Caps & Closures Market Stringent Government Regulations to Hamper Market Revenue by 2026, Fortune Business Insights™
The global caps & closures market size is predicted to reach USD
82.30 billion by 2026, exhibiting a CAGR of 5.52% during the forecast period.
The growing demand for lightweight packaged products will spur demand for caps
& closures during the forecast period. Moreover, the growing demand for
packaged drinking water, carbonated drinks, and cold-pressed juices will create
business opportunities for the caps & closures market in the forthcoming
years. The growing awareness regarding the physical properties of caps such as
impact, stress, crack resistance along with odor restraining properties will
impel companies to utilize caps and closures in the packaging, which in turn
will boost the caps & closures market revenue in the foreseeable future.
According to the
report, published by Fortune Business Insights in a report, titled “Caps & Closures Market Size, Share and
Industry Analysis, By Material (Plastic, Metal, and Others), and by Application
(Food & Beverage, Pharmaceuticals, Consumer Goods, Cosmetics & Personal
Care Products and Others) and Geography Forecast till 2026”
The caps
& closures market size stood at USD 54.32 billion in 2018. The report
offers informative insights into all the prevailing trends of the caps & closures market analysis. It shares a comprehensive summary of all the
segments and regions. It provides statistical data on all the recent
developments in the market. It is created after extensive research followed by
all-encompassing analysis to benefit companies, stakeholders, financers, and
potential investors. It is designed with an aim to provide a clear picture of
the market size. Moreover, it also includes product launches, acquisitions,
collaborations & partnerships, and innovations and industry developments.
Competitive Landscape
Launch of SyLon Sports Closure by
Coca-Cola Amatil to Foster Growth
Coca-Cola Amatil Limited, world-renowned
bottlers of non-alcoholic ready-to-drink beverages, launched SyLon Sports
closure, an innovative solution for Powerade bottles. These Australian-grown
innovative bottles are designed, tested, and prototyped by the Amatil Services
Division in Sydney. The introduction of SyLon Sports closure will contribute
positively to the caps & closures market trends due to the improved quality
and recyclability of the closure through its component. Furthermore, Coca-Cola
Amatil’s Group Managing Director, Alison Watkins, said in a statement, we
believe the SyLon Sports closure is an Aussie-manufacturing success story.
Until now, we have imported closures from Europe and faced challenges with
global supply.” She also added, “our Packaging Services Division team at
Eastern Creek tookinitiative and designed, tested and prototyped a closure cap
which is more cost-effective, better for the environment, and will be made in
Western Sydney.
INFORMATON
SOURCE:
https://www.fortunebusinessinsights.com/caps-closures-market-102542
Restraint
Stringent Government Regulations to Hamper
Market Revenue
The growing environmental threats and concerns can be a crucial factor
in hampering the growth of the caps & closures market during the forecast
period. The increasing government policies for disposal of landfills will
consequently dampen the growth of the market. Moreover, the rising plastic
waste from various industries such as food &beverages, cosmetics, and
consumer goods will impel the government to take strict actions, which in turn
will hamper the market growth. For instance, as per Plastic Industry
Association, America used about 50 billion plastic water bottles in 2016, and
the recycling was only 23%, signaling the need to focus on industry efforts to
reduce plastic waste.
Regional Analysis
Rising Demand for Beverages to Augment
Growth in Asia Pacific
North America generated a revenue of USD 15.34 billion in 2018 and is
likely to witness a high growth rate during the forecast period. The growth in
the region is attributed to the surge in health-conscious consumers. The rising
inclination towards juices and health drinks will also aid growth in the
region. Asia Pacific is predicted to grow rapidly in the forthcoming years
owing to the rising demand for beverages. Moreover, the low production cost in
China and India will create new opportunities for the market in the foreseeable
future.
The Report Lists the Key Companies in the
Global Caps & Closures Market
·
Closure Systems International, Inc.
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