The global packaging industry undertook several key developments in its journey to success and the Screw Caps and Closure Market grew at a healthy rate in the past few years. Caps and closure markets is also growing significantly in line with the packaging industry. The caps and closures are widely used in capping products primarily the packaging of liquid products across industries. The industry itself is growing at a fast pace, and the per capita consumption of packaging materials has also increased manifold as compared to the earlier decade. Needless to say plastic has certainly gained notable importance in every domain of different activities. Caps and closures are an inseparable part of our daily life and demand for screw caps and closure market is expected to be driven by increasing adoption of packaging technology across developing geographies of the globe.
Screw Caps and Closure Market- Market Segmentation:
Global screw caps and closure market is segmented by product type, material type, end use and by region. On the basis of product, the global screw caps and closure market can be segmented as bottles, jars, ampoules, vials, cans & containers and others. By material type screw caps and closure market can be segmented into, plastic, tins, and metal. Further plastic can be categorized into polyethylene terephthalate (PET), polyvinyl chloride (PVC), high-density polyethylene (HDPE) and others. On the basis of end use, screw caps and closure market can be segmented into food & beverages, personal and home care, pharmaceuticals, industrial chemicals, personal care & cosmetics and others. On the basis of region, screw caps and closure we have segmented into North America, Latin America, Europe, Asia-Pacific and the Middle East & Africa.
Screw Caps and Closure Market - Market Dynamics:
Screw caps and closure market is highly impacted by some major factors, like innovation in caps and closure design, technology etc. Moreover, screw caps and closure market is expected to grow because newer beverage categories including ready-to-drink tea and coffee, sports drinks, and other healthy beverage alternatives are expected to drive the overall demand in the screw caps and closure market. The higher availability of raw materials like resins and advanced machinery is also expected to positively influence the demand for screw caps and closure market. The growing use of plastics closures along with the growth of hypermarket, supermarket, and online retail sales drives the growth in the screw caps and closure market. However, rising costs of raw materials together with the increasing regulations related to plastic production and consumption can prove to the restraining factors in the screw caps and closure market.
Screw Caps and Closure Market - Regional Outlook:
Geographically, the global screw caps and closure market is segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). North America and Europe are expected to witness an average growth as these markets are already matured and saturated for alcoholic beverages that drives the growth in the screw caps and closure market. In addition, the product manufacturers are focusing more on other regions like Asia Pacific where there is more scope of penetrating the newer markets of developing countries. Asia Pacific is expected to witness the maximum growth in the screw caps and closure market primarily driven by changing lifestyles in the countries like India and China, where the consumption of alcohol has increased over the years. Additionally, rise in purchasing power and disposable incomes, increasing number of young population and growth in the packaged food industry further drives the growth in the screw caps and closure market of Asia Pacific region. MEA is expected to experience a stagnant growth in the screw caps and closure market over the forecast period.
Screw Caps and Closure Market - Major Players:
Some of the major players identified across the globe in the screw caps and closure market are Federal Mfg. Co., E-PAK Machinery, Inc., Karmelle Liquid Filling & Capping Solutions Limited, Silgan Holdings, Plastics Corporation, Guala Closures Group, Crown Holdings, Closure Systems International, Aptar Group, and Pact Group Holdings, Tetra Pak, Krones AG, Bosch Packaging Technology, Crowns Holdings Inc., Closure System International, Tecnocap Group, Accutek Packaging Equipment Companies, Inc., IC FILLING SYSTEMS Ltd., Dongguan Humen Xincheng Plastic Factory, Shaoxing Kiwei Packing Co., Ltd., Ningbo Yolanda Spray Co., Ltd., Ningbo Yinzhou Wellpack Packaging Co., Ltd.
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