Plastic Caps and Closures Market to Reach $ 33 Billion by 2024
Declining usage of bottles and containers made of glass backed by high cost and brittle nature of glass to drive global plastic caps and closures market through 2024
(IINews) - According to TechSci Research report, “Global Plastic Caps and Closures Market By Product Type, By Material, By Technology, By End Use Industry, By Region, Competition Forecast & Opportunities, 2024”, the global plastic caps and closures market is forecast to surpass $ 33 billion by 2024 on account of growing demand for convenience packaging and rising concerns pertaining to the quality and safety of products. Furthermore, plastic caps and closures find applications in various end user industries such as beverages, household and personal care, pharmaceuticals, among others which is further positively influencing the growth of the market. However, increasing concern pertaining to the biodegradability and carcinogenicity of plastic can act as a challenge for the growth of the market. Stringent regulations by agencies such as U.S. EPA, REACH and European Commission regarding plastics usage are expected to further pose challenges to the market players in the coming years.
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Global plastic caps and closures market can be segmented based on product type, material, technology, end use industry and region. On the basis of product type, the market can be segmented into screw-on caps and dispensing caps. Dispensing caps are anticipated to grow at the highest rate during the forecast period owing to their adoption across various end-users such as beverages, food and pharmaceuticals. Moreover, caps & closures are used for preserving products and extending their life, and consequently, the global caps & closures industry is expected to grow significantly through 2024.
The major players operating in the plastic caps and closures market include Bericap Holdings, Berry Global, Crown Holdings, Silgan Holdings, AptarGroup, Reynolds Group Holdings Limited, Rexam PLC, Guala Closures Group, Bericap GmbH Co. & Kg, among others. The companies operating in the market are using organic strategies such as product launches, and mergers and collaborations in order to register positive growth in the market.
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“Global plastic caps and closures market is anticipated to witness growth during the forecast period as plastic caps and closures provide cost-effective sealing solution. Furthermore, durability, versatility and flexibility offered by the plastic makes them viable choice for packaging which is further anticipated to drive demand for plastic caps and closures over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Plastic Caps and Closures Market By Product Type, By Material, By Technology, By End Use Industry, By Region, Competition Forecast & Opportunities, 2024” has evaluated the future growth potential of global plastic caps and closures market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global plastic caps and closures market.
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Datum: 13.03.2020 - 08:04 Uhr
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