The global low profile compact system closures market is anticipated to be worth US$ 46 Bn in terms of revenue in 2022. The market is projected to expand at a CAGR of 4.9% to reach a market size of US$ 62 Bn by 2032.
| Attributes | Details |
|---|---|
| Low Profile Compact System Closures Market CAGR | 4.9% |
| Low Profile Compact System Closures Market (2022) | US$ 46 Billion |
| Low Profile Compact System Closures Market (2032) | US$ 62 Billion |
Packaging for products has evolved through the ages witnessing a tremendous shift in design, functionality, aesthetics and convenience. When we talk about convenience, we consider both the consumers, as well as the producers. With respect to the consumers, convenience refers to easy usage, durability, increased functionality and convenient disposal.
With the ‘on the go lifestyle’ taking over, the aforementioned characteristics hold tremendous weightage. With respect to the producers, convenience refers to low cost of production, less raw material usage, convenient storage and transport, low weight, and aesthetic appeal.
Considering these needs of consumers and producers, low profile compact system closures and packages exactly fit the bill. Low profile compact system closures have become a very attractive segment of closures in the cosmetics, pharmaceutical and healthcare sector.
Closures are used to seal bottles, cans, tubes etc. Low profile compact system closures maintain the integrity of the product and make possible the preservation of the product. This in turn increases the shelf life of the product. Various materials are used in the manufacturing of closures.
The material used is mainly chosen to accentuate the aesthetics, while also maintaining the functionality of the product. One of the upcoming and most effective closure systems available in the market are the low profile compact system closures.
Low profile compact system closures are perfect for water based and solvent based formulations as this technology maintains the characteristics of the product during use and on the shelf. Low profile compact system closures technology locks the container effectively, thereby retaining the product by prevention of weight loss due to loss of moisture.
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Closures are produced using a variety of materials. The primary purpose of the material selection was to enhance the beauty of the product while keeping its functionality intact. In the cosmetics, pharmaceutical, food and beverage, and healthcare industries, low profile compact system closures have emerged as an extremely appealing type of closures. The shelf life of the product is subsequently extended as a result.
Since this style of packaging maintains the integrity of the product and facilitates product protection, low profile compact system closures are becoming more popular across a variety of end-use sectors. These closures secure the container efficiently, keeping the product in place by preventing the loss of weight resulting from moisture evaporation.
As low-profile compact system closures offer an airtight seal that avoids packaged food spoiling, the food and beverage sector is the primary end-use industry for these goods. Due to the growing trend of on-the-go consumption and the necessity for packaging that is simple to open and close, the food and beverage sector is predicted to generate huge demand for low profile compact system closure sales.
For items like creams and lotions, which require an airtight seal, the cosmetics sector adopts low profile compact system closures to shield the goods from outside contamination. Numerous pharmaceutical products including ophthalmic solutions, inhalers, injectable, and others, employ these closures. Low-profile compact system closures provide these goods with outstanding airtightness and leak-proof sealing.
Another significant end-user of these closures has been the healthcare sector as a result of the rising need for packaging that is safe for children and older citizens. These closures are frequently found on the packaging of dietary supplements, prescription medications, and over-the-counter medicines.
The low profile compact system closures are one of the newest and best closure technologies currently on the market. Multiple uses of low profile compact system closures are creating demand for it across the manufacturing industries. Since this methodology preserves the qualities of the product throughout use and on the shelves, several manufacturing industries find it ideal for compositions that are solvent-based and water-based. These factors are likely to create enormous opportunities for the market players.
The forecast period is likely to bring about growth opportunities for market players in the global low profile compact system closure sales market due to the increased demand for portable and lightweight packaging solutions from the food & beverage and healthcare industries. In the food and beverage business, aseptic packaging is becoming even more popular, which is yet another important factor generating lucrative market potential.
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Manufacturers are putting their resources into standardized mass manufacturing of goods. Sustainable packaging is another area of emphasis. Companies are concentrating on obtaining recyclable materials for the production of caps. Then it is being investigated how recycled aluminum, steel, and plastic, which may be processed further and utilized as raw materials, can be utilized. For instance, to boost product sustainability, Closure Systems International and Coca-Cola introduced a beverage closure in October 2020 that included 30% PCR.
By offering highly specialized solutions like low profile compact system closures with BPA-free material, appealing colors, and printing suitable surfaces, manufacturers in the sector are trying to get a competitive edge and stand out in the market. Suppliers of raw materials concentrate on providing products with superior packaging qualities so that closure makers may create specialized designs.
Packaging today demands convenience not only in the functionality of the packaging, but also the storage, transport and disposal. With the rising disposable incomes, personal use products have seen a tremendous rise in demand. This has in turn triggered the supply of the products, and innovations to reduce the total cost of their production and packaging.
By that token, low profile compact system closures have fittingly found their way in the packaging production systems. Low profile compact system closures reduce the overall weight of the packaged product. Weight reduction is achieved due to the less use of raw material in the production of the low profile compact system closures.
In terms of sustainability, less energy is utilized during production, which is a major driver for the growth of low profile compact system closures market. Moreover, Transport of total number of units per truck also increase, which is expected to boost the global low profile compact system closures market growth.
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In terms of geography, the low profile compact system closures has been divided in to five key regions; North America, Latin America, Europe, Asia-Pacific and Middle East & Africa. The low profile compact system closures is expected to exhibit an above average CAGR during the forecast period. Asia Pacific is expected to be the fastest growing region for low profile compact system closures market during the forecast period.
Due to the rising per capita income and the increase in industrialization, Asia Pacific region will also fare the largest in terms of consumption, as well as production in global low profile compact system closures market. Latin America and Europe will closely follow behind the growth pattern of the Asia Pacific region during the forecast period in low profile compact system closures. North America and Europe will comparatively witness a slower growth in terms of the low profile compact system closures market during the forecast period.
Some of the key players in the low profile compact system closures are Vetroplas Packaging Ltd., Berry Plastics Corporation, Crown Holdings, Portola Packaging Inc., Silgan Plasic Closures Solutions, Global Closure Systems, Paradigm Packaging Inc., OBerk Company LLC, Reynolds Group Holdings and PolyChem Alloy Inc among others.
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The report is a compilation of first-hand information, qualitative, and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Low Profile Compact System Closures Market
