Growth of the packaging industry depends on economy of the world and also on the type of industries in which the products are used such as healthcare, consumer goods, and food and beverages. One such segment of packaging industry is the composite closure market. Composite closures are the lids which are used to cover a container. They can be of different sizes and designs.
Composite closures market is expected to increase with a high CAGR in the future because of the growing packaging industry. Composite closures are easy to use and find its applications in various segments. Composite closures market depends on the growth of packaging industry and is forecasted to have a high growth rate in the developing regions like Asia and South America.
Driving force for the composite closures market is the growing economy and rising requirements of brand differentiation and enhancement, growing health awareness among consumers, and increasing environmental awareness. Companies are focusing on new designs and sizes especially in the consumer goods which will increase the market share of composite closures. These new designs attract consumers resulting in increasing the composite closures market value.
The biggest restraint of the composite closures market is the rising prices of raw materials which increases cost expenditure resulting in increasing the prices of composite closures. Other restraint of the composite closure market is the availability of cheap alternatives which can easily replace these closures.
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On the basis of the applications, the composite closures market is segmented into Baby Food/Food Drinks, Nutritional and Health Drinks, Confectionery, Dressings and Condiments, Pet Food, Pickles, Preserves, Ready Meals and Soups, Cooking Sauces, Dairy Products, Fish and Seafood, Fruits and Deserts, Spreads and Pate, Power Drinks, Meat and Sausage, Nuts and Dry Food, and Others.
On the basis of geographies, the composite closures market is segmented across 7 key region; Latin America, Western Europe, North America, Japan, Asia Pacific excluding Japan, Eastern Europe and Japan. North America is the global leader of composite closures market but it has a mature market and is not expected to grow with a high CAGR in the forecasted period. Asia Pacific is also expected to have a high growth in the composite closures market in the forecasted period because of the regions like India, China and Japan where packaging industry is growing. The growing demand of bottles and innovative closures has increased the demand of composite closures market. Latin America and Europe are also expected to have a decent market share in composite closures market.