The global caps and closures market is likely to experience remarkable growth over the assessment period. Much of the market’s expansion is attributed to the phenomenal rise in the popularity of the packaged beverages and food products worldwide.
Most of the demand for cap and closure in unit terms is meant for low-cost commodity types like metal crowns and plastic screw caps. The value growth of the global caps and closures market is projected to be stimulated by the rising utilization of better closure solutions in various packaging for beauty care and pharmaceuticals. Value gains of the global caps and closures market highly likely to fuelled by rising consumer preference for hassle-free yet highly secured closures.
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Pact Group Holdings, Silgan Holdings, Closure Systems International, Plastics Corporation, Aptar Group, and Plastics Corporation are few of the renowned companies in the global caps and closures market.
A report on global caps and closures market has been prepared by Transparency Market Research (TMR), which predicts the market to register a growth rate of 5.2% CAGR during the assessment period, from 2015 to 2021. The global caps and closures market is estimated to reach value worth US$ 51.57 bn through 2021.
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Growing Popularity of Packaged Food and Beverage Products will Fuel North America Market
Latin America, Asia Pacific, Middle East and Africa, Europe, and North America comprise the major regions in the global caps and closures market.
North America his estimated to hold the position of one of the leading producers of the global caps and closures market during the period of assessment. Growing popularity for beverages like packaged juices, alcoholic drinks, and energy drinks are likely to accelerate the growth of the market in the next few years to come. In addition to that, caps and closures also find increased use in the pharmaceutical industry, which is likely to offer copious expansion opportunity of the caps and closures market in North America.
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The global caps and closures market is segmented based on:
Product
- Food Caps and Closures
- Beverages Caps and Closures
Application
- Alcoholic Beverages
- Non Alcoholic Beverages
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