As the packaging industry is witnessing an increase in growth, the market is also expected to grow in line with that.

Plastic caps and closures serve a stretch of industry segments, such as food and beverage, pharmaceuticals, household goods, and cosmetic products, among others. Caps and closures are the final components of packaging and are responsible for maintaining the integrity of the product packing.

The food industry is one of the major contributors to the caps and closures market in the United States. The increased demand for packaged food and pharmaceutical products may drive the market growth during the spread of COVID-19. However, claims regarding the survival of the virus up to 72 hours on materials, such as plastic and stainless steel, may hamper its growth.

Owing to several companies investing heavily in R&D to come up with unique and cost-effective products, the market is witnessing numerous innovations. Dow Industries has come up with a new range of PET resins portfolio for the manufacturing of caps and closures.

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Key Market Trends

Food Industry is Expected to Witness Significant Growth

- The United States is the second-largest food market across the world. Moreover, it is expected to account for a considerably high share of the caps and closures market catering to the food industry end-user segment. The volume of plastic allocated to food packaging amounts for approximately 40% of plastics.

- The convenience and widespread use of plastic in food packaging are owed to its low cost, ease of processability, formability, chemical resistance, lightweight, and a variety of physical properties.

- In the United States, retail shelf packaging is growing popular, owing to the changing lifestyles of the people. This fast pace of lifestyle is expected to further fuel the growth of sales of plastic caps and closures in the region through retail channels.

- This trend is further bolstered by the growing millennial population in the workforce. Millennial population in the United States works across flexible work hours, which further bolsters the demand for on-the-go foods. Thus, this is expected to drive the market for caps and closures (owing to increase in packaged food).

Polyethylene Terephthalate (PET) Material is Expected to Hold a Significant Share

- Polyethylene terephthalate (also known as PET or PETE) is the most commonly used polyester in food packaging. PET is a non-toxic, lightweight, safe, and flexible material, which can be recycled and reused efficiently. It can also be processed up to three to four times without affecting its chemical properties.

- Major factors driving the market growth for PET in the United States include increasing consumption of textiles and fabrics, increasing recycling and collection rate of PET, and rising demand for sustainable and recyclable products in the region.

- Plastic bottle caps are the widest application area for PET, and are driven by increased demand for carbonated soft drinks and water bottles. However, plastic bottles and bottle caps was ranked as the third and fourth most collected plastic trash items in the Ocean Conservancy’s annual beach cleanups, held in September 2019, in more than 100 countries, including the United States. Thus, this ranking may create a hindrance in the market growth.

- Meanwhile, stringent environmental regulations controlling the increasing use of PET and rising demand for environmentally friendly alternatives, such as High-Density Polyethylene (HDPE), are expected to negatively impact the growth of the market.

Competitive Landscape

The United States plastic caps and closures market is highly competitive, owing to the presence of several small and large players in the market, operating in domestic and international markets. The market appears to be moderately concentrated. The players in the market are adopting major strategies, like product innovation, mergers and acquisitions, and strategic partnerships, in order to widen their product portfolio and expand their geographical reach.

- February 2020 - Amcor PLC announced the launch of its first PET container made from 100% post-consumer recycled content (PCR) resin. The company created the new, clear bottle in two sizes, 100 cubic centimeters, and 150 cubic centimeters, for Ritual, a health meets technology company that produce multivitamins.

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