Global Market Size, Forecast, and Trend Highlights Over 2024-2036
China Plastic Caps Market size was valued at USD 8.5 Billion in 2023 and is anticipated to reach USD 19.99 Billion by the end of 2036, registering around 6.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of china plastic caps is assessed at USD 9.08 Billion.. The growth of the market can be attributed to the increasing export of plastic bottles and caps from China to other countries. The growing demand for plastic caps from other countries increases the manufacturing of plastic caps in China. Plastic stoppers, lids, caps, and other closures were China's 288th most exported goods in 2020. Additionally, China was the world's biggest exporter of plastic stoppers, lids, caps, and other closures in the same year, shipping more than USD 1 billion worth of these products abroad. Furthermore, China manufactures about 34% of the plastic bottles shipped to the United States. Moreover, over 30% of plastic lids going to the US are produced in China.
In addition to these, factors that are believed to fuel the market growth of China plastic caps include the rise in cheaper manufacturing cost of plastic products in China. Everyone in the world wants products at a reasonable cost, therefore low product cost of plastic boosts the demand for plastic product from various nations of the world, thus pushing the manufacturing units of China. The cost of productivity is lower on the back of extremely low labor costs, the salary of a tool maker is the lowest in the world, a Chinese tool maker will gladly perform the same task for around USD 1,000 while a tool maker in the US easily earns more than USD 40,000 annually. Furthermore, the overhead cost of the factory in China also contributed to low production costs. Many Chinese businesses are open 24 hours a day, 7 days a week, making better use of their costly machinery and making it comparably less expensive.
