The global market for sport caps and closures market will expand at 4.4% CAGR through 2030, according to a new study by ESOMAR-certified firm Future Market Insights (FMI). The study opines that demand for advanced, eco-friendly products coupled with the development of innovative designs will drive the market to US$ 1.47 Bn by 2030.
Having studied the impact of the COVID-19 pandemic, the report opines the market is likely to experience fluctuations in its growth trajectory owing to pandemic-related practical difficulties such as production terminations, supply chain disruptions, and a general demand contraction for non-essential goods.
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On a positive note, the long-term growth prospects of the market are expected to remain intact as operations gradually restart in Europe, which is a prominent regional market for sport caps and closures.
According to the study, surging demand for lightweight caps and closures is expected to shape growth strategies of the market players. Owing to benefits such as better size control, short cycle time, and lower operating torque, lightweight caps, and closures are gaining remarkable traction among end-users.
Market players are shifting focus towards customization of their existing products to lower the weight and plastic content.
- Screw closures account for two-third share owing to their proven efficiency to offer effective sealing to the containers.
- Plastic-based sport caps and closures remain the top-selling variant, despite regulations and blanket ban
- Sport caps and closures with a diameter ranging between 21 mm and 30 mm are poised to account for more than 50% of market value.
- North America is projected to remain the most lucrative region through the assessment period, accounting for nearly 1/3rd of market value, backed by the presence of leading players
- Europe will prevail as the second most lucrative region, holding a quarter of the market value.
- East Asia and South Asia are foreseen to collectively capture over 1/4th of global value by the end of 2030.
“Market players are focusing on making products eco-friendlier to comply with the environmental regulations in place and are opting for recycled and recyclable plastic raw materials to achieve the same,” remarks FMI analyst.
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COVID-19 Impact on Sport Caps and Closures Market
The COVID-19 pandemic has led to muted demand for non-essential packaging solutions and sport caps and closures are no different.
Sporting events and fitness centers have remained crucial factors driving the demand for sport caps and closures, where they are used to store sports drinks, energy drinks, steel beverages, and water, among other beverages. The cancellation of major sporting events and shut-down of fitness centers to contain the outbreak are expected to create a contraction in demand during the pandemic.
On the supply side, disruptions such as hindered productions, workforce shortages, disturbances in delivery networks are leading to a plummet in production volume, thus adversely impacting the overall growth.
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Who is Winning?
Key players operating in the market are adopting organic growth strategies such as upscaling production capabilities, expanding geographical presence, and enhancing their product portfolios. On these lines:
- In June 2020, Silgan Holdings Inc. acquired Albea’s Global Dispensing Business to enhance its closures product section.
- In March 2020, Berry Global invested US$ 30 Mn to expand its production capacity of ultra-high performance sport caps and closures in its North American manufacturing facility.
- In Aug 2019, Aptar Inc. entered a partnership with Nippon closures to work on innovative tethered beverage closures solutions.
FMI’s report includes profiles of some of the most prominent names in the market including Berry Global Inc., Silgan Holdings Inc., Aptar Group, Inc., BERICAP Holding GmbH, Closure Systems International, Inc., UNITED CAPS, Pro-Pac Packaging Limited, Caps & Closures Pty Ltd., Georg MENSHEN GmbH & Co. KG and Blackhawk Molding Co, Inc.