Research Nester released a report titled “United States Caps Market: Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the United States caps market in terms of market segmentation by material, size, type, and by end-user.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The United States caps market is segmented by material into plastic, metal, glass, wood, rubber & elastomers, and others, out of which, the plastic segment held the largest market share of 68.20% in the year 2019. The growth of the segment can be attributed to the cost effectiveness of the plastic caps and closures, along with the light weighted properties of the material. Additionally, numerous favorable properties of plastic material that include low production costs, resistant to chemicals and easy storage solutions are some of the factors anticipated to help drive the growth of the segment. The United States caps market is also segmented by size into 10mm, 13mm, 15mm, 18mm, 20mm, 24mm, 28mm, 33mm, 38mm, 48mm, 53mm, and others, out of which, the 10mm segment is projected to grow with the highest CAGR of 5.6% during the forecast period.
The United States caps market is projected to grow with a CAGR of 4.4% during the forecast period, i.e., 2020-2028, on account of the growing demand for caps and closures, backed by the rising food & beverage industry, increasing demand for innovative packaging solutions and the growing consumption of packaged foods. The Economic Research Service of the United States Department of Agriculture (USDA), in one of its statistics, stated that around USD 1.7 trillion worth of food was supplied by the food marketing system in the year 2019.
Growing Demand for Innovative Packaging Solutions to Contribute to the Growth of the Market
Backed by the rising demand for food products in the United States, food manufacturers are increasingly looking out for innovative packaging solutions that can help them deliver convenient packaging to their customers. Food products such as liquid breakfast products or products designed for on-the-go consumption, require enhanced focus of its manufacturers so as to preserve the texture, taste, and flavor of food and beverages and also to extend the shelf-life of the products. Caps and closures play an important role to reduce food contamination and hence they are an important part of the overall packaging concept. Owing to such factors, the demand for caps and closures is increasing significantly, which in turn is anticipated to drive the growth of the United States caps market in the coming years.
However, concerns for the hampering profitability of the manufacturers of caps and closures owing to the fluctuating price of raw materials, affected by the scattered availability, decreasing production of the raw materials and the stringent regulations regarding the production of plastic resins, are anticipated to hamper the growth of the United States caps market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the United States caps market which includes company profiling of United Caps Luxembourg S.A., Silgan Holdings Inc. (NASDAQ: SLGN), BERICAP SC LLC (BERICAP Holding GmbH), Closure Systems International, Berry Global Inc., Crown Holdings, Inc. (NYSE: CCK), Enercon Industries Corporation, and CL Smith. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the United States caps market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.