (UK), Closure Systems International (US), BERICAP (Germany), Silgan Holdings (US), and RPC Group (UK). Other players in this market include United Caps (Luxembourg), Caps & Closures Pty Ltd (Australia), Caprite Australia Pty. Ltd (Australia), Pano Caps (Canada), Plastic Closures Limited (UK), Cap & Seal Pvt. Ltd (India), Phoenix Closures (US), ALUPAC-INDIA (India), Helicap Closures (China), and MJS Packaging (US).
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