MarketsandMarkets projects that the plastic caps and closures market size will grow from USD 40.52 Billion in 2018 to USD 51.67 Billion by 2023, at a CAGR of 4.99%. The plastic caps and closures market is witnessing considerable growth due to increasing demand for convenience packaging and growing concerns about product safety and security in the beverage, food, and pharmaceutical industries. Moreover growing bottled water market where plastic closures are used on a large scale is one of the major factor driving the growth of plastic caps and closures market.
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The key players in the plastic caps and closures market include Berry Group (US) Crown Holding (US), AptarGroup (US), Amcor (Australia), Coral Products (UK), Closure Systems International (US), Bericap (Germany), Silgan Holdings (US), RPC Group (UK), and O.Berk Company, LLC (US). Other players include United Caps (Luxembourg), Caps & Closures Pty Ltd (Australia), Caprite Australia Pty. Ltd (Australia), Pano Caps (Canada), Plastic Closures Limited (UK), Cap & Seal Pvt. Ltd (India), Phoenix Closures (US), ALUPAC-INDIA (India), Helicap Closures (China), and MJS Packaging (US). These players adopted strategies such as expansions & investments, agreements & contracts, and strategic alliance, mergers & acquisitions, and new product & technology launches to strengthen their position, expand their global presence, and increase their share in the market.
Crown Holding is one of the largest packaging companies in the world. The company offers a large number of packaging solutions catering to various end-use industries such as food & beverages, pharmaceuticals, powered drinks, and confectionery packaging. It operates in segments such as beverage cans, food cans & closures, and others and offers plastic closures under the food caps & closures segment. The company has adopted organic and inorganic strategies such as expansions & investments, and mergers & acquisitions to expand its global presence. For instance, in February 2018, Crown Food Europe, a subsidiary of Crown Holdings, introduced a new capping solutions package which will help food manufacturers to lower the total cost of ownership. The package includes the sale of its capping technology, ancillary components, and expert technical support for the machine’s service life. Three of Crown’s capping solutions—Smart Capper, Euro Capper, and Global Capper-are available for sale as part of this package.
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Amcor is one of the leading companies in the plastic caps and closures market. It is a global packaging manufacturer that offers innovative packaging solutions. The company operates through two business groups, namely, flexibles and rigid plastics. The company caters to the food, healthcare, beverage, home, tobacco, and personal care industries through its broad range of flexible and rigid packaging products. It has maintained its leadership position through its strong distribution network across North America, Western Europe, Australia, and New Zealand. The company continues to expand its capacity by adopting organic strategies such as expansions and inorganic strategies such as acquisitions, joint ventures, and agreements across the world.
In November 2016, Amcor acquired Plastic Moulders Limited (Canada), a rigid plastics business engaged in the manufacturing of containers and closures for the food and home/personal care markets in North America at an estimated cost of USD 30 million. The acquisition contributed toward the expansion of Amcor’s closures business in North America.
In October 2015, Amcor introduced new child-resistant (CR) closures for ophthalmic packaging, a 15-mm-diameter polypropylene (PP) closure developed in line with the regulations of the federal government that require child-resistant closures for certain drug packaging.
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