The plastic caps and closures market size is projected to grow from USD 40.52 billion in 2018 to USD 51.67 billion by 2023, at a CAGR of 4.99%

LONDON, June 6, 2018 /PRNewswire/ -- Increasing demand in the beverages industry to drive the plastic caps and closures market

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The plastic caps and closures market size is projected to grow from USD 40.52 billion in 2018 to USD 51.67 billion by 2023, at a CAGR of 4.99%. The plastic caps and closures market is driven by factors such as rising demand from end-use industries such as pharmaceuticals and beverages as well as rising concerns about the quality and safety of the product. The plastic caps and closures market is threatened by the growing usage of packs without closures such as pouch and blister packaging. Other substitutes such as metal caps & closures restrain the growth of the plastic caps and closures market.

By raw material, PP (polypropylene) segment held the largest share of the plastic caps and closures market in 2017
PP (polypropylene) as a raw material accounted for the largest market in 2017 for plastic caps and closures. The growth and high demand for PP as a raw material for manufacturing of plastic caps and closures can be attributed to the fact that it is economical, has a long life span, and is resistant to extreme conditions.

Asia Pacific region is set to witness healthy growth during the forecast period
The Asia Pacific market is projected to be the fastest-growing market during the forecast period.It is also projected to have the largest share due to increasing commercialization and increased demand for packaged goods in the region.

The market in China and India is projected to be lucrative due to their rising middle-class population and rising consumer spending on packaged products.

Breakdown of Primaries
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of the plastic caps and closures market.Estimates reached after analyzing secondary sources were validated through these interviews.

Primary sources included professionals such as packaging manufacturers, distributors, consultants, and academic professionals. The distribution of primary interviews is as follows:
• By Company Type: Tier 1 –35%, Tier 2 – 30%, Tier 3 – 35%
• By Designation: Director level– 61%, Manager Level – 39%

By Region: North America – 15%, Europe – 21%, Asia-Pacific – 51%, South America –5%, Middle East & Africa – 8%
Note: The tier of the companies is defined on the basis of their total revenue, as of 2013.
Tier 1: Revenue > USD 1 billion; Tier 2: USD 1 billion > Revenue > USD 500 million; Tier 3: Revenue < USD 500 million

The key caps & closures providers profiled in the report are as follows:
• Berry Global (US)
• Crown Holding (US)
• AptarGroup (US)
• Amcor (Australia)
• Coral Products (UK)
• Closure Systems International (US)
• Bericap (Germany)
• Silgan Holdings (US)
• RPC Group (UK)
• O.Berk Company (US)

The report will help the market leaders/new entrants in this market in the following ways:
• This report segments the plastic caps and closures market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
• The report helps stakeholders to understand the market and provides them information on key market drivers, restraints, challenges, and opportunities.
• This report will help stakeholders to better understand their competitors and gain more insights into their position in the business. The competitive landscape section includes the competitor ecosystem, new product developments, agreements, partnerships & joint ventures, and mergers & acquisitions.

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