LONDON, Sept. 01, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the plastic caps and closures market, key players operating in the plastics caps and closures market are focusing on developing and launching innovative products to meet the sustainability targets set by governing bodies across the globe.
For instance, in September 2020, Borealis and MENSHEN, the leading players in plastic closures and packaging solutions have partnered on a series of ten package closures based on Borcycle, a progressive recycling technology that turns polyolefin-based waste streams into value-adding adaptable products. Borcycle is developed to make a variety of recycled polyolefins (rPO)-based compounds that are excellent for use in complex rigid packaging applications.
Major players in the plastic caps and closures market are Berry Global Inc, Guala Closures Group, BERICAP, O.Berk Company, United Caps, Caps & Closures Pty Ltd., Pano Cap Limited, Plastic Closures Ltd., Cap & Seal Pvt. Ltd, Phoenix Closure, Hicap Closures, and MJS Packaging.
In July 2019, Berry Global Group, a US-based global manufacturer of plastic packaging acquired RPC Group Plc for $6.5 billion. RPC Group Plc is a UK-based manufacturer of rigid plastic packaging products. The acquisition is expected to allow Berry Group to leverage combined innovative materials science, product development, and manufacturing technologies to create value for customers.
The Business Research Company’s report titled Plastic Caps And Closures Global Market Report 2021 - By Product Type (Screw Caps, Dispensing Caps), By Materials (Polypropylene, Polystyrene, Polyethylene), By End-User (Pharmaceutical, Personal Care, Food And Beverages), By End-User (Pharmaceutical And Biotechnology Organizations, Academic And Research Institutes, Neuroscience Research), COVID-19 Growth And Change covers major plastic caps and closures companies, plastic caps and closures market share by company, plastic caps and closures manufacturers, plastic caps and closures market size, and plastic caps and closures market forecasts. The report also covers the global plastic caps and closures market and its segments.
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The global plastic caps and closures market is expected to grow from $37.01 billion in 2020 to $39.74 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The growth in the plastic caps and closures market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $52.31 billion in 2025 at a CAGR of 7.1%. Asia Pacific accounts for the largest share in the market.
An increase in demand for bottled water from consumers across the globe is driving the plastic caps and closures market. The bottled water is sealed with plastic caps and closures to prevent spillage, facilitate easy transportation, and extend shelf life. The demand for bottled water is increasing due to the rise in awareness of water contamination and safety concerns. For instance, according to a 2019 study by Water Quality Association in the USA, around 78% of the respondents confirmed that they regularly consume bottled water, averaging 12 bottles daily per household. Moreover, as per bottled water statistics, in 2020 the volume of bottled water climbed by 4.2%, compared to 3.7% in 2019. This is expected to continue in the forecast period, thus driving the demand for the plastic caps and closures market.
The main types of products in plastic caps and closures are screw caps, dispensing caps and others. Dispensing caps are a type of closure used to dispense product from container or a bottle. Different types of dispensing caps include turret or directional spout, single or dual flap, snap-top, push-pull, Yorker, spigot styles, disc-top, hinge, snip-tip, spice, shaker, and twist open-close. The different materials include polypropylene, polystyrene, polyethylene and these are implemented in various verticals such as pharmaceutical, personal care, food and beverages.
Plastic Caps And Closures Global Market Report 2021 - COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide plastic caps and closures market overviews, plastic caps and closures market analyze and forecast market size and growth for the whole market, plastic caps and closures market segments and geographies, plastic caps and closures market trends, plastic caps and closures market drivers, plastic caps and closures market restraints, plastic caps and closures market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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