Caps & Closures Market Size, Share & Industry Analysis, By Material (Plastic, Metal, and Others), By Product Type (Tethered Caps, Push/Pull Caps, Screw Caps, and Others), By End Use Industry (Food & Beverages, Pharmaceutical, Consumer Goods, Personal Care & Cosmetics, and Others), and Regional Forecasts, 2024-2032

The caps & closures market size was valued at USD 73.49 billion in 2023 and is projected to grow from USD 77.45 billion in 2024 to USD 125.10 billion by 2032, exhibiting a CAGR of 6.18% during the forecast period. Asia Pacific dominated the caps & closures market with a market share of 35.31% in 2023. Moreover, the caps & closures market in the U.S. is projected to grow significantly, reaching an estimated value of USD 17.91 billion by 2032, driven by the properties such as lightweight and durability offered by manufacturers.

Caps & closures are the components that are used to seal and secure containers such as bottles, jars, and tubes. They are designed to provide a tight and secure seal to protect the contents of the container from air, moisture, and other contaminants. Caps & closures come in a wide range of shapes and sizes. Depending upon requirements and applications, they can be made from plastic, metal, rubber, cork, or other materials. They are an essential packaging component for many industries, including food & beverage, pharmaceutical, cosmetics, and household products. Caps & closures improve the product's shelf life, helping brands maintain product quality and value in the marketplace. The global market is driven by the increasing demand for convenience packaging solutions and sustainable packaging options. Plastic caps and closures are the most commonly used type due to their ease of use, durability, and cost-effectiveness. The rising sustainability trend will offer lucrative opportunities for the growth of the market over the forecast period.

The market was negatively affected by the COVID-19 pandemic. The demand for caps & closures decreased due to the closure of retail stores. The end-use industries, such as food & beverage and personal care witnessed a reduction in sales. However, the increasing demand for innovative and creative packaging solutions after the ease of lockdowns is creating lucrative opportunities for the market.

Caps & Closures Market Trends

Utilization of Biodegradable or Recyclable Plastics and Growing Sustainability Trend

The rising concerns regarding environmental hazards have led to an increasing focus on sustainable and eco-friendly packaging solutions. The market is positively influenced by a growing focus on sustainability, with manufacturers exploring eco-friendly materials and designs to align with consumer preferences. Bio-degradable caps and closures, for example, are made from materials that break down naturally in the environment, such as plant-based plastics or biodegradable polymers. They can be composted or recycled after use, reducing their effect on the environment. On the other hand, recyclable caps and closures are made from recyclable materials such as aluminum or PET plastics. They can be recycled with other household or industrial waste. Overall, sustainable caps and closures offer a range of benefits, including reduced environmental impact, improved brand image, and increased customer loyalty. As sustainability continues to be a key driver in this market, manufacturers are investing in sustainable materials and developing new solutions to meet the growing demand for sustainable packaging.

Caps & Closures Market Growth Factors

Surge in Demand for Packaged Food & Beverages with Growing Urbanization Drives Market Growth

Rising demand for caps and closures is closely linked with growing urbanization. Urban consumers are inclined more towards convenient and on-the-go packaging solutions for food or beverage products. Caps and closures play a key role in providing convenience, ensuring the products are easy to open and close, and can be consumed without spillage. Caps and closures offer an airtight seal, preventing the entry of bacteria and keeping the product fresh for a longer time. They address the growing concern about safety and hygiene associated with food & beverage products by preventing spoilage. With a focus on food safety and hygiene, and an increasing demand for packaged goods, the caps & closures market is expected to experience robust growth. Manufacturers also offer various customization alternatives more suitable for the product, which helps retain their customers, thus boosting their market globally.

Properties such as Lightweight and Durability to Increase Demand Boosting Market Growth

Lightweight caps and closures offer a range of benefits to consumers and manufacturers, which has led to increased demand and adoption in the market. Plastic closures offer manufacturers a versatile solution suitable for various industries. Their ease of use, lightweight nature, customizability, and compatibility with diverse product types contribute to their widespread adoption. They use fewer resources and generate less waste making them eco-friendlier than conventional caps and closures. This is particularly important for companies looking to reduce their carbon footprint and minimize their environmental impact. In addition to the environmental concerns, lightweight caps and closures are more cost-effective than traditional options. They use fewer materials and are less expensive to produce and transport, which can significantly reduce manufacturers' costs and is thus anticipated to drive this market in the upcoming years.

RESTRAINING FACTORS

Availability of Alternative Packaging Solutions to Hinder Market Growth

Flexible packaging alternatives like pouches, blisters, and others offer several benefits such as flexibility, lightweight, and cost-effectiveness that might be more attractive to some consumers. These flexible packaging solutions can provide unique branding, such as shaped pouches and blisters with custom graphics helping brands stand out and improve brand recognition. Rigid packaging solutions cost more to produce and transport than flexible packaging solutions. The time-and-effort-consuming process of designing customized products compared to alternative packaging solutions is the key factor that hampers the growth of the global market.

Caps & Closures Market Segmentation Analysis

By Material Analysis

Plastic Dominates Owing to the Varied Features Offered by the Material

Based on the material, the market is segmented into plastic, metal, and others. Plastic by material holds the highest share of the global market. Plastic caps and closures are typically less expensive than other materials such as glass, wood, or rubber. Due to their chemical stability, plastic caps and closures are perfect for storing chemicals. Plastic caps and closures can be customized with various shapes, colors, and designs.

By Product Type Analysis

Screw Caps Dominate Owing to the Convenient Packaging & Protection Offered

Based on the product type, the market share is broken down into tethered caps, push/pull caps, screw caps, and others. Screw caps is the dominating segment. The significant factor driving the segment's growth is the convenience, child-resistant, and high sealing capability the screw caps offer. Screw caps can be used for various products and container types, including bottles, jars, and tubes. This versatility makes them popular for manufacturers who produce multiple products with different packaging needs.

By End Use Industry Analysis

Food & Beverages Leads the Market Share Due to the Widespread Usage of Caps & Closures in the Food Industry

On the basis of the end-use industry, the market share is divided into food & beverages, pharmaceutical, consumer goods, personal care & cosmetics, and others. Food & beverages are the dominating segments. Changing lifestyle trends and increasing demand for processed food contribute to the growth. The use of customized packaging on beverages packaging products containing wine, alcohol, water, soda, and many others is increasing rapidly. The increasing inclination towards such beverages aids the segment's growth. Caps and closures improve brand awareness and sales for food and beverages, thus leading to the segment's rapid growth.

REGIONAL INSIGHTS

The market is analyzed for manufacturers across North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Asia Pacific is the dominating region of the market. The increasing population and number of SMEs for customized packaging enhance the market growth of Asia Pacific. The surge in demand from the cosmetic industry boosts regional market growth in Europe. The rapid shift in consumer lifestyles and rising disposable income that has increased demand for carbonated drinks, alcoholic beverages, and many others fosters growth in the European region.

North America also holds a large percentage of the global industry. The dominance can be attributed to key manufacturers, processed food & healthcare sectors, and increasing innovations. The U.S. is the leading country in the region and holds the largest global caps & closures market share. Latin America will experience steady growth owing to the region's rising food and beverage industries. The market in the Middle East & Africa is projected to grow moderately due to the rising demand in the personal care & cosmetics industries.

List of Key Companies in Caps & Closures Market

Leading Players Bound to Witness Robust Growth Opportunities

The global market is highly competitive and fragmented. The few large firms who dominate the market in terms of market share provide cutting-edge packaging for the packaging sector. These dominant market businesses never stop concentrating on growing their regional consumer bases, innovating, and raising market revenue.

BERICAP Holding GmbH, Guala Closures S.p.A, Closure Systems International, Inc., Amcor Plc, Silgan Holdings Inc., Aptar Group, and others are significant market participants. Delivering cutting-edge packaging solutions is the primary goal of a large number of additional industry participants.

List of Key Companies Profiled:

• BERICAP Holding GmbH (Germany)


• Guala Closures S.p.A (Italy)


• Closure Systems International, Inc. (U.S.)


• Amcor Plc (Australia)


• Silgan Holdings Inc. (U.S.)


• Aptar Group (U.S.)


• UNITED CAPS (Luxembourg)


• Nippon Closures Co., Ltd. (Japan)


• Mold-Rite Plastics, LLC (U.S.)


• O.Berk Company, LLC (U.S.)


• Pelliconi & C. Spa. (Italy)


• Weener Plastics (Netherlands)


• Blackhawk Molding Co. Inc. (U.S.)


• C. L. Smith Company (U.S.)


• Elmoris, Jsc (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• July 2022 - Guala Closures, a global leading producer of closures for spirits, wines, beverages and oil bottles acquired Labrenta. The acquisition took place to strengthen Guala Closure's presence in the luxury segment.


• January 2023 - Aptar Pharma, part of AptarGroup, Inc., launched APF Futurity™, its first metal-free and highly recyclable, multidose nasal spray pump developed to deliver nasal saline and other comparable over-the-counter (OTC) formulations.


• March 2023 - UNITED CAPS Launched 23 H-PAK, a new cap for carton packaging. The company's latest innovation 23 H-PAK is tethered to outstanding value and performance instead of expensive line changes.


• February 2023 - Berry Global launched fully accredited child-resistant PET bottle combination for the pharmaceutical syrup market. The new Berry Healthcare bundle features seven ranges of 28mm neck PET bottles in sizes from 20ml to 1,000ml and a variety of designs, with eight accompanying closures that incorporate tamper-evident and child-resistant features.


• October 2021 - Silgan Holdings has acquired Easytech Closures S.p.A. which manufactures and sells easy-open and sanitary metal ends used with metal containers primarily for food applications in Europe.

REPORT COVERAGE

The report provides detailed market analysis and focuses on key aspects such as leading companies, competition landscape, marketing strategy, product/service types, porters five forces analysis, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the above factors, the report encompasses several factors that contributed to the market's growth in recent years.

REPORT SCOPE AND SEGMENTATION