The global Plastic Caps and Closures Market is valued at USD 49.5 billion in 2023 and is expected to grow from USD 51.49 billion in 2024 to USD 74.92 billion in 2031 growing at a CAGR of 5.5%.
Plastic Caps and Closures technologies are systems and devices designed to capture, store, and release energy for later use. These technologies enable the storage of electrical, mechanical, thermal, or chemical energy in various forms, allowing for flexibility in energy supply and demand management. Plastic Caps and Closures technologies play a crucial role in enhancing the efficiency, reliability, and resilience of energy systems by mitigating the challenges posed by the intermittent nature of renewable energy sources, managing peak demand, and providing backup power during grid outages.
The Plastic Caps and Closures technologies are categorized in to various types such as batteries, pumped hydro storage, thermal Plastic Caps and Closures, Compressed Air Plastic Caps and Closures (CAES), Flywheels and Supercapacitors. Plastic Caps and Closures solutions find applications across various industries, offering solutions to a wide range of challenges related to energy management, grid stability and sustainability. Some of the key end use industries for Plastic Caps and Closures technologies include Renewable Energy Integration, Electric Vehicles (EVs) and Transportation, Utilities and Grid-Scale Storage, Commercial and Industrial (C&I) Applications, Residential Plastic Caps and Closures, Telecommunications and Remote Applications and Defence and Aerospace.
Latest Trends
Advancements in Solar Plastic Caps and Closures Technologies:
Solar energy plays an important role in the world's shift to renewable energy, increasing the demand for solar power storage systems. Solar power storage gives constant access to low-cost energy while also supporting the electric grid. However, the lack of adequate storage systems is projected to constitute a significant problem in reaching the full potential of solar energy. The solar business is experiencing tremendous technological developments that promise to improve solar energy efficiency and accessibility.
Technologies such as Perovskite solar cells, bifacial modules, and sophisticated Plastic Caps and Closures technologies are making solar power more competitive as well as expanding its applicability in various sectors. In addition, in 2024, significant developments are expected in solar Plastic Caps and Closures, with enhanced battery technologies and innovative storage systems. The surge in demand for large-scale commercial and industrial Plastic Caps and Closures in 2024 is set to fuel substantial growth in the global Plastic Caps and Closures sector. Furthermore, advanced solar battery storage systems will complement higher-efficiency solar panels.
Expansion of large-scale Plastic Caps and Closures:
With an increasing trend of commercial and industrial storage system adoption, a major increase in global large-scale Plastic Caps and Closures system deployments is projected by 2024. In terms of installation growth, both domestic and international markets are expected to see an increase in demand. The installation of large-scale Plastic Caps and Closures is expected to exceed the installed capacity of domestic, commercial, and industrial Plastic Caps and Closures.
The United States will be a significant demand centre for large-scale storage in 2024. The market is predicted to have a significant desire for Plastic Caps and Closures, driven by a highly efficient and diverse profitability model. However, the United States has a particular difficulty due to poor national grid connectivity, making the need for Plastic Caps and Closures even more essential. As the country's renewable energy potential grows, Plastic Caps and Closures will become increasingly important in maintaining a dependable and resilient grid.
Driving Drivers
Increasing Adaption of Renewable Sources:
One of the primary drivers of Plastic Caps and Closures market growth is the increasing adoption of renewable energy sources. Solar and wind power installations have proliferated worldwide, but their intermittent nature poses challenges to grid stability. Plastic Caps and Closures systems, including batteries, pumped hydro storage and thermal storage, help mitigate these challenges by storing excess energy during periods of high generation and releasing it when demand exceeds supply.
According to the International Renewable Energy Agency (IRENA), the share of total installed renewable capacity in total installed capacity is anticipated to grow from 40% (or 3,382GW) in 2022 to 77% (or 11,174GW) by the end of 2030. Meanwhile, many nations around the world are planned to increase their respective renewable energy capacities in order to achieve complete net zero emissions by 2050. In the recent 18th Group of 20 Nations (G20) Summit held in India in September 2023, all the G20 nations have pledged to triple renewable energy capacity by 2030. Meanwhile, in the latest COP28 summit held in Dubai, around 120 nations including the US and the EU agreed to triple their renewables by 2030.
Technological Advancements and R&D:
Advancements in battery technologies, particularly lithium-ion batteries, have revolutionized the Plastic Caps and Closures landscape. Factors such as declining costs, improved energy density and enhanced performance characteristics have made batteries a preferred choice for various applications, including grid-scale storage, residential Plastic Caps and Closures and electric vehicles.
Market Challenges
Higher Costs:
One of the significant barriers to the widespread adoption of Plastic Caps and Closures systems is their high initial costs. While the costs of Plastic Caps and Closures technologies, such as lithium-ion batteries, have been declining in recent years, they still represent a significant upfront investment for consumers, businesses, and utilities. The capital-intensive nature of Plastic Caps and Closures projects can deter potential buyers and limit deployment, particularly for grid-scale and large-scale applications.
Technology Maturity and Reliability:
Many Plastic Caps and Closures technologies like flow battery storage systems are still in the early stages of development, and their performance, reliability, and durability may not be fully proven or optimized. Issues such as battery degradation, cycle life, and safety concerns can impact the economic viability and operational performance of Plastic Caps and Closures systems. Lack of confidence in the reliability and long-term performance of Plastic Caps and Closures technologies can be a deterrent for potential buyers and investors.
Companies Mentioned
- Silgan Holdings Inc.
- Berry Global Inc.
- Amcor plc
- Crown Holdings, Inc.
- AptarGroup, Inc.
*The companies above are listed in no particular order.
|
Report Scope |
Details |
|
Market Value- $ Billion,2024 |
49,504 |
|
Market Growth (Value), (2024-2031)- % |
5.5 |
|
Leading Region |
Xx |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2031 |
|
Segments Covered |
By Product Type, By Raw Material, By Container Type, By End User |
|
Geography Covered |
North America, Europe, Asia-Pacific, South and Central America, and Middle East & Africa |
Market Segmentation
Plastic Caps and Closures Market , By Product Type
- Screw-On Caps
- Dispensing Caps
- Dosing/Infusion Caps
- Others
Plastic Caps and Closures Market , By Raw Materials
- PP (Polypropylene)
- HDPE (High-Density Polyethylene)
- LDPE (Low-Density Polyethylene)
- Others
Plastic Caps and Closures Market , By Container Type
- Plastic
- Glass
- Others
Plastic Caps and Closures Market , By End User
- Beverages
- Pharmaceutical
- Food
- Personal and Homecare
- Others
Plastic Caps and Closures Market ,By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, South Korea, Indonesia, Malaysia, Vietnam, Rest of APAC)
- The Middle East and Africa (Saudi Arabia, South Africa, UAE, Iran, Egypt, Rest of MEA)
- South and Central America (Brazil, Argentina, Chile, Rest of SCA)
TABLE OF CONTENTS
1. TABLE OF CONTENTS
2. LIST OF TABLES
3. LIST OF FIGURES
4. GLOBAL PLASTIC CAPS AND CLOSURES INDUSTRY
4.1. Market Scope and Definition
4.2. Study Assumptions
5. PLASTIC CAPS AND CLOSURES MARKET LATEST TRENDS, DRIVERS AND CHALLENGES, 2023-2031
5.1. Plastic Caps and Closures Market Latest Trends
5.1.1. Advancements in Solar Plastic Caps and Closures Technologies:
5.1.2. Expansion of large-scale Plastic Caps and Closures:
5.1.3. Subsidies and incentives:
5.1.4. Ambitious Renewable Energy Goals Propel Growth:
5.1.5. The rise of artificial intelligence (AI):
5.2. Plastic Caps and Closures Market Insights, 2023-2031
5.2.1. Leading Plastic Caps and Closures by Product Type, 2023-2031
5.2.2. Dominant Plastic Caps and Closures by Raw Materials, 2023-2031
5.2.3. Leading Plastic Caps and Closures Container Type, 2023-2031
5.2.4. Top Plastic Caps and Closures End-User, 2023-2031
5.2.5. Fast-Growing Geographies for Plastic Caps and Closures, 2023-2031
5.3. Plastic Caps and Closures Demand Drivers to 2030
5.3.1. Increasing Adaption of Renewable Sources:
5.3.2. Technological Advancements and R&D:
5.3.3. Supportive Government Policies:
5.4. Plastic Caps and Closures Challenges to 2030
5.4.1. Higher Costs:
5.4.2. Technology Maturity and Reliability:
5.4.3. Environmental and Sustainability Concerns:
5.5. Plastic Caps and Closures Market-Five Forces Analysis
6. GLOBAL PLASTIC CAPS AND CLOSURES MARKET VALUE, MARKET SHARE, AND FORECAST TO 2030
6.1. Global Plastic Caps and Closures Market Growth
6.2. Global Plastic Caps and Closures Market By Product Type
6.2.1. Plastic Caps and Closures Market, By Product Type, Dosing/Infusion Caps
6.2.2. Plastic Caps and Closures Market, By Product Type, Dispensing Caps
6.2.3. Plastic Caps and Closures Market, By Product Type, Screw-On Caps
6.2.4. Plastic Caps and Closures Market, By Product Type, Others
6.3. Global Plastic Caps and Closures Market By Raw Material
6.3.1. Plastic Caps and Closures Market, By Raw Material, HDPE (High-Density Polyethylene)
6.3.2. Plastic Caps and Closures Market, By Raw Material, PP (Polypropylene)
6.3.3. Plastic Caps and Closures Market, By Raw Material, LDPE (Low-Density Polyethylene)
6.3.4. Plastic Caps and Closures Market, By Raw Material, Others
6.4. Global Plastic Caps and Closures Market By Container Type
6.4.1. Plastic Caps and Closures Market, By Container Type, Plastic
6.4.2. Plastic Caps and Closures Market, By Container Type, Others
6.4.3. Plastic Caps and Closures Market, By Container Type, Glass
6.4.4. Global Plastic Caps and Closures Market By End-User
6.4.5. Plastic Caps and Closures Market, By End-User, Pharmaceutical
6.4.6. Plastic Caps and Closures Market, By End-User, Food
6.4.7. Plastic Caps and Closures Market, By End-User, Beverages
6.4.8. Plastic Caps and Closures Market, By End-User, Personal and Homecare
6.4.9. Plastic Caps and Closures Market, By End-User, Others
6.5. Global Plastic Caps and Closures Market, By Region
7. ASIA-PACIFIC PLASTIC CAPS AND CLOSURES MARKET GROWTH
7.1. Asia-Pacific Plastic Caps and Closures Market By Product Type
7.2. Asia-Pacific Plastic Caps and Closures Market By Raw Material
7.3. Asia-Pacific Plastic Caps and Closures Market By Container Type
7.4. Asia-Pacific Plastic Caps and Closures Market By End-User
7.5. Asia-Pacific Plastic Caps and Closures Market, By Country
7.5.1. China Plastic Caps and Closures Market
7.5.2. India Plastic Caps and Closures Market
7.5.3. Japan Plastic Caps and Closures Market
7.5.4. South Korea Plastic Caps and Closures Market
7.5.5. Australia Plastic Caps and Closures Market
7.5.6. Indonesia Plastic Caps and Closures Market
7.5.7. Malaysia Plastic Caps and Closures Market
7.5.8. VietNam Plastic Caps and Closures Market
7.5.9. Rest of Asia-Pacific Plastic Caps and Closures Market
8. EUROPE PLASTIC CAPS AND CLOSURES MARKET GROWTH
8.1. Europe Plastic Caps and Closures Market By Product Type
8.2. Europe Plastic Caps and Closures Market By Raw Material
8.3. Europe Plastic Caps and Closures Market By Container Type
8.4. Europe Plastic Caps and Closures Market By End-User
8.5. Europe Plastic Caps and Closures Market, By Country
8.5.1. Germany Plastic Caps and Closures Market
8.5.2. United Kingdom Plastic Caps and Closures Market
8.5.3. Spain Plastic Caps and Closures Market
8.5.4. France Plastic Caps and Closures Market
8.5.5. Italy Plastic Caps and Closures Market
8.5.6. Russia Plastic Caps and Closures Market
8.5.7. Rest of Europe Plastic Caps and Closures Market
9. NORTH AMERICA PLASTIC CAPS AND CLOSURES MARKET GROWTH
9.1. North America Plastic Caps and Closures Market By Product Type
9.2. North America Plastic Caps and Closures Market By Raw Material
9.3. North America Plastic Caps and Closures Market By Container Type
9.4. North America Plastic Caps and Closures Market By End-User
9.5. North America Plastic Caps and Closures Market, By Country
9.5.1. United States Plastic Caps and Closures Market
9.5.2. Canada Plastic Caps and Closures Market
9.5.3. Mexico Plastic Caps and Closures Market
10. SOUTH AND CENTRAL AMERICA PLASTIC CAPS AND CLOSURES MARKET GROWTH
10.1. South and Central America Plastic Caps and Closures Market By Product Type
10.2. South and Central America Plastic Caps and Closures Market By Raw Material
10.3. South and Central America Plastic Caps and Closures Market By Container Type
10.4. South and Central America Plastic Caps and Closures Market By End-User
10.5. South and Central America Plastic Caps and Closures Market, By Country
10.5.1. Brazil Plastic Caps and Closures Market
10.5.2. Argentina Plastic Caps and Closures Market
10.5.3. Peru Plastic Caps and Closures Market
10.5.4. Chile Plastic Caps and Closures Market
10.5.5. Rest of Latin America Plastic Caps and Closures Market
11. MIDDLE EAST AFRICA PLASTIC CAPS AND CLOSURES MARKET GROWTH
11.1. Middle East Africa Plastic Caps and Closures Market By Product Type
11.2. Middle East Africa Plastic Caps and Closures Market By Raw Material
11.3. Middle East Africa Plastic Caps and Closures Market By Container Type
11.4. Middle East Africa Plastic Caps and Closures Market By End-User
11.5. Middle East Africa Plastic Caps and Closures Market, By Country
11.5.1. Saudi Arabia Plastic Caps and Closures Market
11.5.2. South Africa Plastic Caps and Closures Market
11.5.3. Egypt Plastic Caps and Closures Market
11.5.4. Rest of MEA Plastic Caps and Closures Market
11.5.5. Iran Plastic Caps and Closures Market
11.5.6. UAE Plastic Caps and Closures Market
12. PLASTIC CAPS AND CLOSURES MARKET STRUCTURE
12.1. Silgan Holdings Inc.
12.2. Berry Global Inc.
12.3. Amcor plc
12.4. Crown Holdings, Inc.
12.5. AptarGroup, Inc.
13. APPENDIX
13.1. About Us
13.2. Sources
13.3. Research Methodology
13.4. Research Process
13.5. Research Execution
13.6. Contact Information
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FAQ's
The Global Plastic Caps and Closures Market is estimated to generate USD 51.49 billion in revenue in 2024.
The Global Plastic Caps and Closures Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period from 2025 to 2032.
The Plastic Caps and Closures Market is estimated to reach USD 79 billion by 2032.
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