The caps & closures market is expected to witness high growth owing to growing end-use industry such as beverage and healthcare and rising concerns toward product quality and safety. Caps & closures seal the content within the container and allows proper dispense of the contents.
The global caps and closures market is segmented into on the basis of raw material, type, end-use industry, and region.
On the basis of raw material, the global caps and closures market is segmented into plastic, metal and others (glass, wood, rubber & elastomers, and paperboard). The plastic segment is projected to account for major share in terms of revenue in the global caps and closures market during the forecast period.
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On the basis of type, the global caps and closures market is segmented into plastic caps & closures, metal caps and closure and others (glass stoppers, and rubber stoppers). The plastic caps and closures segment is estimated to account for significant share in the global caps and closures market in terms of revenue.
On the basis of end use, the global caps and closures market in segmented into food & beverage, healthcare industry, cosmetics & toiletries and others (chemical and automotive). The food & beverage segmented, is expected to dominate in terms of revenue owing to rising demand for caps and closures which is followed by healthcare segment.
On the basis of region, the global caps and closures market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The Asia Pacific market is projected to have fastest growth with highest CAGR, due to the growth of the food & beverage, healthcare, and personal care industry. In addition, the growing population and economic development are other factors. Asia-Pacific offers potential growth opportunities, as developing countries such as China and India are projected to be emerging markets, making the Asia-Pacific region the fastest-growing market for caps and closures.
Key players in the global caps and closures market are Crown Holdings Inc., Amcor Limited, Berry Plastics Corporation, RPC Group Plc., Reynolds Group Holdings Limited, Silgan Holdings Inc., Guala Closures Group, BERICAP GmbH Co. & KG, Rexam PLC and AptarGroup Inc.