The global caps and closures market is expected to grow over the forecast period on account of high demand from food & beverages and chemical industries. Caps & closures are used for preserving products and extending their life. Thus, the global caps & closures industry is expected to grow significantly. Increasing caps & closures application in home care products and cosmetics industries is further expected to augment global market growth. Increasing application in the pharmaceutical industry is expected to further fuel the global market growth. Increasing childcare products demand is expected to have a positive impact on the global market.
Plastics caps & closures are expected to grow at a faster rate than metal caps over the forecast period owing to its superior properties and low cost. Within metal caps, tin and aluminum are expected to witness significant growth. Extensive R&D activities in markets, such as paper and rubber, are further expected to augment global market growth in the next six years. Increasing concerns regarding biodegradability and carcinogenicity of plastics are expected to hinder the market growth over the forecast period. Stringent regulatory policies by agencies such as U.S. EPA, REACH and European Commission regarding plastics usage are expected to further pose challenges to the market growth.
Asia Pacific emerged as the leading regional caps & closures market with the majority of its demand impending from packaging applications. Asia Pacific is expected to grow at the fastest rate owing to increasing investments and growing end-user industries for the market. North America and Europe are expected to exhibit a moderate growth rate due to market saturation. Developing countries in Africa and Latin America are expected to witness a high growth rate over the forecast period. Countries such as Brazil and Argentina have untapped potential and are expected to offer huge opportunities to market participants.
Caps and closures market is highly dominated by regional players owing to low capital requirements. Market participants are often involved in strategic agreements, joint ventures, and M&A in order to penetrate regional markets. Key players involved in the global caps and closures industry include Global Closure Systems, Silgan Holdings, Reynolds Group Holdings, Crown Holdings, Berry Plastics Corporation, Berlin Packaging, Guala Closures Group, Manaksia Ltd. and Alpha Holdings GmbH.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.