Plastic Caps and Closures Market To Witness Massive Enlargement For The Length I

Posted by Neha on February 19th, 2020

Due to the fragile properties of glass and its high cost, the demand for glass bottles is decreasing throughout the world and its place is being taken by plastic bottles and containers. PET bottles are being preferred over glass as they are easy to transport over long distances and to avoid breakages. Approximately 600 billion units of PET bottles are being manufactured globally to meet this increasing demand.

The beverages segment dominates the global plastic caps and closures market as there is a high demand for carbonated soft drinks, bottled water, ready-to-drink teas and coffees in the developed countries. There is increasing demand for such kind of products in the developing countries due to a rise in the disposable incomes of the middle class households in countries such as India, China, Brazil, etc. This increase in the disposable income leads to a higher consumer spending on convenience products. In addition, the demand for plastic caps and closures has also increased in other end-use industries such as the cosmetics and personal care industry.

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The global plastic caps and closures market was estimated to be valued at nearly US$ 34,200 Mn in the year 2017 and is likely to reach a valuation of nearly US$ 54,800 Mn at the end of the assessment period in the year 2027. The global plastic caps and closures market is anticipated to display a CAGR of 4.8% by value during 2017-2027.

Increasing consumption of ready-to-drink beverages in the APEJ region to contribute to market revenue growth

There is an increasing consumption of ready-to-drink beverages and carbonated soft drinks in the APEJ region. This is due to rising disposable incomes of the middle class households, which leads to more spending on convenience products. Also, in some countries where the penetration of carbonated soft drinks is already high, the trend is shifting from consuming soft drinks to ready-to-drink teas and coffees.

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