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COVID-19 impact on global plastic caps & closures market

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COVID-19 impact on global plastic caps & closures market

December 02
18:33 2020
COVID-19 impact on global plastic caps & closures market

Browse 217 market data Tables and 50 Figures spread through 203 Pages and in-depth TOC on “Plastic Caps and Closures Market”
Plastic Caps and Closures Market by Product Type (Screw-on Caps, Dispensing Caps), Technology (Injection Molding, Compression Molding, Post-mold TE Band), Raw Material (PP, HDPE, LDPE), End-use (Beverage, Pharmaceutical), Region

The global plastic caps and closures market size is projected to grow from USD 44.3 billion in 2020 to USD 57.0 billion by 2025, at a CAGR of 5.2% between 2020 and 2025. Plastic caps & closures are used to seal contents within containers, safeguard the packaged product, and to extend the shelf life of the product. The cost-effectiveness, low weight, and compatibility of plastic caps & closures play a crucial role in the growth of the overall market. The plastic caps & closures find their application in various end-use sectors, such as beverage, pharmaceutical, food, and personal & home care, among others. Increase in demand for bottled water, need for convenience, concerns about product safety & security, product differentiation & branding, and decreasing package sizes are major factors driving the plastic caps & closures market.

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The global plastic caps & closures market is expected to witness a moderate decrease in its growth rate in 2020-2021, as the plastic caps & closures used for personal & home care, automotive, and chemicals will witness a significant decline in its demand. However, there will be an increase in the demand for plastic caps & closures in the food & beverage and pharmaceutical sectors during COVID-19.

  • People are resorting to panic-buying and bulk stocking due to the fear of lockdowns. More people are ordering daily staples and fresh food through online channels, which leads to an increase in the demand for plastic caps & closures. Governments of many affected countries, for instance, India, have asked the food industry players to ramp up production to avoid supply-side shocks and shortages and maintain uninterrupted supply. FMCG companies are responding by demanding more of these packaging products. For example, Britannia Industries has urged the Indian government to ensure interstate movements of suppliers of raw materials and packaging materials.
  • The demand for plastic caps & closures in the pharmaceutical industry is expected to remain robust as hospitals, drugs, and PPE manufacturers are responding to the crisis. The demand for household essentials, healthcare, and medical goods is not expected to decrease dramatically, and retail distribution for these types of products through online delivery can be expected to increase. This, in turn, boosts the demand for plastic caps & closures for the timely delivery of raw materials and finished goods to their respective end-users.

 

The pharmaceutical industry is projected to register the highest CAGR during the forecast period.

It is very important to maintain the quality of pharmaceutical products during the manufacturing process. Pharmaceutical products can be contaminated through air particles, dust, and microorganisms. To avoid contamination, plastic caps & closures are used to seal the medicines in the pharmaceutical industry. The packaging of healthcare products is of utmost importance to protect the contents from air, dust, and moisture. An increase in chronic ailments, an increase in the aging population, and a rise in disposable income in developing nations drive the demand for healthcare products, thereby driving the demand for plastic caps & closures.

The North American region leads the plastic caps & closures market in terms of volume.

North America is projected to be the fastest-growing market for plastic caps & closures during the forecast period. The increase in consumption of CSDs and packaged food, high disposable income levels, and growth in demand for convenience food are supporting the market in North America. Improvements in the economic situation and rise in demand for innovative packaging also contribute to the growth of the plastic caps & closures market. The growth in this region, especially in the US, has been exponential over the last five years. Plastic closures have been replacing every possible type of closures in North America.

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