The global plastic caps and closures market is expected to reach US$ 61 billion by 2029, growing at a CAGR of 5.0 percent between 2022 and 2029. Plastic Caps & Closures Market by Product Type (Screw Closures, Snap Closures), Material (Thermoplastics, Thermosets) & Region – Forecast 2022-2029
Increased consumption of carbonated and non-carbonated beverages has improved the prospects of bottles, jars, and other comparable container types, resulting in increased sales of plastic caps and closures. The global plastics caps and closures market is expected to grow at a rate of 5% between 2022 and 2029, owing to the steady demand for plastic caps and closures for bottles, jars, tubes, and containers. The convenience packaging trend is boosting sales of various types of plastic caps and closures, such as screw, snap, and push & pull caps and closures.
Market Study on Plastic Caps and Closures: Key Takeaways
Screw caps and closures are in high demand, especially in the beverage industry, because they keep the air levels in bottles at optimal levels and allow for easy opening and closing.
In terms of material, thermoplastics such as polyethylene (PE), polypropylene (PP), and others dominate the global plastic caps and closures market. The use of these plastics in the manufacture of plastic caps and closures has several advantages, including low processing costs, lightweight products, and high strength.
The beverage industry has been identified as a prominent end consumer of plastic caps and closures, as this industry produces a steady need for plastic caps and closures to pack a variety of carbonated and non-carbonated drinks.
Manufacturers of plastic caps and closures are most likely to see profits in the Asia Pacific, given the growth of the food and beverage industry throughout growing Asian nations and the resulting surge in demand for convenient package options (excluding Japan).
Convenience packaging and small bottles are in high demand.
When consumers travel to other locations, they prefer to bring their favorite products with them. Millennials all over the world choose convenience packaging since it is easier to carry, dispose of, and manage the 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.