Global caps & closures market volume estimated to reach 2,312 bln by 2018, with a projected CAGR of 4%

22-Jan-14

The market has made little strides in terms of volume gains amidst the economic slowdown. However, it has grown considerably in the last few years and is anticipated to grow at a rapid pace in the near future. Factors such as growing consumer preferences towards consuming convenient packaged food & beverages, personal care products, and pharmaceutical are helping the caps & closures industry to grow. Increasing innovations in the industry help to drive down the cost and launch new closure types. This acts as an important driver for the market. As per Research and Markets, the global market volume was 1,826 bln in 2012 and is projected to reach 2,312 bln by 2018, growing at a CAGR of 4% from 2013 to 2018. The end-use sectors are exhibiting buoyant growth driven by rising population and disposable incomes. The caps & closures market was dominated by the beverage segment both in value and volume terms. Plastics (polyethylene and polypropylene) were the most dominant raw materials used for caps and closures. The global caps & closures market is largely driven by the volume growth in its end-use industries. The penchant for consumption of packaged products such as food & beverage, personal care, and pharmaceuticals is resulting in the growth of this industry. Consumers' push for convenient packaging would result in the growth of pouches, sachets, bags, and other types of flexible packaging. These novel pack types with varying sizes and innovative closures are expected to gain momentum in the near future. Advent of closure-less pouches may restrain further growth in the industry.