Market Research Report
Global Metal Caps and Closures Market - 2020-2027
|Published by||DataM Intelligence||Product code||959522|
|Published||Content info||328 Pages
Delivery time: 1-2 business days
|Global Metal Caps and Closures Market - 2020-2027|
|Published: March 31, 2021||Content info: 328 Pages||
The Global Metal Caps and Closures Market is expected to grow at a CAGR of 1.72% during the forecasting period (2020-2027).
Caps and closures are made from materials such as plastics, metals, wood, rubber, etc. and are one of the packaging solutions provided to a variety of industries, including food and beverage, pharmaceuticals, cosmetics, paints, and lubricants, etc., which are mainly involved in the packaging of their products in plastic or glass bottles and jars. Materials used in the production of metal caps include steel, tin plate, and aluminum. All these materials help to ensure the quality of the goods during storage and transport. Due to the vast penetration of metal closures across several industrial verticals, demand for metal closures is expected during the forecast period to witness a burgeoning development. In addition, the rise in wine consumption would give the metal caps and closures industry a huge opportunity due to the advantages of metal caps and closures.
The increasing sales of packaged food and beverage products are one of the key factors driving the metal caps and closures, as the main motive of the packaging industry is to maintain its flavor, texture and extending its shelf-life. Wine consumption among consumers is driven by the health and wellness trend. Modern-day consumers are aware of the production and origin methods of wine, thus increasingly favoring organic wines as a symbol of higher quality. The packaging of organic wines therefore includes metal caps, and these metal caps with plastic interiors provide a very tight seal over the bottle's entire mouth and neck, keeping the freshness intact. Furthermore, the growing demand for wine among the millennials and for them, a wine bottle with a screw metal cap is very easy to cap because it can achieve a tight seal that keeps oxygen out for a long time. A metal screw cap is also easy to remove and reclose. The above factors are therefore expected to improve the wine industry which in return will help boom the metal caps and closures market.
Metal caps and closures in low-cost products are extremely pressurized by plastic substitution. Therefore, the existence of other closure systems made of plastics and glass is expected to serve as a constraint to the growth of the metal closures market
The global metal caps and closures market is segmented by application into alcoholic beverages, non-alcoholic beverages, cosmetics, food, chemicals, pharmaceutical industry, and industrial. Beverages are by far the largest segment holding about XX% of the global market. Growing popularity for beverages such as packaged juices, alcoholic drinks, and energy drinks is likely to speed up market growth in the coming years. In addition, the rise in international food and beverage trade can contribute prominently to the demand for effective packaging solutions, including metal caps and closures. These solutions ensure that food and beverage items have a longer shelf life.
By geography, Asia Pacific is the largest market for metal caps and closures with a share of nearly XX% in global sales value in 2019. The key factors that drive the growth of the market in this region include increasing consumption of ready-to-drink beverages, increasing disposable incomes, better availability of resins and machinery, raising demand for bottled water, and others. The growing demand for convenient, safe, healthy, and refreshing drinks from health-conscious consumers will continue to drive the growth prospects of the bottled water in the Asia Pacific, China is the largest bottled water consumed country followed by India and Japan.
The global Metal Caps and Closures market is consolidated with the top 5 companies accounting for over 60% of the global sales. Crown Holdings, O.Berk Company, Reynolds Packaging Group Ltd, and Tapi Group are dominating the global market. These companies have used various strategies such as expansions, new product launches, agreements, partnerships, joint ventures, acquisitions, and others to increase their footprints in this market. For instance, Tapi and Thinfilm developed smart closures that tackled counterfeiting in the wine and spirits industry. If a closure seal was broken, the OpenSense solution used detects and warns the user that the jar or bottle may have been tampered with.