The global plastic caps and closures market is predicted to reach $58.50 billion by 2026. There are many factors that are supporting the growth of the market. One of such factors supporting this growth is the beverage industry and the increasing market competition among the industry players. The increased competition among market players is creating an emphasis on branding and product differentiation among packaged water and drink manufacturers. There is also an increased demand for plastic caps and closures with different colors and altered company logo.
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Health and hygiene are also pushing factors in the growth of the toiletries industry. The expansion of the toiletries industry is propelling the demand for plastic caps and closures. Plastic molding companies are making caps and closures in a large amount. Injection molding in China is playing an important role to grow the market up to the predicted range. In 2018 the global plastic cap and closures value was $41.17 billion but there will be a growth of 4.4% CAGR up to the predicted time frame.
Compression molds, injection molds China, and the post-mold tamper-evident band are leading technologies which are in use for plastic products manufacturing and these technologies will be used for the given time frame. Food and beverages, personal and home care, and pharmaceutical industries are the plastic caps and closures product demanding industries. The global market is divided into five submarkets namely North America, Europe, Asia Pacific, Middle East, and Brazil. Comparatively, all the submarket are showing equal growth during the time frame but Europe would be the dominating market by the end of 2026.