Berry Group (US) and Amcor (Australia) are Leading Players in Plastic Caps and Closures Market

The global plastic caps and closures market size is projected to grow from USD 44.3 billion in 2020 to USD 57.0 billion by 2025, at a CAGR of 5.2% between 2020 and 2025. The major driving factors of the market include an increase in demand for bottled water, need for convenience, concerns about product safety & security, product differentiation & branding, and decreasing package sizes.

The key players in the plastic caps and closures market are Berry Group (US), Crown Holding (US), AptarGroup (US), Amcor (Australia), Coral Products (UK), BERICAP (Germany), Silgan Holdings (US), O.Berk Company, LLC (US), Guala Closures (Italy), United Caps (Luxembourg), Caps & Closures Pty Ltd. (Australia), Caprite Australia Pty Ltd. (Australia), Pano Cap (Canada) Limited (Canada), Plastic Closures Ltd. (UK), Cap & Seal Pvt. Ltd. (India), Phoenix Closures (US), Alupac India (India), Hicap Closures (China), MJS Packaging (US), J.L. Clark (US), TriMas (US), and Comar, LLC (US). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch/development, and partnership, contracts & agreements, a joint venture between 2015 and 2020, to enhance their market shares and expand their global presence.

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Berry Global held the leading position in the global plastic caps & closures market. The company has maintained its leadership position through its strong distribution network across Europe, North America, South America, Asia, and other developing countries. It continues to expand its capacity by adopting inorganic strategies, such as acquisitions across the world. Berry Global is focusing on expanding manufacturing facilities in developing markets to increase production capacities to meet the demand for caps & closures.

• In July 2019, Berry Global Group acquired RPC Group for approximately USD 6.5 billion. This acquisition helped create a leading global supplier of value-added protective solutions and one of the world’s largest plastic packaging companies. In addition, the company has broadened its global footprint consisting of over 290 locations worldwide, including in North and South America, Europe, Asia, Africa, and Australia.

Amcor is the second-largest player in the plastic caps & closures market. The company has its presence in North America, Europe, Asia Pacific, and in emerging markets. It is one of the leading companies engaged in the manufacturing and distribution of both plastic and aluminum caps & closures. The company focuses on increasing its profitability by strengthening customer relations and expanding its presence by adopting both inorganic and organic strategies, such as agreements and contracts in emerging markets while optimizing operational performance.

• In June 2019, Amcor acquired Bemis Company Inc. The combined company will now operate as Amcor Plc (Amcor). The acquisition of Bemis has brought additional scale, capabilities, and footprint that has strengthened Amcor’s industry-leading value proposition and generate significant value for shareholders.

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Convenience and concerns about product safety drives the Plastic Caps and Closures Market

The global plastic caps and closures market size is projected to grow from USD 44.3 billion in 2020 to USD 57.0 billion by 2025, at a CAGR of 5.2% between 2020 and 2025. Factors such as the need for convenience and better operability act as important drivers for plastic caps & closures. A plastic cap plays a key role in safeguarding the product from dust and other microbes. Plastic caps & closures are cost-effective as compared to metal caps & closures. Consumers are on the lookout for closures that are user-friendly, easy to open, and convenient to use.

The rising popularity of dispensing closures and pump closures in various product groups such as body care, skincare, beverages, and liquid food products is likely to spur the growth of the plastic caps & closures market, globally. The health and wellness trend is now shifting toward preventive healthcare, propelling the demand for FMCG products that target improved lifestyles. Plastic caps & closures that prevent contamination, tampering, and counterfeiting are becoming increasingly important to reassure consumers about the safety and authenticity of the products that they are buying.

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Recent Developments

• In July 2019, Berry Global Group acquired RPC Group for approximately USD 6.5 billion. This acquisition helped create a leading global supplier of value-added protective solutions and one of the world’s largest plastic packaging companies. Also, the company has broadened its global footprint consisting of over 290 locations worldwide, including in North and South America, Europe, Asia, Africa, and Australia.
• In June 2019, Amcor acquired Bemis Company Inc. The combined company will now operate as Amcor Plc (Amcor). The acquisition of Bemis has brought additional scale, capabilities, and footprint that has strengthened Amcor’s industry-leading value proposition and generate significant value for shareholders.

North America is projected to be the fastest-growing market for plastic caps & closures during the forecast period. The increase in consumption of CSDs and packaged food, high disposable income levels, and growth in demand for convenience food are supporting the market in North America. Improvements in the economic situation and rise in demand for innovative packaging also contribute to the growth of the plastic caps & closures market. The growth in this region, especially in the US, has been exponential over the last five years. Plastic closures have been replacing every possible type of closures in North America.

Berry Group (US), Crown Holding (US), AptarGroup (US), Amcor (Australia), BERICAP (Germany), Coral Products (UK), Silgan Holdings (US), O.Berk Company, LLC (US), Guala Closures (Italy), United Caps (Luxembourg), Caps & Closures Pty Ltd. (Australia), Caprite Australia Pty Ltd. (Australia), Pano Cap (Canada) Limited (Canada), Plastic Closures Ltd. (UK), Cap & Seal Pvt. Ltd. (India), Phoenix Closures (US), Alupac India (India), Hicap Closures (China), MJS Packaging (US), J.L. Clark (US), TriMas (US), and Comar, LLC (US) are some of the players operating in the global plastic caps & closures market.

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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