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.
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 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%.
The plastic caps and closures market consists of sales of plastic caps and closure products by entities (organizations, sole traders, or partnerships) that are mainly produced from high-density polyethylene (HDPE) and polypropylene (PP). Plastic caps and closures are the final elements of the packaging process that are used in a variety of applications such as beverage packaging, non-food packaging, and cosmetic packaging.
The main types of products in plastic caps and closures are screw caps, dispensing caps and others.Dispensing caps is 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 is implemented in various verticles such as pharmaceutical, personal care, food and beverages.
Asia Pacific was the largest region in the plastic caps and closures market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.
In July 2019, Berry Global Group, a US-based global manufacturer of plastic packaging acquired RPC Group Plc for $6.5 billion. The acquisition is expected to allow Berry Group to leverage combined innovative materials science, product development, and manufacturing technologies to create value for customers. RPC Group Plc is a UK-based manufacturer of rigid plastic packaging products.
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 the 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 plastic caps and the closures market.
The countries covered in the plastic caps and closures market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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