North America Plastic Caps and Closures Market

North America Plastic Caps and Closures Market Outlook 2031

The North America Plastic Caps and Closures Market size was USD 8.30 Billion in 2022 and is likely to reach USD 11.51 Billion by 2031, expanding at a CAGR of 3.7% during 2023–2031. Growth of the market is attributed to the increasing demand for plastic caps and closures owing to its properties including easy availability, flexibility, versatility, and durability.

Plastic caps and closures are critical for preserving the taste, texture, and flavor of processed foods. Plastic caps and closures play an important role in factors such as visual appeal, brand differentiation, and consumer convenience, in addition to providing features such as rupture and pollution resistance.

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Caps and closures are critical for the packaging industry, which is driving the market. According to the drug enforcement administration's 2019 report, the biggest pharmaceutical company in the United States produced more than 76 billion opioid pills. In relation, roughly 300 million pain prescriptions were written in 2015.

Due to the extreme high consumption of pain relievers, there is massive increase in the consumption of bottles, which is estimated to fuel the plastic caps and closures market. People aged between 35 and 45 are more likely to use delivery services for food and bottled medicine, which leads to an increase in the use of plastic caps and closures for adequate food packaging.

North America Plastic Caps and Closures Market Trends, Drivers, Restraints, and Opportunities

• Better operability and convenience required for various products is projected to boost the market during the forecast period.
• Rapid growth of food and beverages industry is major factor spurring the market in the coming years.
• Increasing popularity for dispensing and pump closures in wide range of products is estimated to fuel the market.
• Emerging substitutes for packaging of products is expected to hinder the market growth.
• Prices of raw materials are unstable which affects the manufacturing cost of caps and closures act as a key factor that can impede the market in the coming years.
• Emerging economies in developing countries is projected to offer immense opportunities for the market players.
• Technological innovation and advancement in plastic caps and closures market is anticipated to create lucrative opportunities for the market players.

Scope of North America Plastic Caps and Closures Market  Outlook Report

The report on the North America plastic caps and closures market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

North America Plastic Caps and Closures Market Segment Insights

The polypropylene segment is projected to hold a major market share

Based on material, the North America plastic caps and closures market is fragmented into polyethylene, polyethylene terephthalate, and polypropylene. The polypropylene segment is expected to constitute a key share of the market in the coming years owing to factors such as great choice for packaging of cleaning products, first aid products, bleaches, high resistance to chemical corrosion, and highly elastic, tough, and durable.

On the other hand, polyethylene segment is anticipated to expand at a rapid pace during the forecast period owing to its strength and durability it is mainly used for producing caps and closures for bottled water, juices, soft drinks, and teas.

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The food and beverages segment is projected to account for a large market share

On the basis of applications, the North America plastic caps and closures market is segregated into beverage & food, pharmaceutical and healthcare, cosmetics and toiletries, household chemicals. The food and beverages segment is expected to represent a key share of the market during the forecast period owing to growing needs, changing food habits of the consumer, and rapid industrial growth.

Increasing preference for packed foods in different countries and growth of beverage industry is anticipated to boost the market. However, the pharmaceuticals segment is anticipated to expand at a rapid pace during the forecast period owing to protect the healthcare products from dust, air, and moisture.

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The market in US is projected to hold a major market share

In terms of regions, the North America plastic caps and closures market is classified as the US, Canada, and Mexico. The regional market growth can be attributed to rapid expansion of food and beverage industry. Increasing demand for processed foods, snacks, and ready to eat foods is raising the demand for plastic caps and closures for packing and storing of these foods.

Segments

The North America plastic caps and closures market is segmented on the basis of

Material

• Polyethylene
• Polyethylene Terephthalate
• Polypropylene

Application

• Beverage
• Food
• Pharmaceutical and Healthcare
• Cosmetics and Toiletries
• Household Chemicals

Regions

• The US
• Canada
• Mexico

Key Players

• Albea S.A.
• Silgan Holdings Inc.
• Amcor PLC
• Berry Global Inc.

Competitive Landscape

Major players competing in the North America plastic caps and closures market include Albea S.A., Silgan Holdings Inc., Amcor PLC, and Berry Global Inc.

Some of these players are focused on several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instance,

• In January 2020, Silgan Holdings Inc. acquired Albea’s dispensing business for USD 900 million.
• In January 2020, Berry Global Group Inc., raised investment to add capacity for breathable films of USD 20 million.