North America Plastic Caps and Closures Market Growth, Trends, and Forecasts 2021-2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "North America Plastic Caps and Closures Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The North American plastic caps and closures market is expected to record a CAGR of 8% over the forecast period.
Plastic caps and closures are essential for extending the shelf-life and retaining the taste, flavor, and texture of the packaged product. Besides offering features, such as leak-proof and contamination resistance, plastic caps and closures play a crucial role in driving factors, such as visual appeal, brand differentiation, and convenience for consumers.
Moreover, caps and closures are imperative for the packaging industry, which serves as the primary driving force for the market's growth. Further, the increasing demand for packaged products is anticipated to augment the steady momentum of the global market. The food and beverage industry is one of the significant contributors to the caps and closures market in the United States.
According to the Drug Enforcement Administration 2019 report, the United States' largest drug company produced more than 76 billion opioid pills. It has also been observed that about 300 million pain prescriptions were written in 2015. Owing to the high consumption of pain relievers, there is a massive rise in the demand for more bottles, leading to the growth of the plastic caps and closures market. This metric emphasizes the production requirements for the United States, which is expected to drive the growth of the plastic caps and closures market in the North American region.
Online food delivery in the United States is experiencing an upsurge, owing to the growth in the older demographic population. Population in the age group of 35 - 45 also opt for delivery service for food and bottled medicine, which leads to high growth in the usage of plastics caps and closure for adequate packaging of the food. During 2019, North American plastics product production contracted by 1.3%. While production rose by 1.3% in Canada, production fell 1.6% in the US. This was the first annual decline in the US and for North America as a region since the recession in 2009.
With the outbreak of COVID-19, the US plastic production is likely to decline in 2020, before recovering in 2021. The production of plastic resins is expected to decrease by 9.8% in 2020, before rising by the same amount in 2021, and the production of plastic products is anticipated to fall by 10.2% in 2020, before rising by 8.3% in 2021, according to the chief economist of PLASTICS. This factor is expected to hamper the plastic caps and closures market. However, sales of consumer essentials at grocery stores and food and beverage stores jumped over 25% in March 2020 in the United States, and this is expected to offset the negative effect on the market.
Key Market Trends
Polyethylene Terephthalate (PET) is Expected to Witness Significant Growth
- The most conventional packaging material for single-serve, non-carbonated bottled water in the United States is polyethylene terephthalate (PET) plastic. According to a study from Verlag W. Sachon, the United States is expected to occupy 15% of the sales volume share of bottled water, worldwide, in 2020. An average American consumes 167 plastic bottles of water per year; owing to such demand for packaged drinking water in the region, there is a rising demand for plastic caps and enclosures, especially PET.
- Meanwhile, in the United States, consumer habits were researched and surveyed by Fabri-Kal to design a lid that would be convenient for on-the-go customers while preventing liquids from splashing during transport. In August 2019, the company manufactured PET-based sip lids for drinks, providing an alternative to straws and specially made to fit recyclable PET and polypropylene drink cups.
- In 2019, the leading retailer of food and grocery in the United States was Walmart, which generated sales numbers of over USD 270 billion that year. Due to the increasing demand for retail and food, the majority of the manufactured food products are packaged in PET containers, which are mostly covered with plastic enclosures to protect them from contamination.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Market Drivers
4.5 Market Restraints
5 IMPACT OF COVID-19 ON PLASTIC PACKAGING INDUSTRY
6 MARKET SEGMENTATION
6.1.1 Polyethylene (PE)
6.1.2 Polyethylene Terephthalate (PET)
6.1.3 Polypropylene (PP)
6.1.4 Other Types of Materials
6.3 End-user Industry
18.104.22.168 Bottled Water
22.214.171.124 Other Beverages
6.3.3 Pharmaceutical and Healthcare
6.3.4 Cosmetics and Toiletries
6.3.5 Household Chemicals (Detergents, Cleaners, Soaps, and Polishes)
6.3.6 Other End-user Industries
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Albea SA
7.1.2 Silgan Holdings Inc.
7.1.3 Amcor PLC
7.1.4 Closure Systems International Inc.
7.1.5 AptarGroup Inc.
7.1.6 Trimas Corporation
7.1.7 Guala Closures Group
7.1.8 Berry Global Inc.
7.1.9 Tetra Pak International SA
7.1.10 MJS Packaging
7.1.11 O. Berk Company LLC
8 FUTURE OUTLOOK OF THE MARKET
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