Pune, June 02, 2020 (GLOBE NEWSWIRE) -- The global caps & closures market size is expected to rise exponentially exhibiting a CAGR of 5.52% between 2019 and 2026. This is ascribable to factors such as increasing demand for novel products and convenience food products across the globe. Fortune Business Insights, publish this information in its latest report, titled “Caps & Closures Market Size, Share & Industry Analysis, By Material (Plastic, Metal, and Others), and By Application (Food & Beverage, Pharmaceuticals, Consumer Goods, Cosmetics & Personal Care Products and Others) and Regional Forecast, 2019-2026.” The report observes that the market was worth USD 54.32 Billion in 2019 and is projected to reach USD 82.30 Billion by 2026.
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List of the Companies Operating in the Caps & Closures Market are:
- Closure Systems International, Inc.
- Silgan Closures GmbH
- Crown Holdings
- Pact Group Holdings
- Berry Plastics Corporation
- Alpha Packaging
- Amcor plc
- Guala Closures S.p.A.
- Berlin Packaging
- AptarGroup, Inc
- SIG Combibloc Group Ltd.
- SABIC
- Others
Caps & closures are an integral part of the packaging segment. The ensure safety along with the preservation of the product inside the bottle or container in which it is stored. In addition to this, they are extensively adopted in several large industries such as food & beverage, pharmaceuticals, and cosmetics industry, among others. The companies are trying to evolve their strategies to meet the increasing demand of the consumers and provide an aesthetically efficient and functional product.
Furthermore, they are primarily designed to fit specific type of bottle, jar, or container. Growing impetus on eco-friendly products is enabling the companies to manufacture reusable and recycled caps & closures.
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What does the Report Include?
The market report includes an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Drivers and Restraints:
Product Innovation to Drive the Market
Primary focus on sustainable packaging solutions by the key players is driving innovations in the global caps & closures market during the forecast period. The companies are developing new design concepts of caps & closures that can be recycled and manufactured from waste materials. For instance, in March 2020, Sidel, a prominent bottle manufacturer, received the top prize for Best Drink Packaging Design at the World Food Innovation Award. The company’s AYA bottle design was selected for its sustainability. The lightweight bottle has a V-shape design and is manufactured completely from rPET preforms. Furthermore, the bottle features an eco-friendly Snap-on tethered cap that aids in reducing plastics pollution. Moreover, increasing demand for packaged beverages across the globe is likely to drive the growth of the market in the forthcoming years.
Segmentation:
Food & Beverages Segment Held a Massive 73.91% Market Share
Based on By Application, the food & beverages segment is expected to witness significant demand during the forecast period. Additionally, the segment held a 73.91% market share in 2018 and is likely to witness growth owing to extensive use of the product to enhance the safety and shelf life. Pharmaceuticals segment, on the other hand, is likely to gain momentum owing to stringent government regulations to manufacture senior-friendly and child-safety products.
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Regional Analysis:
Denser Population in Asia-Pacific to Augur Growth
Among the regions, the market in Asia-Pacific is likely to hold the highest global caps & closures market revenue during the projected horizon. This is ascribable to factors such as presence of large population positively affecting the demand for food & beverage, consumer goods, and pharmaceutical industry. On the other hand, North America is likely to be the second-most leading region in the forthcoming years. Furthermore, the region was worth USD 15.34 billion in 2018 and is expected to witness growth in the forthcoming years. This is attributable to factors such as high demand for convenient packaged food products. Moreover, increasing preference of the consumers towards healthy drinks is expected to drive the growth of the market between 2019 and 2026.
Competitive Landscape:
Merger and Acquisition Strategies by the Companies to Spur Demand
In May 2019, TriMas Corporation, a leading U.S.-based engineered products manufacturer, announced the acquisition of Taplas, a prominent Italian dispenser manufacturer. According to the company, the acquisition will enhance its product portfolio and give impetus to the packaging business, while consolidating its position in the global marketplace. Adoption of strategies such as merger and acquisition, novel product launches, and partnerships by the companies will bode well for the robust growth of the market during the forecast period.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Trends
- Overview of Global Caps & Closures Production
- Global Caps and Closures Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Material
- Plastic
- Metal
- Others
- Market Analysis, Insights and Forecast – By Application
- Food & Beverages
- Pharmaceutical
- Consumer Goods
- Cosmetics & Personal Care Products
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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