That’s right: doff your fedora to the global plastic caps and closures market! Want numbers? The global market for the ubiquitous plastic doohickies was valued at more than 38 Billion in 2017, and projected to reach more than 51 Billion by 2023, reflecting a compound annual growth rate (CAGR) of almost 5% during the forecast period.
That’s a lot of plastic injection-molded love, my friend.
Wait, you ask: isn’t the global plastic caps and closures market dominated by ten or fewer huge, global conglomerates? How can the little guy compete? Answer: the same way the little guy competes against Goliath in any other industry: Service and agility. Service, in the form of hands-on, hand-holding CRM at the very bottom of the organizational chart, all the way to top of the C-suite. Agility, in the form of quick adoption of new technology and even quicker turn-around times on projects.
Any decent plastic caps and closures report should examine all the different segments that are part of the manufacturing process of plastic caps and closures — from the molding companies themselves, all the way to the end consumers. In other words, these market reports should focus on:
- product types
- raw material
- container type
- end-use sector
In recent years, plastic caps and closures have made dramatic inroads in the packaging of bottled water, CSDs, and NCSDs, to the point where they are now the dominant type of closures in the market, overtaking metal several years ago. The industry has taken note: part of the exponential growth of the market has come from the economies of scale resulting from partnerships. joint ventures, mergers & acquisitions and simple expansions. New product developments as well as research & development activities have also helped fuel growth.
Surprise! The Asia/Pacific Rim is forecast to be the hottest plastic caps and closures market during the next five years. Manufacturers there are also expected to have the lion’s share of the market due to increasing demand for packaged goods in the region.