Market Size of US Caps and Closure Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Caps and Closure Market Analysis
The United States caps and closures market was valued at USD 12460.4 million in 2020, and it is expected to reach USD 15859.09 million by 2026, registering a CAGR of 4.2% during the period of 2021 - 2026. As the inclusion of nanotechnology in convenience food manufacturing has been playing a crucial role in improving critical functions, including preservation procedure, packaging method, and finished goods processing. This trend is anticipated to play a significant role in increasing the usage of containers for packaged food products soon, which is expected to increase the demand for various kinds of closures.
- Increased demand for innovative solutions from different end users drives the market. In addition to traditional demands, such as leak tightness, easy closing, and offering higher barrier properties, customers expectations have increased highly. Therefore, the innovation has become a characteristic to define the packaging industry's approach to cater to the vast and changing consumer demands and society's needs. Major innovations have also been made in child-proof caps and closures. For instance, in August 2018, Comar introduced the new Secure Cap QuarterLoc child resistant closure, a one-piece push-and-turn bottle closure that requires only a quarter turn to apply or remove.
- However, stringent regulation on manufacturers pertaining to environmental degradation is restraining the market. The increasing regulation against plastic and increasing taxes on packaged products poses challenges against the growth of the market. In California, the government imposed ban on removable plastic bottle caps. According to Assembly bill 2779, the bottling companies would decide if they want to have California specific plastic bottles with tethered bottle caps or different bottles for the other markets in the United States.
