The Global Caps & Closures Market is accounted for $66.66 billion in 2020 and is expected to reach $119.77 billion by 2028 growing at a CAGR of 7.6% during the forecast period. Rising demand from end-use industries, product differentiation and branding and decreasing pack sizes are driving the market growth. However, innovation and new substitutes is hampering the growth of the market. Based on the material, the plastic segment is going to have lucrative growth during the forecast period due to high mechanical strength, high stiffness, high resistance to wear and corrosion, and thus making it perfect material. By geography, Asia Pacific is going to have high growth during the forecast period owing to increasing investments and growing end-user industries for the market.
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Some of the key players profiled in the Caps & Closures Market include Alpha Packaging, Amcor plc, AptarGroup, Inc, Berlin Packaging, Berry Plastics Corporation, Closure Systems International, Inc., Crown Holdings, Guala Closures S.p.A., Pact Group Holdings, SABIC, SIG Combibloc Group Ltd. and Silgan Closures GmbH.
Types Covered:• Plastic Caps & Closures• Metal Caps & ClosuresRaw Materials Covered:• Plastic• Metal• Other Materials End Users Covered:• Food• Beverage• Healthcare & Pharmaceutical• Cosmetic, Personal Care Products & Toiletry• Automotive• Consumer Goods• Chemical
The Global Caps & Closures Market is majorly driven by rising demand from end-use industries, product differentiation & branding and decreasing pack sizes. The plastic segment is growing at a highest CAGR owing to high mechanical strength, high stiffness, high resistance to wear and corrosion, and thus making it perfect material. Asia Pacific dominated with a significant market share due to the factors such as growth of the food & beverage, healthcare, and personal care industry. South America market is growing at a highest CAGR owing to the rapid urbanization and rising spending on consumer goods in countries, such as Brazil.
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