Global Plastic Caps and Closure Market was valued at USD 45.78 billion in 2019 which is expected to grow USD 67.25 billion by 2027 at a 5.88% CAGR.
Plastic caps and closures are the effective sealing devices of bottles and containers. Versatility, flexibility, and flexibility are the features of plastic caps and closure material. In addition, it act as barrier to moisture, oxygen, and dirt and keeps product secure form undesired premature opening. Plastic caps and closures are able to preserves the product as well as improve the shelf life of product.
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Increase in demand for plastic caps and closures in food and beverages and chemical Industry is expected to drive the global plastic caps and closures market growth. Furthermore, plastic caps and closures are used for preserving products and their shelf life. Thus the global plastic caps and closure market is expected to grow exponentially. Also, increase in usages of plastic caps and closure products in pharmaceutical is expected to propel the growth of global plastic cap and closure industry growth during this forecast period. Moreover, rise in demand from small and medium end use industries is expected to drive the global plastic caps and closures market growth.
However, instability in the price of raw materials is the major challenging factor for market growth which is expected to affect the global plastic caps and closure market. Also, availability of substitute products will affect the global plastic caps and closure market growth.
Impact of COVID 19 on Market
The global COVID 19 Pandemic has led to slowdown the manufacturing and packaging activities across the world, affecting the demand for plastic caps and closure and also production of them which is expected to restraint the global plastic caps and closure market growth during this global crisis.
Global Plastic and Caps Closure Market is segmented into raw material such as LDPE, HDPE, PP, and Others. Further, Global Plastic and Caps Closure Market is segmented into application such as Alcoholic Beverages (Wine, Beer, and Others), and Non-Alcoholic Beverages (Carbonated Soft Drinks, Bottles Water, and Others).
Also, Global Plastic and Caps Closure Market is segmented into five regions like North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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- Alcoholic Beverages
- Non-Alcoholic Beverages
- Carbonated Soft Drinks
- Bottles Water
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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