(PharmaNewsWire.Com, June 11, 2019 ) The report "Caps & Closures Market by Type (Plastic Caps & Closures (Screw Caps, Dispensing Caps, Others), Metal Caps & Closures (Screw & Lug, Can Ends, Crown Caps, Others), Other Caps & Closures (Corks, Others)), Raw Material, End-Use Industry - Global Forecast to 2021" published by MarketsandMarkets, the market size is estimated to grow from USD 49.78 Billion in 2015 to USD 68.71 Billion by 2021, at a CAGR of 5.62%.
Factors such as increasing demand in Asia-Pacific, growing demand from the end-use industries such as food, beverage, and healthcare, and rising concerns toward product quality and safety are some of the drivers for the growth of the Caps & Closures Market.
End-use industries such as beverage and healthcare to gain maximum traction during the forecast period
The beverages segment dominated the market in 2015 and is projected to be the second-fastest-growing end-user industry in the next five years, as a result of the rising consumer demand for beverage products such as bottled water and beer as well as growing demand for quality and safe products. Furthermore, the healthcare segment is projected to be the fastest-growing end-use industry due to the rising consumption of pharmaceutical and medical products.
Plastics as a raw material to play a key role in the Caps & Closures Market
The report defines and segments the Caps & Closures Market on the basis of raw material into plastics, metal, and others. The plastics segment is projected to contribute the largest market share as it is light in weight and cost effective, whereas metal will have the next largest market share from 2016 to 2021. The plastics segment is further divided into its sub segments such as polypropylene, polyethylene, polyethylene terephthalate, polyvinyl chloride, and others. Out of these, polypropylene is projected to be the fastest-growing sub segment as it does not crack under stress and has good resistance to almost all types of chemicals, including strong acids, alkalis, and most organic materials.
Browse in-depth TOC on "Caps & Closures Market" 198 Market Data Tables 51 - Figures 199 - Pages
"Asia-Pacific region to be the largest market for caps & closures during the forecast period."
The Asia-Pacific region leads the market due to its large population and its proven identity of a major manufacturing hub that offers production opportunities at affordable costs to companies. As caps & closures are used widely by different industries, such as food, beverages, and healthcare, the Asia-Pacific region, which is witnessing major growth in these sectors as well, has become a large market for these packaging solutions. This is followed by North America, which is the next largest market for caps & closures followed by Europe and Rest of the World.
The global market for caps and closures is dominated by players such as RPC Group PLC (U.K.), Crown Holdings Incorporation (U.S.), Amcor Limited Plc (Australia), Rexam PLC (U.K.), Berry Plastics Corporation (U.S.), Silgan Holdings Inc. (U.S.), AptarGroup Incorporated (U.S.), and Guala Closures Group (Italy).
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