Plastic Caps and Closures Market Size Applications, Outstanding Growth, Market status and Business Opportunities
Overview:
The global report studying the plastic caps and closures market is showing signs of progress at a 5.22% CAGR during the forecast period of 2018 to 2023. Market Research Future (MRFR) has revealed documents about factors that can impact the market outcome in the coming years. Features like durability, the flexibility of the product, rising consumption of packaged food in urban areas, growing disposable income, and others are expected to assist in the maintenance of the upward trajectory.
However, companies are trying to find an alternative for these products as the environmental impact of plastic caps and closures is quite significant.
Regional Analysis:
In Europe and North America, demand for such products is high to support the end user needs. The consumption of packaged food is one major reason for that. But the regions are also strict on environmental laws that can pose a problem for the market.
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Industry News:
Tetra Pak has announced that they are planning definite measures to reduce the use of polymer or plastic to produce the plastic caps and closures for their packaging products. The company knows the environmental impact these products have and is charting courses to curb the usage of plastic for their packaging to lessen their carbon footprint. Its packaging products often include these plastic caps and closures as these are more durable and flexible. However, replacing them with some alternative is a bit difficult as the availability of such products and cost-effective production are questions that need answers. The company is investing much in finding a suitable way out.
The COVID-19 crisis has triggered a significant change in consumer behavior. People have started storing packaged food and beverage items as a necessary measure to counter lockdowns. This has spurred a huge demand for plastic caps and closures and the market is expected to witness some changes. However, some countries are also considering their environmental impact and are planning actions accordingly.
Segmentation:
The global market report comprising details of the plastic caps and closures market size includes a study of the market using type, material, and end user as prominent segments. Data collected from these segments can assist in forming an idea about how the market can move forward.
By type, the report on the plastic caps and closures market has been studied on the basis of dispensing caps, screw caps, and closures. The screw caps segment has an opportunity to retain its market dominance until 2023 as end-use industries are generating huge demand for it.
By material, the study of the plastic caps and closures market relies on segments like polystyrene, polypropylene, and polyethylene. The polypropylene segment can benefit from its high impact resistance and ability to endure high temperatures.
By end users, the plastic caps and closures market includes a discussion of personal care, food & beverages, pharmaceuticals, and others. The food & beverage segment is slated to benefit from a hike in the consumption of carbonated beverages and ready-to-eat foods.
Competitive Landscape:
Silgan Holdings Inc. (U.S.), Amcor Limited (Australia), Comar LLC (U.S.), AptarGroup (U.S.), Global Closure Systems (France), TriMas (U.S.), Phoenix Closures, Inc. (U.S.), Alcoa Corporation (U.S.), Guala Closures Group (India), J.L. CLARK (U.S.), and others are some of the major companies to inspire changes in the global plastic caps and closures market. These companies opt for various strategic measures that can assist in propelling growth. MRFR experts have noted those changes and their recording can help in tracking trends that are impacting more to make sure the profit margin goes up.
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