Screw caps is fastest growing segment fueling the growth of U.S. Caps and Closures Market

 

The global U.S. Caps and Closures Market is estimated to be valued at US$ 3.75 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Caps and closures are sealing components that are used for various packaging applications across industries like food & beverage, pharmaceuticals, personal care, and chemicals. They help seal the container and prevent leakage during storage, transport, and use. Popular product types include screw caps, twist caps, dispensing caps, and others.

Market Key Trends:

One of the key trends in the U.S. caps and closures market is the rising demand for sustainable packaging. Customers are increasingly preferring products packaged in eco-friendly materials to reduce pollution. Caps and closure manufacturers are investing in developing bio-based and recyclable packaging solutions made from plant-based resins and recycled plastics. For instance, many companies offer caps made from recycled HDPE and PP resins. Such initiatives are fueling market growth.

Segment Analysis:

The U.S. caps and closures market is segmented by material, product type, and end-use industry. The plastic segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Plastic closures offer advantages such as lightweight, durability, shatter resistance and versatility in design, which has increased its preference over other materials.

Key Takeaways:

The global U.S. caps and closures market is expected to witness high growth, exhibiting CAGR of 5.1% over the forecast period, due to increasing demand for convenience packing of food and beverages.

Regional Analysis:

The western region dominated the U.S. caps and closures market in 2022 and is estimated to maintain its leading position during the forecast period. This is attributed to strong presence of food & beverage industries and increased consumption of packaged products in this region.

Key players:

Key players operating in the U.S. caps and closures market are Closure Systems International, Inc., Silgan Plastic Closure Solutions, Bericap GmbH and Co KG, Global Closure Systems, AptarGroup, Inc., Berry Plastics Group, Inc., Amcor Limited, O.Berk Company, LLC, Blackhawk Molding Co. Inc., and Tecnocap S.p.A. The market is highly competitive with leading players focusing on new product launches and mergers & acquisitions to strengthen their market position.

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