The beverages sector is projected to play a key role in the growth of the plastic caps and closures market

The plastic caps and closures market is witnessing considerable growth owing to the rise in demand from the beverage and pharmaceutical industries. Beverage packaging is used to enhance the shelf life while retaining the taste and texture of the beverage. Demand from beverage companies for novel differentiating closures drive the market for premium caps in the beverages industry. This growth can also be attributed to the rising demand for product diffraction and branding. Growing demand from the pharmaceutical industry for tamper-evident closures is another factor driving the growth of the plastic caps and closures market. MarketsandMarkets projects that the plastic caps and closures market will grow from USD 40.52 billion in 2018 to USD 51.67 billion by 2023, at a CAGR of 4.99%.

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On the basis of product type, the plastic caps and closures market is segmented into screw-on caps, dispensing caps, and others, which include double-wall closures, twist-on closures, and child-resistant closures. In terms of both, value and volume, the screw-on caps segment accounted for the largest share and is projected to grow at the highest CAGR during the forecast period. This is attributed to its wide application in various end-use industries such as beverages, pharmaceuticals, and personal care. They are also cost-effective and lightweight. The growing beverage, pharmaceutical, and personal care industries drive the demand for screw-on plastic caps & closures.

The plastic caps and closures market, by technology, is segmented into injection molding, compression molding, and post-mold TE band. The post-mold TE band is projected to grow at the highest CAGR during the forecast period. Post-mold technology is comparatively economical and time-effective. Additionally, mold and maintenance costs are drastically reduced when slitting is carried out as a secondary operation. There is also a risk of the weakened cap being damaged upon ejection from the mold.

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The Asia Pacific plastic caps and closures market is projected to grow at the highest CAGR from 2017 to 2022. This region is the hub of foreign investments and the booming food & beverage and pharmaceutical sectors provide opportunities for the growth of plastic caps & closures. The increase in demand for plastic caps and closures can be attributed to the rising population of the region with high disposable incomes. With the increasing income of the people in this region, the demand for high-end products has been growing fast. Owing to the continuous growth and innovation in the packaging industry, the plastic caps and closures market is expected to grow over the next five years in the region.

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