Transparency Market Research, in its latest publication, states that the global caps and closures market has an extremely fragmented vendor landscape. Due to lack of entry barriers, the market has witnessed a constant influx on players in the overall market. Several players are staying focused on making reasonably priced caps and closures that are easy to handle and offer the best leak-proof option. Some of the leading players operating in the global caps and closures market are Berry Plastics, Silgan Holdings Inc., Global Closure Systems, and Crown Holdings Inc. Analysts point out that the companies will look at mergers and acquisitions in the coming years as a way of expanding into untapped markets.
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Transparency Market Research states that the global caps and closures market is expected to be worth US$51.57 bn by the end of 2021. Between the forecast years of 2015 and 2021, the global market is estimated to register a steady CAGR of 5.2%. Out of the various applications of the caps and closures, the report points out that the demand for the same will remain high in the alcoholic beverages segment. The exponentially growing consumption of beer and wine are expected to fuel the growth of this segment during the forecast period. Geographically, Asia Pacific is projected to be leading regional market in the overall market as the improving standard of living will aid consumerism.
Rise of the packaging industry is projected to the lead the global caps and closures market in the coming years. Innovating in packaging and the aim to keep the products is the primary growth driver for the caps and closures market. Today, packaging has come a long way in keep enhancing the shelf life of the perishable goods along with retaining their flavor, fragrance, and texture. The growing awareness about maintaining hygienic repackaging of products after use has also spiked the demand for caps and closures in recent years. Increasing disposable incomes in emerging economies of India, China, and Brazil have also created a major demand for caps and closures as consumption of packaged food products remains on the rise.
Rising number of bars and pubs have remarkably led to a soaring consumption of beer, which has increased the production of the same. Similarly, growing number of vineyards has led to production of a wide range of wines that require proper packaging. All of these factors have also made a significant contribution to the uptake of caps and closures in recent year. The unprecedented usage of PET products has also been a key component responsible for the rising demand for caps and closures.
Despite the bright prospects, the global caps and closures market faces some tough challenges. For instance, the growing popularity of flexible packaging is expected to hamper the uptake of caps and closures in the coming years. Flexible packaging refer to pouches that are lighter in weight and use paper, aluminum, polypropylene, and PVC. They are designed in ways so as to eliminate the need for caps and closures. Thus, the growing adoption of this form of packaging is expected to have a negative impact on the global caps and closures market.