The global plastic caps & closures market size is foreseen to gain significant growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is poised to surpass a valuation of USD 45,913.6 million in 2023. It is anticipated to attain a valuation of USD 76,953.0 million by 2033. The market is anticipated to exhibit a noteworthy CAGR of 5.3% from 2023 to 2033.
As per FMI estimates, the plastic caps & closures market is anticipated to create an incremental opportunity of USD 18 billion by the end of 2033. The market recorded USD 43,602.7 million by market value in 2022, according to FMI. The overall plastic caps & closures market is likely to expand 1.4x the current market value by the end of 2033.
In terms of cap type, screw closures accounted for nearly ¾ of the plastic caps & closures market by market value in 2022. In terms of end-user, the beverage segment is expected to lead the market-by-market share during the forecast period.
Asia Pacific excluding Japan and North America regions are estimated to account for around ½ of the global plastic caps & closures market by the end of 2033. During the projection period, it is predicted that the United States to have profitable growth. Regional market growth is anticipated to be supported by the increasing product developments, and growing food and beverage sector.
| Attributes | Details |
|---|---|
| Plastic Caps & Closures Market Share (2022) | USD 43,602.7 million |
| Plastic Caps & Closures Market Share (2023) | USD 45,913.6 million |
| Plastic Caps & Closures Market Share (2033) | USD 76,953.0 million |
| Plastic Caps & Closures Market Share (2023 to 2033) | 5.3% |
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In 2018, the global size stood at USD 36,420.4 million. From 2018 to 2022, the market witnessed significant growth, accounting for USD 43,602.7 million in 2022. The market developed at a moderate CAGR of 4.6% from 2018 to 2022.
Plastic caps and closures are safe and secure packaging solutions commonly used for packing and sealing different types of bottles, tubes, containers, and jars. These are the final components of the packaging process predominantly used in end industries such as food, beverage, pharmaceutical, cosmetics, and personal care. The plastic material used to manufacture plastic caps and closures is thermoplastic and thermosets.
Plastic caps and closures are recyclable and lightweight, making them ideal for packaging a variety of carbonated & non-carbonated beverages and industrial goods. There are various types of plastic caps and closures in the market but, the mainstream is held by plastic screw and snap caps & closures segments.
The future demand and market growth for plastic caps & closures is promising. This is due to its highly recyclable and convenient packaging outlook and its increasing applications in food & beverage packaging.
Furthermore, the demand for plastic caps and closures is likely to rise as consumers are shifting their focus to convenient packaging solutions. Back on the results and impact of all these factors, the global market is likely to witness an incremental opportunity of USD 18 billion over the forecast period.
The carbonated and non-carbonated drinks segment was valued at USD 20.2 billion in 2021, as per FMI. Plastic caps and closures are used in the beverage segment for sealing different types of bottles. The demand for various carbonated and non-carbonated drinks has sharply increased in recent years.
The rising consumption of carbonated and non-carbonated drinks is mainly driven by the increasing millennial population in developing countries, coupled with the growing disposable incomes of consumers.
The demand for diet drinks contributes to the high growth of the market, owing to the changing consumer preferences toward healthy lifestyles. The beverage segment is projected to witness the maximum market value by end-use during the forecast period.
The screw closures segment is likely to account for around ¾ of the global market by the end of 2033, owing to its ease of use and low operating torque. The introduction of new beverage categories in the beverage segment such as ready-to-drink beverages, fruit beverages, and sports drinks is likely to boost the demand for screw closures in the coming years.
Asia Pacific caps & closures market is expected to witness maximum growth over the forecast period, owing to the flourishing food and beverage industry in the region. In 2022, the screw closures segment captured 71.0% market share.
Thermoplastics accounted for nearly 97% of the total market share in 2022 and are likely to maintain their market share in the forecast period. The characteristics of thermoplastics such as lightweight, high strength, and low processing cost give them an edge over thermosets.
Polypropylene is predicted to lead the market among thermoplastics, whereas LDPE and HDPE are likely to observe notable growth in the coming years. Thermosets are experiencing decreasing share in the market as they are not recyclable.
The beverage segment by end-use is anticipated to emerge dominant during the forecast period. In 2022, the beverage segment captured 49.1% market share. The increasing demand for packaged and ready-to-drink beverages, such as sports drinks, energy drinks, bottled water, and others boosts the demand for plastic caps and closures.
The rising innovations have resulted in the development of various closure types, including child-resistant closures, tamper-evident seals, dispensing mechanisms, and others. The manufacturers in the market are continuously invested in research and development to enhance brand differentiation and consumer convenience. These factors are likely to bolster market expansion in the coming years.
The United States plastic caps & closures market was worth USD 8 billion in 2021 and is estimated to be worth more than USD 10.5 billion by 2029, registering a CAGR of 3.7% from 2023 to 2023. In 2022, the United States accounted for 18.9% of market shares.
It is one of the significant markets for plastic caps & closures and is expected to hold a dominant market share by value in North America region.
The United States beverage industry is expected to upsurge the demand for caps & closures for its packaging products with the introduction of a new variety of beverages in the country. The rising demand for bottled water is one of the prominent driving factors for the growth of the caps & closures market in the United States.
The packaging of beverages such as energy drinks, diet drinks, and sports drinks, dairy is likely to accelerate the growth of the caps & closures market in the country.
| Country | The United States |
|---|---|
| CAGR Share in Global Market (2022) | 18.9% |
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Key Players Launch Innovative Products to Garner Growth
The leading, as well as small-scale manufacturers operating in the global market, are focusing on the changing industry needs of the end-user and manufacturing it accordingly.
The key players in the market are adopting market strategies like product portfolio expansions and mergers and acquisitions to maximize their business reach and enhance their market position.
Recent Developments Observed by FMI
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value, million Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; The Middle East & Africa (MEA) |
| Key Countries Covered | The United States, Canada, Germany, The United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASIAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered | Caps Type; Material Type; End-use; Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is estimated to secure a valuation of USD 45,913.6 million in 2023.
The market is estimated to reach USD 76,953.0 million by 2033.
Through 2033, the market is anticipated to expand at a 5.3% CAGR.
The market share for screw closures is going to be 71.0%.
Thermoplastics with 97% of the market share lead the category.
| Market Size (2023) | USD 1,074 million |
|---|---|
| Market Size (2033) | USD 1,652 million |
| Market Growth Rate (2023 to 2033) | 4.4% CAGR |
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Plastic Caps & Closures Market
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