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.
Sport cap and closure are referred to the caps which provide tightening solution for bottled water. It means packaging that is designed or constructed significantly for sealing the liquid bottles. Moreover, the trend of adopting sustainable sport cap and closure due to environmental concerns is uplifting the market of sport cap and closure.
The global sport cap and closure market is expected to grow at a robust CAGR over the forecast period i.e. 2017-2024. Further, the market of sport cap and closure is driven by the changing lifestyle of the consumer coupled with rising personal disposable income.
The sport cap and closure market is segmented into cap type, material, application and region. Further, the cap type segment is sub-segmented into cinch, push pull, oriented, pilot, xtreme and others, out of which cinch sport cap and closure segment is projected to attain lion share in the overall market of sport cap and closure. In addition to this, the growth of cinch sport cap and closure segment is attributed to the rising introduction of innovative designed cinch sports caps. Apart from this, push pull segment is expected to seize an outstanding CAGR by the end of 2024. Furthermore, polypropylene (PP) segment by material captured the largest stake in the market of global sport cap and closure and is envisioned to grow significantly during the forecast period.
North America and Europe region are the notable markets for sport cap and closure market in 2016. North America is poised to grow rapidly over the forecast period owing to presence of urban population. Further, wide product availability in this region is also helping the sport cap and closure market to garb noteworthy revenue. Further, U.S. is the major contributor in the market of sport cap and closure market in this region. Further, rising number of health awareness programs have encouraged the population to involve in sports activities which in turn expected to boost the demand for sports water drinking bottles. This factor is believed to foster the growth of sport cap and closure market.
Europe sport cap and closure market is attaining remarkable s and collecting considerable revenue. Further, Western Europe countries such as U.K. Germany, France and others are the major countries witnessing the augmenting demand for sport cap and closure. Furthermore, presence of numerous vendors in this region is predicted to upsurge the growth of sports cap and closure market.
In Asia-Pacific, sport cap and closure market is anticipated to show a robust growth over the forecast period with the booming of cap and closure industry in this region. Additionally, China is the dominating country in this region. Further, increasing adoption of sport cap and closure by the fitness people in this region is projected to boost the growth of sport cap and closure market.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis segmented the sport cap and closure market in the following segments:
Global sport cap and closure market is further classified on the basis of region as follows:
Introduction of advanced sport cap and closure by major key players in order to fulfill various demands of the consumers is projected to foster the growth of sport cap and closure market over the forecast period. Moreover, advancement such as smooth liquid flow rate, easy to open and close, secure seals to prevent leakage and others are believed to be the dynamic factor behind the rapid growth of sport cap and closure market.
Rapid urbanization is one of the major factors propelling the market of sport cap and closure. In addition to this, population in urban region are more inclined towards fitness and wellness coupled with changing lifestyle of the consumers have pushed them to adopt innovative design bottles integrated with sport cap and closure. This factor is envisioned to foster the growth of sport cap and closure market all across the globe. Moreover, swelled disposable income has led the consumers to spend more on advanced products for drinking water, supplements and others beverages.
Expansion of beverage industry along with introduction of numerous health drinks has augmented the demand for sport cap and closure which is anticipated to trigger the growth of sport cap and closure market. Likely, rising health consciousness among consumers is expected to supplement the growth of sport cap and closure market.
However, high cost associated with sport cap and closure as compared to normal caps and presence of other caps are anticipated to dampen the growth of sport cap and closure market globally.
The major key players for sport cap and closure are as follows