Caps and closures market to reach $93.25bn by 2030
The global caps and closures market was valued at $61.25 billion in 2021 and is projected to reach $ 93.25 billion by 2030, growing at a CAGR of 4.78%, according to a new report by Verified Market Research.
It recently published the report, “Caps And Closures Market by Raw Material (Plastic, Metal), by Type (Plastic Caps & Closures, Metal Caps & Closures), by End-User (Food & Beverage, Healthcare, Cosmetics & Toiletries), and by Geography.”
Caps and closures play a significant part in manufacturing and are used on a variety of containers, including cups and cans.
Caps and closures are primarily used to safeguard items and increase their storage lifeCaps and closures assist in keeping the contents protected and nutritious for a defined storage period with proper content dispense.
Additionally, it offers protection from debris, moisture, and other unwanted early openings. A cap offers advantageous qualities such as stress fracture and creep resistance, impact performance, scalability, and exceptional taste and odour-restraining qualities.
Products packaging materials including plastics, metals, and rubber are used to make caps and closures.