The twist dispensing closures market is likely to record a strong CAGR of 5.5% during the forecast period. The twist dispensing closures market is currently valued at US$ 65 Bn in 2022 and is likely to reach US$ 117 Bn by 2032. Sales of twist dispensing closures have risen due to their easy to open and close feature of twist dispensing closures without applying much pressure.
Increased demand for smaller bottles in the beverage industry is also projected to contribute to the growth of the twist dispensing closures market share.
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The report sheds light on the factors improving the sales of twist dispensing closures, and, in turn, the opportunities for market players. However, the twist dispensing closures market also faces some challenges, which might limit the twist dispensing closures market share from reaching its potential.
Some of the key twist dispensing closures market trends promoting the demand for twist dispensing closures include upsurge in innovation like caps that are easier to open, headstand packs, flow control and clean dispensing which has resulted in frequent innovation and creativity in packaging.
Also, the consumption of food, chemical and household products has increased significantly in the last few years which will further boost the demand of the global twist dispensing closures market.
What are the Key Dynamics to the Twist Dispensing Closures Market Share
The light weight closure trend creates a significant opportunity for twist dispensing closures manufacturers as they focus on developing innovative products in order to gain the first mover advantage.
The twist dispensing closures market is gaining traction, due to cost effective solution of the closure in comparison with the other closures.
Twist dispensing closures don’t use liner so it requires lesser material and further reduces the conversions cost because of the elimination of the lining process. It is estimated that twist dispensing closures provide cost benefit of around 10-15%, because of their fast cycle times, higher efficiency and material savings.
Material saving is beneficial for manufacturers and stimulates more investment in new and innovative products.
For instance, in October, 2017 Silgan closures facility in Champaign, llinois got awarded with Illinois Governor’s Sustainability Award 2017 for its determinations towards reduction of plastic waste while production of closures.
Twist dispensing closures are mainly used in several end use industries such as beverages and pharmaceuticals.
Which Region holds the Highest Growth Potential in the Twist Dispensing Closures Market
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In North America, the US is expected to dominate the twist dispensing closures market over the forecast period.
In Asia Pacific region, China and India are anticipated to witness extensive growth during the forecast period. It is attributed to the preference for convenient closure solution from twist dispensing closures.
How is the Competitive Landscape in the Twist Dispensing Closures Market
The key players of the twist dispensing closures market are focusing on enhancing and adopting strategies like enhancing the durability, sizes and its use to thrive business. This is driving the sales of twist dispensing closures.
Some of the key participating players indulged in the sales of twist dispensing closures are:
- O.Berk Company
- Silgan Holdings
- Plastics Corporation
- Aptar Group
- Crown Holdings
- Ardagh Group
- Berry Global Inc.
- Ball Corporation
- Guala Closures Group
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
These market players are anticipated to drive the twist dispensing closures market by introducing new products and expanding geographically.
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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