Caps and closures are the plastic packaging on top of bottles, jars, tubes, cans, and so on. They are of different types such as screw top, crown cap, snap-on, friction fit, tamper evident, and dispersing. Caps and closures find a broad range of applications in numerous industries including beverages, cosmetics, chemicals, and pharmaceuticals. The material used to manufacture caps and closures must possess an excellent balance of stiffness and toughness along with good chemical resistance. Generally, caps and closures of lightweight and high toughness are preferred in the market.
Rising demand for product safety, rising demand from end-use industries, product differentiation, and large product scope are the major factors driving the U.S. caps and closures market. The rising implementation of stringent environmental regulations and the availability of substitutes in the market are projected to hinder market growth.
Market Dynamics
The U.S. caps and closures market for non-carbonated beverages is witnessing continuous consolidation owing to the several major players are acquiring smaller ones in order to expand their market presence. For instance, in March 2020, Global Closure Systems was acquired by RPC Group Plc., a plastic product designer and engineering company, for US$ 714.6 Mn. Thus, increasing mergers and acquisitions in the market are expected to accelerate the market growth.
The players operating in the U.S. caps and closures market are focusing on partnerships and collaborations to expand their product portfolios. For instance, in August 2021, AptarGroup, Inc. partnered with Nippon Closures Co., Ltd., a Japan-based bottle closure manufacturer. Under the partnership, the companies will cross-license their technologies for producing tethered beverage closures. The partnership will help AptarGroup, Inc. to expand its dispensing closure product portfolio.
The U.S. caps and closures market is facing competition from closure-less packaging along with the development of flexible packaging to curb the market growth for non-carbonated beverages.
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