The market for plastic caps and closures is anticipated to reach US$ 61 Bn by 2029, at a CAGR of 5.0% from 2022 to 2029, from an estimated US$ 44 Bn in 2022.
Screw closures are expected to account for around 34 percent of the plastic caps & closures market by market value in 2022. The beverage category is predicted to lead the market in terms of market share throughout the forecast period.
Increasing consumption of carbonated and non-carbonated beverages has led to higher sales of plastic caps and closures, which has improved the outlook for bottles, jars, and other comparable container types. The global plastic caps and closures market is anticipated to grow at a rate of 5% between 2022 and 2029 due to the ongoing need for plastic caps and closures for bottles, jars, tubes, and containers. The convenience packaging trend has increased sales of numerous plastic cap and closure types, including screw, snap, and push & pull caps and closures.
By the end of 2029, the plastic caps and closures market is anticipated to be dominated by the Asia Pacific region, excluding Japan, and the North American continent. According to FMI, by the end of 2029, the plastic caps and closures business will have generated an additional potential of US$ 18 billion.
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Key Takeaways – Plastics Caps & Closures Market Study
- Screw caps & closures are experiencing the unmatchable demand, especially in the beverage industry as this packaging solution maintains the optimum air levels in bottles and provides convenient opening and closing.
- Thermoplastics such as polyethylene (PE), polypropylene (PP), and others dominate the global plastics caps & closures market in terms of material. Use of these plastics for manufacturing plastics caps and closure offers advantages such as low processing cost as well as lightweight and high strength products.
- The beverage industry has been identified as the key end user of the plastics caps & closures, as this sector generates a constant demand for plastics caps & closures to pack a wide variety of carbonated and non-carbonated drinks.
Convenience packaging and small bottles are in high demand.
When consumers travel to other locations, they prefer to bring their favourite products with them. Millennials all over the world choose convenience packaging since it is easier to carry, dispose of, and manage flow. Plastic caps and closures are in high demand due to consumers’ preference for these convenience packaging goods over traditional packaging, particularly among Generation Z. Another reason driving the growth of the plastic caps and closures market is the rapidly expanding usage of smaller bottles due to the current “on-the-go and breakfast bottles” trend in the beverage sector.
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Plastic Caps & Closures Market by Category By Caps Type:
- Screw Closures
- Snap Closures
- Push-Pull Closures
- Others
By Material Type:
- Thermoplastic
- PE
- LDPE/LLDPE
- HDPE
- PP
- Others (PS, PET etc.)
- Thermosets
By End Use:
- Beverage
- Food
- Pharmaceutical
- Household
- Cosmetics & Personal Care
- Others (Chemicals, Fertilizers etc.)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- MEA
- Japan
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Competitive Landscape
The leading, as well as small scale manufacturers operating in the global plastic caps & closures market, are focusing on the changing industry needs of the end-user and manufacturing it accordingly. The key players in the plastic caps & closures market are adopting market strategies like product portfolio expansions and mergers and acquisitions to maximize their business reach and enhance their market position.
For instance,
- In September 2021, Silgan Plastics, a leading supplier of sustainable rigid packaging solutions, acquired Gateway Plastics. Gateway Plastics manufactures dispensing closures and provides integrated dispensing packaging solutions to the food and beverage sector. The acquisition will help Silgan Plastics expand its comprehensive product offerings in dispensing and specialty closures.
- In June 2021, BERICAP, a leading manufacturer of plastic closures acquired, Mala Verschluss-Systeme GmbH. Mala is a manufacturer of aluminium closures. With the acquisition of Mala, BERICAP will include aluminium closures in its product portfolio and develop innovative closure technologies combining plastic and aluminium.
- In January 2022, Aptar Global, Inc. introduced a new product segment – PolkaLite. PolkaLite is a lighter and more efficient closure that brings convenience and superior performance.
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