October 06, 2022 07:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The global plastic caps & closures market stands at US$ 44 Bn as of now and is expected to reach US$ 61 Bn by the year 2029 at a CAGR of 5.0% between 2022 and 2029.
The packaging vertical is subject to maximum use of plastic as a raw material for caps & closures. In other words, the manufacturing vertical is extensively investing in plastic caps & closures due to them being durable and cost-effective. Though plastic is facing competition from elastomers, metal, rubber, glass, and likewise, flexibility coupled with adaptive nature on the part of plastic is bound to take the plastic caps & closures market by storm in the near future.
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Amongst various potential verticals, beverages hold the largest market share and the status quo is expected to remain the same even in the forecast period. As plastic caps & closures turn out to be user-friendly with enhanced packaging, the purpose of secure sealing and improvised safety is served.
The developing economies are also witnessing an ever-increasing demand for make-up and cosmetics. This calls for dispensing closures and pump closures, which, in turn, drive the demand for plastic caps & closures in verticals like skincare, cosmetics, and healthcare (apart from beverages).
The pharmaceuticals vertical is more into using plastic caps & closures, especially due to the growing occurrences of chronic illnesses. Contamination of medicines and drugs is not at all warranted for. As such, demand for well-engineering caps & closures like plastic screw closures is likely to witness an exponentiation in the years to come. Tamper-evident plastic caps & closures are also expected to witness an upscalation going forward.
At the same time, the fact that plastic caps & closures are detrimental to the environment can’t be ignored. It is a known fact that marine ecosystem is getting adversely affected due to unwanted accumulation of plastic therein. This factor is bound to hamper the plastic caps & closures market in the near future.
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Key Takeaways from the Plastic Caps & Closures Market
“Call for better operability and convenience to keep the cash registers ringing for plastic caps & closures market”, says an analyst from Future Market Insights.
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What does the Report Cover?
3.1. Key Trends Impacting the Market
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