Technavio Says the Increased Use of Plastic in Beverage Industry Will Drive the Global Plastic Caps and Closures Market Through 2019
By Business Wire News
By Business Wire News
Technavio, a tech-focused research firm, has published a new report on the global plastic caps and closures market,which is expected to grow at a CAGR of almost 6% from 2015-2019.
The new market research report by Technavio draws attention towards the continuous rise in the consumption of beverages, both alcoholic and non-alcoholic, which is driven by the growing populations and the launch of value added offerings.
“Traditionally, glass was used to package CSDs and alcoholic drinks but the transportation, maintenance, and recycling of glass substrates is energy intensive. As a result, there is an increasing shift toward plastic, as it is lightweight, reduces transportation costs, and facilitates instant disposal,” says Faisal Ghaus, Vice President of Technavio.
The new report by Technavio also indicates the increased demand for caps and closures for water packaging is the fastest-growing segment of the beverage market, and PET is widely used for it.
“Most packaged products are designed for single use, so plastic is the preferred material on account of its low cost. This is boosting the demand for packaging material, including caps and closures, thus leading to market growth,” adds Ghaus.
Technavio currently has more than 3000 market research reports on a huge range of topics, including:
Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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