Global Buttress Closures Market - 2021-2028
The global buttress closures market size was worth USD XX billion in 2020 and is estimated to reach USD XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Buttress closures are utilized to seal or close the container, tube, or other packaged product compartment. Usually, these are fabricated from materials such as metal and plastic.
Buttress closures give assurance from outside tainting and decrease spillage, guaranteeing item quality through the inventory network. Attractive qualities of support closures such as high inflexibility, oxygen and dampness hindrance, sway opposition, and temperature resilience makes them the solid shutting choice for different holders. In addition, child-resistant buttress closures to acquire popularity in different end-use ventures in the coming years.
Buttress Closures Market Dynamics
Growing food & beverage sector is expected to drive the buttress closures market
Global trade of food & beverage has observed remarkable growth, leading to the rising demand for effective packaging solutions to ensure a longer shelf life of food & beverage. Buttress closures are proven to play a vital role in ensuring effective packaging solutions for various food & beverages, likely to drive its growth in the coming years.
Moreover, beverage consumption has almost tripled over the last decade and owing to new product innovation coupled with the entry of major alcoholic beverage brands. The market seems lucrative over the next decade. This factor is likely to create significant demand for buttress closures during the forecast period. Also, growing acceptance of buttress closures in pharmaceutical and cosmetics & personal care is foreseen to propel buttress closures throughout the forecast period.
Environmental regulations over the use of plastic are likely to hinder the buttress closures market
The effects of plastic pollution are far-reaching and are affecting marine and freshwater ecosystems. The effects on the oceans include whale deaths, plastic discovery at the bottom of the Mariana Trench, and reports of the amounts of plastic in the oceans tripling by 2050.
In response to these issues, states and cities are already looking at various ways to reduce single-use plastics. By ensuring more education on the issue, looking at how to reduce microfibers, introducing bag bans, and limiting plastic straws, states are taking bold actions to beat plastic pollution.
Buttress Closures Market Segment Analysis
Based on material type, the buttress closures market is categorized into plastics and metals. Plastics include polyethylene, polypropylene, Polyethylene Terephthalate (PET) and others.
Polyethylene is expected to be the largest segment of the buttress closures market, in terms of value, during the forecast period. As per Statista, by 2024, polyethylene's global market value is expected to rise to 215 billion U.S. dollars.
Moreover, it is processed through various molding technologies, such as extrusion, injection molding, blow molding and others to produce caps and closures for uses in the different sectors such as food & beverage, pharmaceuticals, and others. Polyethylene is preferred in the services mentioned above, owing to its abrasion resistance, chemical resistance, flexibility, and excellent low-temperature toughness.
Buttress Closures Market Geographical Analysis
Asia-Pacific region dominates the market share of the buttress closures market and is projected to expand with notable CAGR over the forecast period. The increasing consumption of ready-to-drink beverages drives the growth of the buttress closures market in the East Asia region. China is foreseen to remain dominant by accounting for a significant chunk of market share throughout the forecast period.
The South Asia region is expected to register remarkable growth throughout the forecast period. The robust growth rate of end-use industries foreseen to offers significant growth opportunities for the buttress closures market during the forecast period. In South Asia, India is expected to be highly attractive regarding the buttress closures market's growth and market share in the coming years.
Besides, Europe is a strong shareholder of the global buttress closures market and is projected to expand with a healthy growth rate over the forecast period.
Buttress Closures Market Competitive Landscape
The buttress closures market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include O.Berk Company, Tri-Sure, Mold-Rite Plastics, BERICAP, MJS Packaging, SKS Bottle & Packaging, Inc., Entegris, Phoenix Packaging, Savillex, LLC., SMPNutra.com among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the buttress closures market globally.
Overview: O.Berk Company is an American company that specializes in packaging solutions of containers and closures. The company is headquartered in Union, U.S.
Product Portfolio: O.Berk Company offers a wide range of buttress closures in its Continuous Thread (CT) segment of closures.
The global buttress closures market report would provide an access to an approx. 53 market data table, 43 figures and 234 pages.
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