Caps & closures market to be worth $56.6 Billion by 2018
According to the market research report "Caps & Closures Market by Raw Material (Plastic, Metal & Others), Applications (Food, Beverage, Personal Care & Home Care, Pharma & Industrial), Types (Plastic: Screw, Dispensing, Metal: Screw & Lug, Can Ends, Others) - Global Trends & Forecast to 2018" from MarketsandMarkets (MarketsandMarkets.com), the caps & closures market is estimated to grow from $42.7 billion in 2012 to $56.6 billion by 2018 with a CAGR of 4.8% through 2018. Asia-Pacific led the global market followed by North America and Europe in terms of revenue in the year 2012.
Caps & closures is a dynamic sector in the packaging industry with various stake holders such as raw material suppliers, processors, packaging manufacturers, and end-user industries such as manufacturers of food, beverage, personal care products, and pharmaceuticals. As opportunities to grow in these end-use markets are immense, players are competing to launch innovative products and diversifying their product portfolio. The end-use industries and their caps & closures are interdependent markets. Shift in end-use industry in terms of new product developments, new packaging types or industry growth will directly affect the Caps & Closures Market. Rise in the consumption of packaged products offers a strong customer base for the Caps & Closures Market. Packaging is essential to preserve the quality of the product and it also prevents it from chemical reactions endangering the consumer's health. Hence, an efficient and suitable packaging is imperative for every product driving up demand for closures.