Market for Overcaps
In 2023, the overcaps market, which is currently valued at US$ 38.5 billion, is expected to grow at a CAGR of 5.1%. Because to improvements in packaging, the industry is anticipated to grow to US$63.3 billion by 2033. The overall demand for overcaps is raised by the constantly expanding demand for a variety of foods, alcoholic beverages, and beverages as well as by rising disposable income in developing economies.
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Some of the factors supporting the overcaps market growth are –
- Growing spending power of consumer
- Increased use in the packaging industry
- Growing demand from the end-use industry
- Asia Pacific dominates the market share of the global overcaps market
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Most end-use sectors, including those in food & beverage, personal care & cosmetics, and healthcare, use overcaps. Overcaps are useful for cans, cups, and bottles and play a significant part in the packaging business. Overcaps are used to cover other solutions as well as bottles, cans, and spray pumps. Oercaps are of high quality, safeguard the substance, and are recyclable for further uses.
Overcaps Market: Segmentation
The global market for overcaps is characterized based on the supply of overcaps for packaging application across various end-use industries such as food & beverages, automotive, personal care & cosmetics, pharmaceuticals, consumer goods etc. The market for overcaps has been segmented on the basis of material, diameter, application, and end-use
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On the basis of material, the global overcaps market has been segmented as:
- Plastic
- Polyethylene (PE)
- Polypropylene (PP)
- Metal
- Aluminum
- Steel
On the basis of diameter, the global overcaps market has been segmented as:
- Up to 30 mm
- 31 to 40 mm
- 41 mm to 50 mm
- More than 50 mm
On the basis of application, the global overcaps market has been segmented as:
- Cans
- Bottles
- Spray Pumps
On the basis of end-use industries, the global overcaps market has been segmented as:
- Food & Beverages
- Automotive
- Paints & Coatings
- Personal Care and Cosmetics
- Healthcare and Pharmaceuticals
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