IMARC Group, a leading market research company, has recently releases report titled “Asia Pacific Plastic Caps and Closure Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the Asia Pacific plastic caps and closure market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The Asia Pacific plastic caps and closure market size reached US$ 18.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.1 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
Plastic caps and closure protect items from environmental factors, such as pollutants, dust, and evaporation. They are durable, versatile, lightweight, resistant against corrosion, etc., and can withstand high temperatures. Plastic caps and closure make handling convenient and involves less operational costs. They are crucial components in packaging and play an essential role in improving the aesthetics and functionality of the products. Consequently, plastic caps and closure find extensive applications in numerous industries, such as pharmaceuticals, household goods, food and beverage (F&B), personal care, etc., across the Asia Pacific.
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The inflating disposable incomes and busy lifestyles of individuals are propelling the demand for ready-to-drink coffee, tea, juices, and sports drinks, which is primarily driving the Asia Pacific plastic caps and closure market. Additionally, the widespread adoption of hand sanitizers is further bolstering the market growth. Besides this, the growing usage of plastic caps and closures in the packaging of acids, fuels, disinfectants, and lubricants, owing to their durability, customizability, cost-effectiveness, chemical stability, etc., is acting as another significant growth-inducing factor.
Moreover, they are gaining extensive traction to create brand recognition and product differentiation, which is positively influencing the regional market. Apart from this, the rising utilization of raw materials, including PP, HDPE, PET, LDPE, etc., is also stimulating the market growth. Furthermore, the elevating need for alcoholic and non-alcoholic beverages and extensive investments in R&D activities by leading manufacturers are expected to fuel the Asia Pacific plastic caps and closure market over the forecasted period.
The report has segmented the market into the following categories:
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