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The global caps & closures market size is predicted reach USD 82.30 billion by 2026. The increasing technological advancement and innovation in design and model of caps can offer enormous business opportunities for caps & closures market during the forecast period, mentioned in a report, titled “Caps & Closures Market Size, Share & Industry Analysis, By Material (Plastic, Metal, and Others), and By Application (Food & Beverage, Pharmaceuticals, Consumer Goods, Cosmetics & Personal Care Products and Others) and Regional Forecast, 2019-2026” the market size stood at USD 54.32 billion in 2018 and is predicted to exhibit a CAGR of 5.52% between 2019 to 2026.
Acquisition of Embalatap by UNITED CAPS to Facilitate Market Growth
UNITED CAPS, a global leader, and manufacturer of caps and closures announced that it had acquired the Spanish closure manufacturer Embalatap. The strategic acquisition will help UNITED CAPS to strengthen its product portfolio, primarily in closures for edible oils. The new development between the companies will have a positive impact on the caps & closures market revenue in the forthcoming years owing to their broad range of closure solutions for customers. Moreover, the growing focus of key companies towards the development of technologically advanced caps and closures for the food and beverage industry will spur opportunities for the market. In addition, the companies in the market are fixed on expanding their product portfolio and production capacities, which in turn will bode well for the market in the forthcoming years. For instance, in October 2019, SABIC, a chemical manufacturer, announced the opening of its new Technology and Innovation Center, dedicated to its caps and closures segment in Geleen, the Netherlands. The new facility will allow the company to engage and offer the best solution for the benefit of customers.
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Stellar Demand for Beverages to Boost Market
The increasing demand for sports closures and caps, pouch spouts, and other flat caps will enable speedy growth of the caps & closures market in the forthcoming years. The booming food & beverage industry can open up new ventures for the caps & closures market. The rising demand for PET bottles in dairy, water, and juice applications will further enhance the caps & closures market growth. The increasing application of caps and closures in the packaging of preserves, sauces, soups, cooking oils, juices, and drinking water will bolster healthy growth of the market. In addition, the growing requirement for Ready-to-drink beverages such as tea, coffee, and other healthy alternatives is predicted to create lucrative business for the market. However, the growing concerns regarding the environment and surge in plastic waste can be the crucial factor in hampering the growth of the market.
Adoption of Strategies by Key Players to Enhance Competition
The majority of the key players in the market are adopting strategies such as strategic partnerships, new product launch & development, mergers & acquisitions, and agreements to enhance their presence and market share. The surge in R&D for the development of advanced caps and closures will subsequently enable the growth of the market. For instance, in October 2019, SIG Combibloc Group Ltd., a system and solution provider of food & beverage packaging, launched its new combiMaxx closure, for customer convenience, while allowing customers to upgrade their packaging without investing majorly on the new sleeves.
The Report Lists Some Major Companies in the Caps & Closures Market
Further Report Findings:
The Caps & Closures Market is Segmented into:
Volume (Billon Units)