Plastic closures market worth $51.67 billion by 2023
Growing demand for bottled water and from end-use industries such as beverages, pharmaceuticals, food, and home and personal care is driving the growth of the plastic caps and closures market, according to a new report published by MarketsandMarkets.
The report "Plastic Caps and Closures Market by Product Type, Technology, Raw Material, End-use Sector and Region - Global Forecast to 2023", projected the market to grow from USD 40.52 Billion in 2018 to USD 51.67 Billion by 2023, at a compound annual growth rate (CAGR) of 4.99%. This market is witnessing considerable growth due to increasing demand for convenience packaging and growing concerns about product safety and security, with the screw-on caps segment projected to grow at the highest rate during the forecast period.
The screw-on caps segment is projected to grow at the highest CAGR during the forecast period. Screw-on caps are tamper evident and thus find wide-scale application in food and beverage and pharmaceutical industries. The firms finds that screw-on caps are a reliable option for packaging of beverages and for pharmaceutical products. The other advantage noted is that screw-on caps can be ae cost-effective packaging solutions compared to cork and others, and also provide more room for logos, graphics and other design elements.
The report also noted that the Asia-Pacific region accounted for the largest market share in 2017 and is projected to grow at the highest CAGR during the forecast period. 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 and beverage industry in the region.