In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Global Cap Liner Market Overview
Cap Liners aid in sealing bottled contents so as to limit unnecessary content losses. Increasing technological advancements have resulted in introduction of various types of heat induction, pressure sensitive, lift-and-peel and various other forms of cap liners. Changing environmental conditions have increased the demand for leak proofing of packaged hygroscopic chemicals that can lead to unnecessary loss which can be prevented by the use of cap liners. Cap liners offer moisture as well as oxygen barrier in order to lower the depletion rate of packaged contents by oxidization. Cap liners provide resistance towards taste change and odor as well for efficient consumer attraction. Cap liners directly influence the cost of the final product thus giving the quality detailing of the type of packaging and cap liner materials used.
Currently the global cap liner market is observing vibrant growth on account of increasing demand of product hygiene in the consumer population. Advances in packaging industry in the past few years and growing custom explorations are projected to drive cap liner market besides the wide range of functions of cap liner in an immense range of products such as beverage bottles, pharmaceutical syrup bottles, lubricant packs, cosmetic packages and more during the forecast period. Cap Liner Market is anticipated to record a CAGR of 2.5% over the forecast period. Many advantageous properties of cap liner are exploited in the field of chemical and pharmaceutical industries now and then. New bottled products that are being discovered on regular basis are increasing the uses for cap liner which is expected to drive the cap liner market rapidly.
On the basis of regional platform, global Cap Liner market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
With rising disposable income and highly concerned population regarding hygiene of packaged products, North America is panned to observe significant growth in cap liner market on the back of rising cap liner usage in chemical and pharmaceutical industries. Canada accounted for USD 24,297.8 million pharmaceutical sales in 2012 which reached at USD 29,776.2 million in 2017 as per OECD statistics which is expected to drive the cap liner market further over the forecast period. Asia Pacific is estimated to follow North America in terms of utility on the back of expanding cap liner requirements in cosmetic and food and beverage industries. Europe is expected to propel demand and positively affect the cap liners market growth over the forecast period owing to increasing cap liner application for maintaining the integrity and hygiene of the packaged contents.CLICK TO DOWNLOAD FREE SAMPLE
The rising demand for cap liner for various moisture restraining and storage processes in pharmaceutical, consumer goods food and beverage and various other industries are expected to drive the market rapidly over the forecast period. Growing urbanization with rise in disposable income is increasing the demand for packaged food under rising awareness of consuming hygienic food is expected to drive the cap liners market robustly. Application of cap liner in the growing pharmaceutical and personal care industries across the globe for improving graphic presentation of bottles and prevent content leakage is anticipated to contribute significantly in the cap liners market.
Moreover, easy depletion of packaged food has resulted in increased awareness regarding safe and secure cap liner for content shipment to the consumer markets which is predicted to propel the cap liner market over the forecast period. Growing urban population and rising pressure on the food produced is estimated to create an increased demand for cap liner solutions that are cost effective as well as efficient in slowing the oxidation process of the packaged contents by reducing or restraining transmission of oxygen in the packed contents. With the help of cap liner, the shelf life of the bottled products for instance, moisturizers, juices, alcoholic beverages, cooking oils and others can be increased leading to higher demand thus, expanding the cap liner market across the globe. Cap liners provide moisture as well as oxygen barriers resulting in better prevention from food depletion. Furthermore, growing demand for packages with tamper evidence and hygiene is expected to push the cap liner market during the forecast period.
However, lack of willingness to input further expenses in food hygiene care by local manufacturers is predicted to slow down the cap liner market growth over the forecast period. Furthermore, using cap liners in packaging of harmful chemicals proves to be inefficient which may additionally hamper the growth of cap liners market in the chemical and pharmacy sector.