Short-term global caps and closures market will be booming: study

World demand for caps and closures is projected to rise 5.3 percent per year to US$46 billion in 2016, with volume demand reaching 1.9 trillion units, according to a new study by market research firm The Freedonia Group.

“Beverages will remain by far the single largest cap and closure market, with gains supported by the continued popularity of single-serving beverages and the widening presence of plastic bottles in markets once dominated by metal cans,” the study concluded. “However, preventing faster gains will be the maturity of several large beverage applications such as beer and carbonated soft drinks.”

Overall, the most rapid increases in cap and closure demand will occur in the world’s developing regions, the study said. The highest growth rates are expected in India and China, with Indonesia, Brazil, Russia, and Mexico also expected to see robust advances.

Key markets for these products will include beverages such as beer, carbonated soft drinks, and bottled water; food; pharmaceuticals; and other markets such as cosmetics and toiletries, household products, and automotive chemicals.

For more on the study, click on this link.