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 main uses of such plastic bottles are for the packaging of carbonated soft drinks, bottled water, juices and other ready to drink beverages. Also, the rise in demand for such kind of products in the emerging economies bodes well for the plastic caps and closures market in the coming years. Other end-use industries where plastic caps and closures are used in bottles include cosmetics and personal care, household, food and chemical products.
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.
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.
Plastic Caps and Closures Market: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 - 2027Buy Now
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