Caps & closure has become a vital part for beverages packaging as it protects the product from any type of damage or contamination during transit, consumption or storage. The major concern for beverage manufacturers is to achieve the highest degree of product safety at every stage of product lifecycle.
Double wall caps & closures is primarily used for packaging cosmetics products & perishable goods such as food & beverages items, pharmaceutical products and chemicals. Generally, double wall caps & closure consist of two caps, one is inside and other cap appear to be the same diameter as the bottle. Double wall caps & closures are primarily made with plastic and metal. The rising demand for packaging from cosmetics and beverages industry is anticipated to fuel the growth of double wall caps & closure market over the forecast period.
Double Wall Caps & Closures Market- Market Segmentation:
The global double wall caps & closures market can be segmented on the basis of material, product type and end use. On the basis of material, double wall caps & closures market can be segmented into Plastic, Metal and Others (wood, rubber, paper). Adding to this plastic is further segmented into Polypropylene, Polyethylene, Polystyrene, and other resins. Metal is further segmented into aluminum and steel. Plastic currently accounts for majority of share both in terms of value and volume in the global double wall caps & closure market and is expected to hold its dominating position over the forecast period. On the basis of product type, double wall caps & closure can be segmented into flip top, push down and push pull. On the basis of end use double wall caps & closure is segmented into food & beverages industry, cosmetic industry, pharmaceutical and chemical industry. Among the end use segment food & beverages is expected to register the strong revenue growth over the forecast period.
Double Wall Caps & Closures Market - Market Dynamics:
One of the significant factors contributing towards the growth of the double wall caps & closures market is the growing demand from food & beverages sector and is expected to grow at the same rate as the beverages industry. Moreover, the growing preference for easy to use cosmetics across the globe has escalated the demand for plastic & metal cosmetic packaging, which in turn is expected to augment the sale of double wall caps & closure market over the forecast period. Furthermore, burgeoning trend of ready to drink beverages is further expected to propel the demand for double wall caps and closure market.
The recent trend in the caps and closures market including the double wall caps & closures market is the customization, as manufacturer across the globe are focusing on innovative technology & are engaged in providing customized service for different shape, size and ingredients. Largely, manufacturers develops double wall caps & closure for bulk orders.
However, global double wall caps & closure market is highly fragmented in nature, due to ease of entrance. The availability of double wall caps & closure at a lower price by local and regional player is hampering the growth of multinational players.
Double Wall Caps & Closures Market - Regional Outlook
Geographically, the global double wall caps and closure market is segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). The global double wall caps and closure market is expected to witness a significant CAGR over the forecast period of 2016-2024. APAC is expected to dominate the global double wall caps and closures market due to growing food & beverages market. Moreover, the growth of the retail sector in the developing economies such as India & China is expected to further boost the sales of double wall caps & closure market in Asia Pacific by the end of the forecast period of 2016-2024. Europe and North America are expected to witness a healthy growth in the double wall caps & closures market over the forecast period. MEA is expected to witness a steady growth during the forecast period.
Double Wall Caps & Closures Market - Major Players:
Some of the major players identified across the globe in the double wall caps & closures market are Verbeeck Packaging NV, IntraPac International Corporation, Olcott Plastics, Inc., Phoenix Closures, Inc., Plastic Closures Ltd., Weener Plastik GmbH, Maynard & Harris Group Limited, Parkway Plastic Inc.