Ribbed Phenolic Caps Market: An Overview
Ribbed phenolic caps are threaded closure with an uninterrupted spiral mechanism and are known as premier closure in the packaging industry. The ribbed sided design of ribbed phenolic caps offers secure gripping for the user to twist on and off, thus providing the user an ability to seal and reseal the container quickly. Ribbed phenolic caps are manufactured from phenolic plastic and contain poly-seal liner which forms a remarkably tight seal and offer exceptional chemical barrier. The ribbed phenolic caps equipped with liner molds around the sealing areas ensure tight-fitting, thus eliminating leakage, evaporation, and contamination. Ribbed phenolic caps have a smooth top. It also offers benefit such as durability and long life. As a result, ribbed phenolic caps are comparatively more premium-priced products. The ribbed phenolic caps are recyclable and foreseen to witness considerable traction in the coming years. Overall, the global viewpoint for ribbed phenolic caps market expected to remain positive during the forecast period.
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Ribbed Phenolic Caps Market: Dynamics
There are various trends which are impacting the caps & closure market, but end-users preference for safe & secure caps to remain at the front. Rising demand for liquid medicines accounts for the growth of packaging solutions in the pharmaceutical industry. Bottle type packaging of medicines is expected to dominate the market over the forecast period. Since rising demand for a bottle for pharmaceutical packaging is likely to generate demand for ribbed phenolic caps during the forecast period. Globally, beverage consumption has almost tripled over the last decade and owing to new product innovation coupled with the entry of significant wine brands; thus market seems lucrative over the next decade too.
This factor is expected to create a substantial demand for ribbed phenolic caps market in coming years. However, the high cost of ribbed phenolic caps as compared to other caps are expected to impede its growth up to some extent. The ribbed phenolic caps market trend in pharmaceutical sector is shifting towards light-weighting with constant efforts to reduce cost and achieve sustainability targets. Most of the prominent manufacturers in global ribbed phenolic caps market are spending high amounts of money on research and development of these caps. New light-weight designs are often pursued with modern needs in mind and consumer convenience. Overall, global ribbed phenolic caps market is projected to expand with remarkable CAGR during the forecast period.
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Ribbed Phenolic Caps Market: Regional Outlook
East Asia is probable to remain at the forefront regarding the market share of global ribbed phenolic caps market during the forecast period. The robust growth of end-use industries coupled with rising disposable income in the East Asia region to create significant demand for ribbed phenolic caps in coming years. In East Asia, China is foreseen to remain lucrative for the growth rate and market share of ribbed phenolic caps market in the coming years. Europe is expected to follow the East Asia region in terms of market value & volume and projected to expand at a healthy CAGR during the forecast period.
In Europe, Germany is likely to remain predominant regarding the market share of ribbed phenolic caps market throughout the forecast period. High growth rate of pharmaceutical industry to propel the growth of ribbed phenolic caps in coming years. North America region is a considerable shareholder of global ribbed phenolic caps market and likely to grow at notable CAGR during the forecast period. South Asia to witness substantial demand for ribbed phenolic caps in the next decade.
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Ribbed Phenolic Caps Market: Key Players
Some of the key players operating in the global ribbed phenolic caps market includes, O.Berk Company, LLC, Berry Global, Inc., UNITED CAPS among others.