The plastic caps have wide use in capping liquid-containing bottles. Plastic bottle caps can be manufactured by both thermoplastic material as well as thermosetting material. Owing to the fragile nature of glass as well as its high cost, the demand for glass bottles have been decreased, which in turn resulted into increase in demand for plastic bottles and containers and thereby for plastic caps.
According to a recent research report on global plastic caps and closure market, developed by Future Market Insights the market was projected to reach valuation of approximately US$ 34.2 Bn by the year 2017 and is expected to be valued at nearly US$ 54.8 Bn by the end of 2017. The global market for plastic caps and closure is anticipated to witness expansion at 4.8% CAGR throughout the forecast period (2017-2027).
The screw closure segment, by cap type was anticipated to reach valuation of approximately US$ 24.2 Bn in the year 2017 and is projected to be valued at US$ 38.6 Bn by the end of 2027, witnessing expansion at 4.8% CAGR over the forecast period.
The thermoplastic segment, by material type was projected to be valued at approximately US$ 33.3 Bn in the year 2017 and is expected to reach valuation of nearly US$ 53.4 Bn by the end of 2027. On the other hand, the non-carbonated sub-segment, based on end-use is anticipated to witness expansion at 5.9% CAGR throughout the forecast period.
Why leading players are spending money on R&D?
The trends gaining traction in the global plastic caps and closure market, particularly in the beverage sector are achieving light-weight of the caps, continuous efforts towards minimizing its costs as well as accomplishing sustainability targets. Leading players in the market are spending significant amount on research and development initiative to enhance the quality of their products. R&D initiatives are specially related to new customer requirements, light weight design as well as customer convenience. For instance, companies are focusing on creating curl pattern for easy gripping, increased height caps and small hinge caps for ergonomics purpose.
However, this procedure of minimizing weight of caps cannot be applied to short caps, which have gained major popularity in the U. S. and in European markets. One of the latest innovation in the plastic caps market is the reduction of 30/25 mm cap-weight from 2 g to 1.58 g.
What are the factors influencing growth of the market in the APEJ region?
An increasing consumption of carbonated soft drinks as well as ready-to-drink beverages in the APEJ region is being caused by growing disposable income of the middle class households that made them to spend more on convenience products. Further, in several economies in APEJ region, where penetration of soft drinks is already high, a trend is shifting from soft drinks consumption to ready-to-drink teas and coffees has been experienced. Health conscious consumers are demanding for healthy beverages, which is indirectly increasing demand for plastic caps in the APEJ region. The market in the APEJ region is anticipated to reach valuation of approximately US$ 20.55 Bn by the end of 2027, witnessing expansion at 5.9% CAGR over the forecast period.
What are the leading players operating in the global plastic caps and closures market?
The report comprises of several leading players operating in the market such as Takween Advanced Industries, Closure Systems International, Inc., Bericap GmbH and Co KG, Georg MENSHEN GmbH & Co. KG, Global Closure Systems, Berry Plastics Group, Inc., Blackhawk Molding Co. Inc., Amcor Limited, LLC, AptarGroup, Inc., CL Smith Company, O.Berk Company, and Silgan Plastic Closure Solutions.
A sample of this report is available upon request @ https://www.futuremarketinsights.com/reports/sample/rep-gb-1205