Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Plastic is easily formed, shaped, and manipulated into any desired configuration. It is inexpensive, durable, lightweight, and recyclable. Plastic is now the most widely used material for caps and closures in a wide range of industries due to its numerous advantages. Plastic caps and closures offer a number of advantages, including cost-effectiveness, durability, customizability, and chemical stability. Plastic caps and closures are a safe and secure packaging solution commonly used for packing and sealing different types of bottles, tubes, containers, and jars. For example, plastic caps provide the ideal economic solution to food and beverage storage. Properly applied caps can vacuum seal a container and provide consumers with an easy storage solution. Thus, they are used in various industries to maintain the quality of the products, increase the shelf life of the commodities, and keep the products fresh. It provides numerous applications, including drink packaging, non-food packaging, and cosmetic packaging. The changing eating habits and the quickening pace of life have driven the demand for packaged food, which is expected to significantly impact the plastic caps and closures market over the foreseen period in Asia Pacific region.
Rapid urbanization, a growing population, and increasing demand for food and beverages have driven the plastic caps and closure market in this region. In addition, the increasing focus on plastic recycling and sustainability across sectors is expected to boost the adoption of recyclable plastic materials for plastic caps and closures in the region. Furthermore, a growing population and a rise in consumption of ready-to-eat food and drinks are driving the growth of the caps and closures market in the country. For instance, according to the National Bureau of Statistics of China, the country increases the production of soft drinks due to the growing consumption of single-serve beverages, which is anticipated to propel growth. The plastic caps and closures help to keep the contents from spilling out, reducing the amount of product degradation and the amount of goods that leak from the bottle. These are the factors that are anticipated to expand the market's growth over the forecast period.
The market is expected to have new opportunities with technological advancements and ongoing R&D activities to develop quality plastic caps and closures products. This is expected to provide ample new growth opportunities in the market during the forecast period. According to several surveys, fewer people in China favour regular carbonated soft drinks and more prefer functional drinks such as energy-boosting beverages, fermented/probiotic drinks, low-calorie drinks, drinks promoting beauty or brain performance and health, functional water, and detox drinks. The increased demand for soft drinks leads to an increase in the production of plastic bottles, caps, and closures. In the pharmaceutical and personal care industries, plastic caps and closures offer many opportunities to protect products from moisture, air, particulate matter, and microorganisms. They prevent the contents from escaping and allow no substance to enter the container. The changing eating habits and the quickening pace of life have driven the market opportunities for packaged foods, which are expected to provide new growth opportunities in the upcoming years.
The primary barriers to market expansion are high initial investment costs and stringent government regulation of the use of plastics. The material polypropylene is used to make plastic caps and closures, but it can't be used in high temperatures because chain degradation can cause oxidation. As a result, the polypropylene develops cracks. The major trend followed in the plastic caps and closure market is the use of bio-based plastic for production of caps and closures due to increasing environment concern among the consumers and easy availability of substitutes.
A key challenge that may affect the growth of the market is the rise in raw material prices. However, for manufacturing, this sector is entirely dependent on suppliers of raw materials. The prices of raw materials like PP and PE fluctuate significantly in the market. Low density polyethylene, a raw material used for the production of the plastic caps and closures has good chemical resistance and electrical properties, but it has a high thermal expansion and tends to fail under mechanical and thermal stress. This is a major factor that is expected to pose key challenges for the market growth over the forecast period.
The report provides an in-depth analysis of Asia Pacific plastic caps and closures market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. A rise in demand for plastic caps and closures in various applications is anticipated to stimulate the growth of the market and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
The Asia Pacific plastic caps and closures market comprises of different market segments like, type, size in diameter, raw materials, end-users and country.
By type, the Asia Pacific plastic caps and closures market includes key segments like
On the basis of type, the Asia Pacific plastic caps and closures market includes key segments like caps and closures. The cap segment dominates the plastic caps and closures market over the foreseen period. The growth is due to increasing demand for packaged food products and increased awareness of healthy food products. They protect against chemical and other spills and provide durability, customizability, and chemical stability. Plastic caps are available from a wide range of plastics in a near-endless array of sizes, shapes, and colours. They are very much ideal for the food and beverages industries for their ease of use and availability.
By size in diameter, the Asia Pacific plastic caps and closures market includes key segments like
The Asia Pacific plastic caps and closures market are divided into three categories based on diameter: less than 20 mm, 20-50 mm, and greater than 50 mm. Less than 20 mm plastic caps and closures segment holds the major shares over the forecast period. Increasing usage of cosmetic products, including skincare, haircare, make-up, perfumes, toiletries, and deodorants, can increase the demand for plastic bottles, which ultimately increases the demand for plastic caps. In addition, they are widely used in cosmetic pet bottles, pharma bottles, plastic spray bottles, and HDPE bottles of various sizes and designs. They are available in any colour and made from HDPE, LDPE, and other types of plastic. 20 to 50mm caps and closures provide high adhesion, are corrosion-resistant, have enhanced strength, are easy to dispense, are used to change directions in piping, are resistant to cracking under pressure, and have good temperature resistance.
By raw material, the Asia Pacific plastic caps and closures market includes key segments like
On the basis of raw material, the Asia Pacific plastic caps and closures market finds key segments such as HDPE (High Density Polyethylene), LDPE (Low Density Polyethylene), PP (Polypropylene), and others. PP (Polypropylene) segment is expected to lead the market and account for a major market share over the forecast period. PP (Polypropylene) belongs to the group of polyolefins and is partially crystalline and non-polar. Polypropylene (PP) resin is the lightest polymer among all commodity plastics. It is the ideal choice in the packaging industry for its strength in engineering applications and cost advantages in blow molding bottles. While the LDPE segment is expected to register the highest CAGR during the forecast period due to its good chemical resistance and electrical properties, toughness, and high flexibility and corrosion resistance. Low-density polyethylene (LDPE) is the first grade of polyethylene, which is a thermoplastic made from the monomer ethylene.
The Asia Pacific plastic caps and closures market finds key end-users like
On the basis of end users, the Asia Pacific plastic caps and closures market was bifurcated into food & beverages, pharmaceuticals & personal care, cosmetics & toiletries, agrochemicals, chemicals, lubricating oil, and others. The food and beverage market are anticipated to account for the largest market share and is expected to maintain its dominance throughout the forecast period. Plastic caps and closures are commonly used in the food and beverage industry for alcoholic and non-alcoholic drinks. The caps and closures help to extend the shelf life of products, protect them from dirt and moisture, and keep the oxygen content of the packed product balanced. Plastic caps provide the ideal economic solution to food and beverage storage. Therefore, the growth of the food and beverage industry has been boosted by its advantages, which include safety, high barrier properties, and a longer and more stable shelf life.
Cosmetics and toiletries are leading at significant CAGR over the forecast period and accounted for a major market share over the forecast period. The growth is attributable to many factors, such as increasing awareness about healthy lifestyles and rising consumption of gels, hair serums, skin creams, perfumes, and tanning lotions, which increase the consumption of plastic bottles, which ultimately increase the demand for plastic caps and closures in the cosmetic and toiletries industry.
The Asia Pacific plastic caps and closures is studied for the following countries
The China dominates the Asia Pacific plastic caps and closures market, followed by India and Japan. The dominance is owing to the rising demand for bottled water and packaged beverages as well as high-performance materials and the availability of various material compositions in the beverage industry. The middle-class families of China are seeing an increase in their incomes as the country's economy explodes. Hence, a considerable segment of the well-educated Chinese population can spend on pharmaceuticals, and they are demanding better government provision. Furthermore, rapid urbanization and industrialization are occurring in emerging economies, particularly in China. These factors increase the use of plastic fertilizer bottles, which will ultimately drive the demand for plastic caps and closures in the agrochemical industry.
The sudden breakout of coronavirus disease (COVID-19) rapidly spread across the globe, leaving no country behind in being affected by the global pandemic in the years 2019–20. The food and beverage industry in two major Asian giants, i.e., China and India, has faced several challenges due to COVID-19, which include supply chain operations, safety, training, disaster management and responses, awareness, re-forming business models, digitalization and advancement of technology, and other unanticipated impacts. In addition, consumer behaviour towards food has been extensively changed in both nations. Countries, such as China and Japan, implemented strict lockdown policies and restricted the production and movement of critical raw materials used in the advanced packaging market for plastic caps and closures. However, the growth has been high since the market opened after COVID-19. It is expected that there would be considerable growth in the sector, owing to the increasing demand for hand sanitizers and hand washing products that significantly increased during the pandemic to prevent COVID-19, which helped the plastic caps and closures industry.
The competitive landscape analysis of plastic caps and closures market is primarily focused on expanding the country growth of plastic caps and closures industry with new product innovation, business expansion, increasing presence of range of manufacturer operating in plastic caps and closures sector has led the growing demand for the market. Besides, the market offers range of products in different application to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
September 2022: U UNITED CAPS and Mimica partner to produce an innovative, intelligent cap designed for accessibility and the reduction of food waste. This partnership continues the company's tradition of sustainability by delivering cutting-edge technology and accessibility along with a novel approach to food safety.
June 2020: Silgan Holdings Inc., a leading supplier of sustainable rigid packaging solutions for consumer goods products, acquired the dispensing business of the Albea Group for $900 million.
By type, the Asia Pacific plastic caps and closures market includes key segments like caps and closures. The cap segment dominates the Asia Pacific plastic caps and closures market over the foreseen period. By size in diameter, the Asia Pacific plastic caps and closures market includes key segments such as less than 20 mm, 20-50 mm, and greater than 50 mm. Less than 20 mm plastic caps and closures segment holds the major shares over the forecast period. On the basis of raw material, the Asia Pacific plastic caps and closures market finds key segments such as HDPE (High Density Polyethylene), LDPE (Low Density Polyethylene), PP (Polypropylene), and others. The polypropylene segment dominated the plastic caps and closures market during the forecast period. On the basis of end users, the Asia Pacific plastic caps and closures market was bifurcated into food & beverages, pharmaceuticals & personal care, cosmetics & toiletries, agrochemicals, chemicals, lubricating oil, and others. The food and beverage market are anticipated to account for the largest market share and is expected to maintain its dominance throughout the forecast period. The Asia Pacific plastic caps and closures market is studied for region: The China, India, Japan, Rest of APAC. The China dominates the Asia Pacific plastic caps and closures market.
| Market Sizing for Year: | 2019-2029 |
| Base Year: | 2022 |
| Forecast Period: | 2023-2029 |
| Value: | USD million |
| Market Segment studied: | Type Size
in Diameter Raw
Material End-Users |
| Market Players and its Competitors: | Amcor
Limited (Switzerland) Silgan Holdings Inc
(United States) WestRock
Company (United States) Weener Plastics Group
B.V. (Netherland) UNITED
CAPS (France) TriMas
Corporation (United States) Saint-Gobain
(France) BERICAP
(Germany) Closure Systems International (United States) Tetra Pak International SA. (Switzerland) Berry Global, Inc
(United States) Crown Holdings Inc.
(United States) AptarGroup
Inc. (France) Hicap Closures Co. Ltd
(China) |
FREQUENTLY ASKED QUESTIONS
What would be the forecast period in this report?
2023-2029 is the forecast period in this report.
Which region is gaining majority of market share during the forecast period (2023-2029)?
China is expected to gain major market share during the forecast period (2023-2029).
What are the drivers for Asia Pacific plastic caps and closures market?
The key driving factors of the market are rapid urbanization, a growing population, and increasing demand for food and beverages.
