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.
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.
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In terms of geography, the Asia Pacific market for cap applicators is expected to be the most promising regional market in terms of incremental opportunities for high revenue generation in the future years. The region is estimated to emerge as the dominant segment contributing to the global market revenue, with a share of 34.6% in the global market in 2016, followed by Europe and North America.