Caps and closures are devices or methods to seal bottles, cans and tubes among others. Caps and closures are employed in the packaging industry primarily for preserving products and thus extending shelf life of the products. Plastic and metal are among the major materials employed in the manufacturing of caps and closures. Other niche product segments include wood, paper, and glass among others.
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Historically, metal has been the predominant product segment for the market. Plastic based closures are gaining acceptance and are expected to be the fastest growing segment in the near future. Tin and aluminum dominate the demand for metal based caps and closures. Demand for plastic based caps and closures are expected to be driven by growing demand for polyethylene and polypropylene. Increasing research and development activities in niche product segments such as paper and rubber is expected to offer huge growth opportunity in the market.
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Major end user industries for caps and closure market include beverages, food, pharmaceutical, cosmetics and home care products among several others. Beverages segment dominates the global caps and closures market and the trend is expected to continue during the forecast period. Pharmaceutical is expected to be the fastest growing application segment for caps and closures primarily owing to high growth in the pharmaceutical industry.
Consumer markets such as food, cosmetics and beverages dominate the global demand for caps and closures. Hence, overall economic growth, growing disposable income and other macro economic factors in a region are among the foremost growth determinants for the demand of caps and closures. Demand in various home care and pharmaceutical products is driven by innovative solutions such as child protection and aesthetics of the material. Growth in pharmaceutical industry is expected to be the foremost driver for caps and closure market growth during the forecast period. Several innovative packaging solutions have been developed which eliminate the use of caps and closures. These packaging solutions are expected to be among major factors restraining market growth. Bio degradability and recyclability issues associated with traditional caps and closures materials are expected to drive demand for bio based products such as paper in the near future.
Asia Pacific dominates the global caps and closures market both in terms of production and consumption. Asia Pacific is also expected to be the fastest growing region during the forecast period primarily owing to increasing industrial investment and high GDP growth rate in the emerging economies of India and China. Demand for caps and closures in the developed economies for North America and Europe is anticipated to grow at a sluggish rate owing to market saturation in various end user industries. Developing region in Latin America and Africa are expected to offer huge growth opportunity for caps and closures market during the forecast period.
Caps and closures market is highly fragmented and dominated by regional players. Owing to low capital investment, the dominance by regional players is expected to continue in the near future. Joint ventures, acquisitions and strategic alliances with regional players are among major tools for expansion in the market. Some of the major players in the caps and closures market include Berry Plastics Corporation, Crown Holdings, Portola Packaging Inc, Global Closure Systems, Silgan Holdings, Paradigm Packaging Inc., Reynolds Group Holdings and PolyChem Alloy Inc among others.