The global caps & 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 & 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 & closures market revenue in the foreseeable future.
According to the report, published by Fortune Business Insights in a report, titled “Caps & Closures Market Size, Share and Industry Analysis, By Material (Plastic, Metal, and Others), and by Application (Food & Beverage, Pharmaceuticals, Consumer Goods, Cosmetics & Personal Care Products and Others) and Geography Forecast till 2026”
The caps & closures market size stood at USD 54.32 billion in 2018. The report offers informative insights into all the prevailing trends of the caps & closures market analysis. It shares a comprehensive summary of all the segments and regions. It provides statistical data on all the recent developments in the market. It is created after extensive research followed by all-encompassing analysis to benefit companies, stakeholders, financers, and potential investors. It is designed with an aim to provide a clear picture of the market size. Moreover, it also includes product launches, acquisitions, collaborations & partnerships, and innovations and industry developments.
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 & 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 tookinitiative and designed, tested and prototyped a closure cap which is more cost-effective, better for the environment, and will be made in Western Sydney.