Market Size of China Plastic Caps and Closures Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 4.10 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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China Plastic Caps & Closures Market Analysis
The Chinese plastic caps and closures market is expected to grow by registering a CAGR of 4.1% during the forecast period. A growing population with a rise in consumption of ready-to-eat food and drinks is driving the growth of the caps and closures market in the country.
- China is among the largest consumers of plastics globally. The abundant availability of raw materials and low cost of production has been supporting the production growth of the engineering plastics, such as PET, in the country for the past few years. For instance, according to the National Bureau of Statistics of China, the country's production volume of plastic products in 2021 amounted to 80 million metric tons, an increase of 5.27% from 2020. Also, according to Plastics Europe, China accounted for 32% of global plastic materials production, which made it the world's largest plastic producer in 2021.
- As China's requirement for plastic bottles continues to expand owing to the growing population, increasing urbanization, and substitution of many metals in various industries, such as automotive, consumer appliances, etc., the demand for caps and closures is also increasing side-by-side. Also, the growing consumption of single-serve beverages is anticipated to propel growth. For instance, according to Industrial Media, LLC, consumers in China (75%) drink carbonated soft drinks during mid-afternoon, and nearly half (52%) of consumers drink carbonated soft drinks at work, which is anticipated to support growth for China caps and closure market.
- The Chinese plastic caps and closures market depends on innovative packaging solutions and the increasing disposable income of consumers in the region. Technological advancements in plastic packaging have brought about innovations in the industry. With many companies making significant investments in R&D to develop unique and cost-effective products, innovations in this market are on the rise.
- However, fluctuating raw material prices, along with the increasing regulation on the usage of pet bottles/caps in pharmaceutical drugs and food packaging, are anticipated to hinder market growth in the projected time frame.
- The outbreak of COVID-19 has significantly impacted China's food supply chains and demand. Additionally, it has changed how consumers behave across multiple aspects, from shopping for groceries to traveling to purchasing luxury goods. The shift towards online grocery shopping is expected to sustain during the post-COVID period, which will likely drive the market's growth during the forecast period.
China Plastic Caps & Closures Industry Segmentation
The market studied tracks the demand for ampoule packaging through the revenue derived from Polyethylene Terephthalate, Polypropylene, HDPE, and LDPE raw material. The study also tracks the effect of regulations and market drivers on growth, along with factors that might hinder market growth. The market is segmented by raw materials (polyethylene terephthalate, polypropylene, HDPE, and LDPE) and industry verticals (food, beverage, pharmaceutical, cosmetics, and household). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
By Raw Material | |
Polyethylene Terephthalate | |
Polypropylene | |
HDPE and LDPE | |
Other Raw Materials (PVCs and Bio-degradable Plastic Films) |
By Industry Vertical | |
Food | |
Beverages | |
Pharmaceutical | |
Cosmetics and Household | |
Other Industry Verticals (Automotive and Agriculture) |
China Plastic Caps and Closures Market Size Summary
The Chinese plastic caps and closures market is poised for steady growth, driven by an increasing population and a rising demand for ready-to-eat food and beverages. As one of the largest consumers of plastics globally, China benefits from abundant raw materials and low production costs, which have bolstered the production of engineering plastics like PET. The expanding need for plastic bottles, fueled by urbanization and the substitution of metals in various industries, is further propelling the demand for caps and closures. The market is also experiencing a surge in consumption of single-serve beverages, which is expected to contribute to its growth. However, challenges such as fluctuating raw material prices and regulatory constraints on the use of PET bottles in certain applications may impede market expansion.
The market landscape is characterized by technological advancements and innovations in packaging solutions, with companies investing significantly in research and development to create unique and cost-effective products. The growing disposable income among consumers and the increasing focus on environmental considerations in packaging materials are influencing market dynamics. The rise of e-commerce and online grocery shopping, accelerated by the COVID-19 pandemic, is expected to sustain its growth trajectory. Additionally, the demand for sports and energy drinks, along with bottled water, is anticipated to drive the market further. The competitive environment is marked by the presence of several key players, who are engaging in strategic initiatives to enhance their market presence and capitalize on emerging opportunities.
China Plastic Caps and Closures Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Value Chain Analysis
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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1.4 Assessment of the Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Raw Material
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2.1.1 Polyethylene Terephthalate
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2.1.2 Polypropylene
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2.1.3 HDPE and LDPE
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2.1.4 Other Raw Materials (PVCs and Bio-degradable Plastic Films)
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2.2 By Industry Vertical
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2.2.1 Food
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2.2.2 Beverages
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2.2.3 Pharmaceutical
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2.2.4 Cosmetics and Household
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2.2.5 Other Industry Verticals (Automotive and Agriculture)
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China Plastic Caps and Closures Market Size FAQs
What is the current China Plastic Caps and Closures Market size?
The China Plastic Caps and Closures Market is projected to register a CAGR of 4.10% during the forecast period (2024-2029)
Who are the key players in China Plastic Caps and Closures Market?
Albea Group, Bericap Gmbh, Berry Global Inc., Aptar Group Inc. and Crown Asia Pacific Holdings Ltd are the major companies operating in the China Plastic Caps and Closures Market.