The global market for cap applicators is significantly influenced by the recent technological advancements observed in the packaging machinery market. Increasing adoption of automation capabilities in capping machines are directing the packaging industry towards a much more profitable and efficacious future. The demand for such highly effective capping machines is rising on the backdrop of the flourishing food and beverages industry, which contains a large variety of products and packages which often requires new packaging equipment.
Transparency Market Research estimates that the global cap applicators market will be valued at US$1,133.8 mn by 2016 and rise to US$1,866.7 mn by 2024, representing an incremental opportunity of US$732.8 mn between 2016 and 2024. This translates to a healthy CAGR of 6.4% from 2016 to 2024. In terms of volume, the market is expected to expand at a CAGR of 5.5% over the said period.
Of the key varieties of capping machines available in the global market, including automatic, semi-automatic, and hand-held, the automatic variety is currently the most preferred and is expected to continue accounting for the leading share in market’s overall revenues throughout the forecast period as well. The segment is expected to account for a more than 87% of the global market by 2024, witnessing a 1.7 times increase in its revenue share in the global market from 2016 to 2024.
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The segments of semi-automatic and hand-held capping machines are expected to lose a sizeable share in the market to automatic capping machines by the end of the forecast period. The vast usage of automatic capping machine in manufacturing sectors across the developed economies of Europe and North America are expected to support this transition. Furthermore, developing countries such as China and India are constantly adopting government regulations focused on prevention of contamination across the manufacturing sector, which are expected to up the adoption of automatic capping machines.
Market data for each segment is based on demand volume and corresponding revenue. Prices considered for the calculation of revenue are average regional prices obtained through primary quotes from numerous regional suppliers, distributors, and direct selling regional producers based on manufacturers’ feedback and application requirement. All existing key end-users have been considered and potential in application areas have been arrived on the basis of secondary sources and feedback from primary respondents.
Regional consumption patterns have been considered while estimating the market for various end-users of cap applicators or capping machines in different regions. Top-down approach has been used to estimate the cap applicators market by regions. Market numbers for global machine type, cap type, and end-use segments have been derived using the bottom-up approach, which is cumulative of each region’s demand. Regional demand is the summation of sub-regions and countries within the target regions.
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include PMMI (The Association for Packaging and Processing Technologies) Institute of Packaging Machinery Manufacturers of India, Factiva, Packaging Digest, Pack World, Hoover’s, and company annual reports and publications among many others.