Caps & Closures Market Size, Share, Growth, and Industry Analysis, By Type (Plastic Caps & Closures (Screw Caps, Dispensing Caps, Others), Metal Caps & Closures (Screw & Lug, Can Ends, Crown Caps, Others), and Others Caps & Closures (Corks, Others)), By Application (Beverage Industry, Food Industry, Healthcare Industry, Cosmetics & Toiletries, and Others), and Regional Forecast to 2028

Updated On: 08 April 2024

Report Overview

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The global Caps & Closures Market size was USD 52270 million in 2022. As per our research, the market is expected to reach USD 66140 million by 2028, exhibiting a CAGR of 4.0% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with Caps & Closures Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The glass components of caps are made using these method. This market is crucial because it makes it possible to build precise, high-quality optical components.  Over the course of the anticipated period, the application category for digital cameras will significantly expand due to the demand for high-quality, lightweight, sturdy glass products. Other uses, such as consumer electronics, medical equipment, and home appliances, are anticipated to expand significantly in the near future.

Increasing popularity of automobiles and other modes of transportation. Growing demand from the medical device and pharmaceutical industries. A growing need for glass in construction. Improvements in glass molding technology. Growing awareness of the benefits of precision glass molding. Over the course of the forecast period, these factors are expected to drive Caps & Closures market shares and revenue.

COVID-19 Impact: Pandemic to Affect the Market Expansion Owing to the Supply Chain Disruptions

The global supply chain networks were significantly interrupted by the COVID-19 pandemic outbreak, which was followed by lockdowns, laws requiring social segregation, and trade restrictions. This severely limited the growth of this industry. The extended lockdowns that halted industrial activity in numerous significant economies had an influence on demand and price for precision glass molding. Important mining companies like Caps & Closures Asia and Global Caps & Closures stopped a portion of their operations in response to the pandemic. Participants from the parts discussed how difficult it was to continue with the current maintenance shutdown plans. However, it's anticipated that the start of mining operations and the gradual recovery of the industrial sector will boost demand for caps and closures.

Latest Trends

"Non-Corrosiveness to Boost the Market Growth"

The sector of titanium products, which accounted for the majority of sales, is anticipated to grow at the quickest CAGR throughout the projected period. Because of characteristics like non-corrosiveness and great resilience to adverse conditions, Caps & Closures based goods are more in demand across a variety of sectors, which is anticipated to fuel the segment's expansion. Additionally, it is anticipated that the ability of conventional polymer caps and closures to create semi-metal components when mixed with polymers and in the form of filament will aid in the market's growth.

Segmentation

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• By Type

According to type, the market can be segmented into plastic caps & closures (screw caps, dispensing caps, others), metal caps & closures (screw & lug, can ends, crown caps, others), and others caps & closures (corks, others) amongst which plastic caps & closures (screw caps is the leading segment.

• By Application

Based on application, the market can be divided into beverage industry, food industry, healthcare industry, cosmetics & toiletries, and others amongst which the leading segment is beverage industry.

Driving Factors

"Additive Manufacturing Process to Promote Market Expansion"

Caps & Closures are used in a variety of additive manufacturing techniques, primarily when producing goods for the automotive, aerospace, and defense industries. By painstakingly fusing consecutive layers of exceedingly thin powder, these technology constructs an object. It is customary to use a range of powder adhesion techniques and materials for capping. These materials include bronze, stainless steel, bioplastics, ceramics, wax, titanium, nylon, and cobalt chrome. In general, characteristics like followability, adequate surface area, appropriate size distribution and form, and thermal properties are only a few examples. These reasons are leading to growth in the Caps & Closures market.

"New Investors to Proliferate the Market Growth"

Caps & Closures are a key component in the production of housing and brackets, turbochargers, tyre molds, gearbox plates, control valves and pumps, body panels, prototype seat frames, bumpers, and other engine parts for the automobile industry. Additionally, Caps & Closures advocates strategies for reducing the weight of vehicles, which improves their productivity and efficiency. The fast prototyping industry's expanding applications, the aerospace industry's rising demand, and technical developments in automobiles in developing nations will all support the market growth for this market.

Restraining Factor

"Lack of Skilled Labour to Hamper the Market "

Since the deployment of this technology is being hindered by a lack of skilled labor, the global market for personal Caps & Closures is anticipated to expand at a noticeably slower rate. Iron ore has become quite unpredictable due to the rise in demand from numerous industries. Consequently, factors such as shifting import and customs charges and shifting raw material prices, among others, could restrict the expansion of the global market for caps and closures. Strict environmental regulations, potential health risks related to elevated sulfur dioxide emissions from melting ferronickel, and cap and closure price volatility are anticipated to impede market growth.

Regional Insights

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"North America to Dominate the Market Owing to Technological Development"

North America is a crucial location for the acceptance and development of cutting-edge technologies. Therefore, it is predicted that any influence on industry expansion will harm the region's economic growth. China and the United States are my company's two largest markets, and the epidemic and general world conditions are now having an impact on market size.

As a result of the highly established automotive industries in China, Japan, and India as well as continued expenditures made in the region to enhance medical and aerospace technology throughout time, Asia-Pacific is predicted to be the second largest region of the global market.

Key Industry Players

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.

List of Market Players Profiles

• RPC Group Plc (U.K.)
• Reynolds Group Holdings Limited (New Zealand)
• Crown Holdings Inc. (U.S.)
• Amcor Limited (Australia)
• Rexam PLC (U.K.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.