Plastic Caps & Closures Market

The global market for plastic caps and closures is projected to experience substantial growth from 2023 to 2030. A research report from MarketDigits suggests that the global market is set to exceed a valuation of US$ 45,913.6 million in 2023, with an expected increase to US$ 76,953.0 million by 2030. This growth trajectory indicates a notable Compound Annual Growth Rate (CAGR) of 5.3% between 2023 and 2030.

According to MarketDigits estimations, the plastic caps and closures market is anticipated to generate an additional opportunity of US$ 18 billion by the conclusion of 2030. In 2022, the market's value was recorded at US$ 43,602.7 million. By the end of 2030, the overall market for plastic caps and closures is projected to expand to 1.4 times its current value.

Regarding the type of caps, screw closures dominated nearly three-quarters of the plastic caps and closures market in terms of market value in 2022. Within the end-user segment, the beverage industry is expected to take the lead in terms of market share during the forecast period.

By the end of 2030, it is estimated that the Asia Pacific region, excluding Japan, and North America will collectively account for approximately half of the global plastic caps and closures market. Notably, the United States is anticipated to experience favorable growth during the projection period, driven by increased product developments and a growing food and beverage sector.

How does the Rising Consumption of Carbonated and Non-Carbonated Drinks Boost the Sales of Plastic Caps and Closures?

According to MarketDigits, the market value of the carbonated and non-carbonated drinks segment reached US$ 20.2 billion in 2021. Within the beverage sector, plastic caps and closures play a crucial role in sealing various types of bottles. In recent years, there has been a significant surge in the demand for both carbonated and non-carbonated beverages. This heightened consumption can be attributed to the increasing millennial population in developing nations, along with the rise in disposable incomes among consumers.

The heightened demand for diet beverages is a key driver for the substantial growth observed in the market. This is largely due to evolving consumer preferences toward healthier lifestyles. Throughout the forecast period, the beverage segment is anticipated to exhibit the highest market value among end-users.

Category-wise Insights

By the conclusion of 2030, the screw closures segment is poised to constitute approximately three-quarters of the global market share, driven by its user-friendly design and minimal operating torque requirements. The introduction of novel beverage categories like ready-to-drink options, fruit beverages, and sports drinks within the beverage sector is expected to provide a significant boost to the demand for screw closures in the forthcoming years.

The Asia Pacific caps and closures market is projected to experience the most substantial growth throughout the forecast period, primarily due to the thriving food and beverage industry in the region. In 2022, the screw closures segment held a dominant 71.0% share of the market.

In 2022, thermoplastics dominated the landscape, accounting for nearly 97% of the overall market share, and are anticipated to maintain this position during the projected period. The inherent qualities of thermoplastics, such as their lightweight nature, high strength, and cost-effective processing, confer them a competitive advantage over thermosets.

Among thermoplastics, polypropylene is forecasted to lead the market, while LDPE and HDPE are expected to undergo notable growth in the upcoming years. Conversely, thermosets are witnessing a decline in market share due to their non-recyclable nature.

In terms of end-use, the beverage segment is expected to maintain dominance throughout the forecast period. In 2022, this segment secured a 49.1% market share. The escalating demand for packaged and readily consumable beverages, encompassing sports drinks, energy drinks, bottled water, and other variants, is a key driver for the increased need for plastic caps and closures.

Continuous advancements in closure technology have led to the emergence of various types, including child-resistant closures, tamper-evident seals, dispensing mechanisms, and more. Industry manufacturers are consistently investing in research and development to elevate brand distinctiveness and enhance consumer convenience. These factors are poised to contribute to the expansion of the market in the forthcoming years.

Country-wise Insights

In 2021, the plastic caps and closures market in the United States held a value of US$ 8 billion, and it is projected to surpass US$ 10.5 billion by the year 2029, showcasing a Compound Annual Growth Rate (CAGR) of 3.7% between 2023 and 2029. In the year 2022, the United States contributed to 18.9% of the total market shares. Within the North American region, it stands as a substantial market for plastic caps and closures, anticipated to maintain its position with a prominent market share by value.

The United States beverage industry is poised to drive an increased demand for caps and closures due to the introduction of a diverse range of beverages in the country. The escalating preference for bottled water is a key factor propelling the growth of the caps and closures market within the United States. Furthermore, the packaging of various beverages such as energy drinks, diet beverages, sports drinks, and dairy products is expected to further accelerate the expansion of the caps and closures market in the nation.

Competitive Landscape

Both major and smaller-scale manufacturers within the worldwide market are directing their attention towards adapting their manufacturing to align with evolving industry requirements of end-users. In this context, key market participants are embracing strategies such as broadening their product portfolios and engaging in mergers and acquisitions. These approaches are aimed at optimizing their market presence and bolstering their standing within the market landscape.

Recent Developments

• In May of 2023, Aptar launched an innovative packaging solution for Ferrero's sweet tea soft drink brand 'Estathè', aimed at convenience. For packaging Estathè, Ferrero opted for Aptar's Rocket sports cap.
• In March 2023, United Caps unveiled a novel tethered closure designed specifically for carton packaging. This fresh solution, named the 23 H-PAK tethered closure, includes a Tamper-Evident (TE) band, which keeps all components intact for streamlined recycling and easy integration with existing processes.
• In January 2023, Mespack and Hoffer introduced a spout and cap closure that utilizes a monolayer material, resulting in a 20% reduction in plastic usage.
• Back in September 2021, Silgan Plastics, a prominent provider of sustainable rigid packaging solutions, successfully acquired Gateway Plastics. Gateway Plastics specializes in manufacturing dispensing closures and delivering integrated dispensing packaging solutions to the food and beverage industry. This acquisition was strategically aimed at expanding Silgan Plastics' comprehensive product lineup in the dispensing and specialty closures segment.
• During June 2021, BERICAP, a leading plastic closures manufacturer, completed the acquisition of Mala Verschluss-Systeme GmbH, a producer of aluminum closures. Through this acquisition, BERICAP expanded its product portfolio to encompass aluminum closures and embarked on the development of inventive closure technologies that combine plastic and aluminum materials.
• In January 2022, Aptar Global, Inc. introduced a fresh product line named PolkaLite. PolkaLite stands as a lightweight and efficient closure solution that brings together convenience and high-performance attributes.

Key Players in the Global Market

• Berry Global Inc.
• Amcor Plc
• Silgan Plastics
• Aptar Inc.
• O.Berk Company LLC
• Bericap GmbH & Co KG
• UNITED CAPS
• CL Smith Company
• Closure Systems International Inc.
• BLACKHAWK MOLDING CO. Inc.
• Georg MENSHEN GmbH & Co. KG
• Mold-Rite Plastic LLC
• Plasticap Inc.
• Guala Closures S.p.A.
• Weener Plastik GmbH

Plastic Caps & Closures Market Segmentation

By Caps Type:

• Screw Closures
• Snap Closures
• Push-Pull Closures
• Others

By Material Type:

• Thermoplastic
  • PE
    • LDPE/LLDPE
    • HDPE
  • PP
  • Others (PS, PET, etc.)
• Thermosets

By End-use:

• Beverage
• Food
• Pharmaceutical
• Household
• Cosmetics & Personal Care
• Others (Chemicals, Fertilizers, etc.)

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East & Africa (MEA)