Plastic Caps And Closures Global Market Report 2021 : COVID-19 Growth And Change
LONDON, GREATER LONDON , UK, August 25, 2021 /EINPresswire.com/ — Key players operating in the plastics caps and closures market are focusing on developing and launching innovative products to meet the sustainability targets set by governing bodies across the globe. For instance, in September 2020, Borealis and MENSHEN, the leading players in plastic closures and packaging solutions, have partnered on a series of ten package closures based on Borcycle, a progressive recycling technology that turns polyolefin-based waste streams into value-adding adaptable products. Borcycle is developed to make a variety of recycled polyolefins (rPO)-based compounds that are excellent for use in complex rigid packaging applications.
Bottled water is sealed with plastic caps and closures to prevent spillage, facilitate easy transportation, and extend shelf life. The demand for bottled water is increasing due to the rise in awareness of water contamination and safety concerns.
The global plastic caps and closures market size is expected to grow from $37.01 billion in 2020 to $39.74 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The growth in the plastic caps and closures market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $52.31 billion in 2025 at a CAGR of 7.1%.
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Major players in the plastic caps and closures industry are Berry Global Inc, Guala Closures Group, BERICAP, O.Berk Company, United Caps, Caps & Closures Pty Ltd., Pano Cap Limited, Plastic Closures Ltd., Cap & Seal Pvt. Ltd, Phoenix Closure, Hicap Closures, and MJS Packaging.
The plastic caps and closures market consist of sales of plastic caps and closure products by entities (organizations, sole traders, or partnerships) that are mainly produced from high-density polyethylene (HDPE) and polypropylene (PP). Plastic caps and closures are the final elements of the packaging process that are used in a variety of applications such as beverage packaging, non-food packaging, and cosmetic packaging.
The main types of products in plastic caps and closures are screw caps, dispensing caps and others. Dispensing caps are a type of closure used to dispense product from container or a bottle. Different types of dispensing caps include turret or directional spout, single or dual flap, snap-top, push-pull, yorker, spigot styles, disc-top, hinge, snip-tip, spice, shaker, and twist open-close. The different materials include polypropylene, polystyrene, polyethylene and these are implemented in various verticals such as pharmaceutical, personal care, food and beverages.
Plastic Caps And Closures Global Market Report 2021 – By Product Type (Screw Caps, Dispensing Caps), By Materials (Polypropylene, Polystyrene, Polyethylene), By End-User (Pharmaceutical, Personal Care, Food And Beverages), By End-User (Pharmaceutical And Biotechnology Organizations, Academic And Research Institutes, Neuroscience Research), COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides plastic caps and closures market overview, forecast plastic caps and closures market size and growth for the whole market, plastic caps and closures market segments, and geographies, plastic caps and closures market trends, plastic caps and closures market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire