Plastic Caps and Closures Global Market Report 2024

The plastic caps and closures market size has grown strongly in recent years. It will grow from $46.92 billion in 2023 to $50.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be ascribed to factors such as competition fueling innovation, the impact of market globalization, the influence of consumer preferences, and the introduction of innovative closure designs.

The plastic caps and closures market size is expected to see strong growth in the next few years. It will grow to $66.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The projected growth in the upcoming period can be attributed to an upswing in the demand for packaged products, an increased emphasis on sustainability, a preference for lightweight solutions, and the necessity for customization and branding to meet consumer needs. Noteworthy trends anticipated in the forecast period encompass heightened competition and product differentiation, the expansion of the global market, market responsiveness to consumer preferences, adherence to regulatory compliance, and an increased demand for convenience.

The surge in global consumer demand for bottled water is a key factor propelling the plastic caps and closures market. Bottled water, encompassing drinking water packaged in plastic or glass bottles, relies on plastic caps and closures for sealing purposes. This not only prevents spillage but also facilitates convenient transportation and extends the shelf life of the bottled water. For example, in May 2023, the International Bottled Water Association reported that Americans, on average, consumed 46.5 gallons of bottled water in 2022, amounting to nearly $46 billion, a notable increase from the $40.8 billion spent in 2021. This trend is anticipated to persist in the forecast period, continuing to drive demand for plastic caps and closures.

Tthe growing demand for personal care products is expected to contribute significantly to the ongoing expansion of the plastic caps and closures market. Personal care products, encompassing items used for personal hygiene, cleaning, and grooming, utilize plastic caps and closures to ensure product integrity, extend shelf life, and provide convenient and secure dispensing mechanisms. In February 2023, L'Oréal S.A., a France-based personal care company, reported an increase in sales of consumer products from 11.8% to 14.6% and active cosmetics from 28.0% to 30.6% between the 3rd quarter of 2022 and the 4th quarter of 2022. This growth underscores the rising demand for personal care products, consequently driving the plastic caps and closures market.

Key players in the plastic caps and closures market are actively engaged in the development and launch of innovative products to align with the sustainability targets mandated by global governing bodies. In a notable example, in October 2023, Berry Global, a US-based packaging company, introduced the Slimline range, a lightweight tube closure solution. This product is specifically designed to offer contemporary design and material versatility while concurrently reducing greenhouse gas emissions when compared to traditional caps. The Slimline closures are offered in 35mm and 50mm diameters, with both matte and glossy surface finishes, and feature 3mm and 5mm orifices.

Prominent companies operating in the plastic caps and closures market are intensifying their efforts to introduce environmentally friendly closures, aiming to gain a competitive advantage in the industry. Environmentally friendly closures encompass packaging solutions, such as caps or lids, designed with a strong emphasis on sustainability and minimal environmental impact. For example, in January 2023, Mespack, a Spain-based packaging company, and Hoffer, a US-based premium plastic closures manufacturer, jointly launched new spout and cap closures crafted from monolayer material, utilizing 20% less plastic compared to traditional closures. This eco-friendly closure is engineered to diminish the environmental footprint of packaging while upholding product quality and safety. It finds compatibility in various personal care and pharmaceutical applications, including skin care, body wash, and hair care.

In July 2022, Manjushree Technopack Limited, an India-based rigid plastic packaging company, acquired Hitesh Plastics Private Limited for an undisclosed amount. This acquisition positions Manjushree Technopack as a comprehensive end-to-end rigid plastic packaging manufacturer, boosting its manufacturing capacity to 200,000 MT and reinforcing its leadership in the plastics business. Hitesh Plastics Private Limited, an Indian company specializing in the production of caps and closures for the plastics industry, becomes an integral part of this strategic expansion.

Major companies operating in the plastic caps and closures market report are Berry Global Inc., Amcor PLC, Crown Holdings Inc., Silgan Holdings Inc., AptarGroup Inc., Berlin Packaging LLC, Albea SA, BERICAP GmbH & Co. KG, Closure Systems International Inc., CL Smith Company, O.Berk Company, TricorBraun Ltd., Pretium Packaging LLC, United Caps Luxembourg S.A., Mold-Tek Packaging Ltd., Phoenix Closure Inc., Mold-Rite Plastics LLC., United States Plastic Corp., Tim Plastics Inc., Kaufman Container, Pano Cap Limited, Blackhawk Molding Co. Inc., Comar LLC., MJS Packaging Services Ltd., Plastic Closures Ltd., Caps & Closures Pty Ltd., Weatherchem Corporation, Guala Closures Group India Pvt. Ltd., Cap & Seal Pvt. Ltd., Hicap Closures Co. Ltd., All American Containers Inc., Alpha Packaging Pvt. Ltd., CKS Packaging Inc.

Asia-Pacific was the largest region in the plastic caps and closures market in 2023. The regions covered in the plastic caps and closures market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the plastic caps and closures market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main product categories in plastic caps and closures include screw caps, dispensing caps, and others. Dispensing caps, a closure type facilitating product dispensing from containers or bottles, come in various styles such as turret or directional spout, single or dual flap, snap-top, push-pull, Yorker, spigot, disc-top, hinge, snip-tip, spice, shaker, and twist open-close. Materials such as polypropylene, polystyrene, and polyethylene find applications in pharmaceutical, personal care, food, and beverage industries.

The plastic caps and closures market research report is one of a series of new reports that provides plastic caps and closures market statistics, including plastic caps and closures industry global market size, regional shares, competitors with a plastic caps and closures market share, detailed plastic caps and closures market segments, market trends and opportunities, and any further data you may need to thrive in the plastic caps and closures industry. This plastic caps and closures market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The plastic caps and closures market consists of sales of lug caps, dome caps, phenolic polycone caps, ribbed closures, and smooth closures. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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