The global Caps and Closures Market size is predicted to reach USD 82.30 billion by 2026, exhibiting a CAGR of 5.52% during the forecast period. The growing demand for lightweight packaged products will spur demand for caps & closures during the forecast period. Moreover, the growing demand for packaged drinking water, carbonated drinks, and cold-pressed juices will create business opportunities for the Caps and Closures Market in the forthcoming years. The growing awareness regarding the physical properties of caps such as impact, stress, crack resistance along with odor restraining properties will impel companies to utilize caps and closures in the packaging, which in turn will boost the Caps and Closures Market revenue in the foreseeable future.
Competitive Landscape
Launch of SyLon Sports Closure by Coca-Cola Amatil to Foster Growth
Coca-Cola Amatil Limited, world-renowned bottlers of non-alcoholic ready-to-drink beverages, launched SyLon Sports closure, an innovative solution for Powerade bottles. These Australian-grown innovative bottles are designed, tested, and prototyped by the Amatil Services Division in Sydney. The introduction of SyLon Sports closure will contribute positively to the Caps and Closures Market trends due to the improved quality and recyclability of the closure through its component.
Furthermore, Coca-Cola Amatil’s Group Managing Director, Alison Watkins, said in a statement, we believe the SyLon Sports closure is an Aussie-manufacturing success story. Until now, we have imported closures from Europe and faced challenges with global supply.” She also added, “our Packaging Services Division team at Eastern Creek took initiative and designed, tested and prototyped a closure cap which is more cost-effective, better for the environment, and will be made in Western Sydney.
List of Key Companies Profiled in the Global Caps and Closures Market Research Report Includes:
Browse Detailed Insights of This Research with TOC: https://www.fortunebusinessinsights.com/caps-closures-market-102542
Restraint
Stringent Government Regulations to Hamper Market Revenue
The growing environmental threats and concerns can be a crucial factor in hampering the growth of the Caps and Closures Market during the forecast period. The increasing government policies for disposal of landfills will consequently dampen the growth of the market. Moreover, the rising plastic waste from various industries such as food & beverages, Caps and Closures, and consumer goods will impel the government to take strict actions, which in turn will hamper the market growth.
For instance, as per Plastic Industry Association, America used about 50 billion plastic water bottles in 2016, and the recycling was only 23%, signaling the need to focus on industry efforts to reduce plastic waste.
