The U.S. current-account deficit increased and reached US$ 234.8 billion in Q4 2021. However, the Canadian Dollar exchange (CAD) increased by 29.9% in Q1 22 to reach US$ 294.4 billion, widening the imbalance by US$ 68.6 billion. In the first quarter of 2022, exports of goods and services rose by US$ 27.7 billion, totaling US$ 1.07 trillion. However, the nation’s goods and services deficit decreased to US$ 79.9 billion in June from US$ 87.9 billion in May, which was corrected, a US$ 5.7 billion decrease that indicated some relief. On the other hand, the annual inflation rate in the country hit 8.7%.
Global Plastic caps and closures Market to reach USD 64.73 billion by 2027.Global Plastic caps and closures Market is valued approximately USD44.5 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 5.5 % over the forecast period 2021-2027.
Plastic caps and closures market are growing as there is concern among the consumers regarding product security and safety. High demand from beverages and food and chemical industries is expected to grow significantly as they are easily available and durable. Due to product safety and security, and ease to use, the demand of plastic caps and closures increases. Factors such as need for convenience and better operability act as important drivers for plastic caps & closures.
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Plastic caps plays an important role in safeguarding the product from dust and other microbes and because of this revenue of plastic caps and closures market would be high in forecasted period. Plastic caps and closures are also playing important role in cosmetics & personal care market. Around 5% of the revenue of plastic caps and closures market is from cosmetics & personal care market. And in addition to these plastic caps and closures is cost effective as compare to metal caps & closures and aluminum caps & closures. However, substitutions are easily available in the market that impedes the growth of the market over the forecast period of 2021-2027. Also, rise in demand for bottled water and emerging economies as there is increase in disposable income of the consumers is likely to increase the market growth during the forecast period.
The regional analysis of global Plastic caps and closures market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading region across the world in terms of market share owing to increasing demand in the beverages industry for products such as alcoholic beverages and carbonated drinks. Whereas, North America is also anticipated to exhibit highest growth rate over the forecast period 2021-2027. Factors such as rise in consumption of liquor amongst the population in the particular region which would create lucrative growth prospects for the Plastic caps and closures market across Asia-Pacific region.
Major market player included in this report are: Berry Group Crown Holding AptarGroup Amcor Coral Products O.Berk Company Caps & Closures Pty Ltd. Alupac India Hicap Closures MJS Packaging The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below: By Product Type: Screw-on caps Dispensing caps Others (double-wall closures, twist-on closures, and child-resistant closures) By Container Type: Plastic Glass By Raw Material: Polypropylene (PP) Hight Density Polyethylene (HDPE) Low Density Polyethylene (LDPE) Others (Polyethylene Terephthalate PET and Poly Vinyl Chloride PVC) By Technology: Post-mold TE band Compression molding Injection molding By End use sector: Beverage Pharmaceutical Food Personal & homecare Others (automotive and chemical)
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