The metal caps and closures market was valued at US$ 19,064.4 mn in 2017. Thanks to rising diversity in end-products, and rising demand, the market is expected to drive growth at 3.9% CAGR during 2018-2026. The new product innovations in end sectors like food and beverage promise lucrative opportunities in the near future.
The metal caps and closures are ideal for capping beverages, and opening them easily for a pleasant experience. These are conventionally widely used for soft drinks. Moreover, the food and beverage business is witnessing a major change with increased pressure to introduce new natural products. This has resulted in tremendous growth for the market with major brands launching as many as 7 or more global products in the last five products. The rising demand for natural beverages, and conventional demand for caps, and closures in the food and beverage sector will drive growth.
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Among regions, Asia pacific promises most lucrative opportunities in the metal caps and closures market. The region home to a large population is witnessing a major growth in end sectors like food and beverage, thanks to changing lifestyles, and rising disposable incomes. The growth of these sectors in the region coupled with robust manufacturing activity in the region will drive major growth for the metal caps and closures market in the near future.
Long Shelf Life and Attractive Packaging Remains Key to Growth
The metal caps and closures market faces a promising prospect with new demand for cosmetics due to advent of social media influencers, and growing demand for natural products. The shifting demand in the industry is expected to create new opportunities as conventional premium looks, coupled with new packaging technologies such as 3D printing are expected to create new opportunities in the metal caps and closures market. The rising demand for liquid medicines and their convenience to most patients, and rising elderly population are also expected to drive growth for players in the metal caps, and closures market. The growing concern for child-safe proof mechanism for new products like marijuana will also drive growth for the metal caps and closures market in near future.
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Aluminium Closures Remain Most Promising for Growth
The recyclable nature of aluminium closures, and their user-friendly nature will drive growth for new products. These products are widely used for alcohol-based beverage. Moreover, these can be easily opened without an opener, making them more user-friendly for consumers who are possibly intoxicated. The growth alcohol beverages in new regions, and rising expenditure on temporary lifestyle pleasures, and the growing regulations regarding recycling continues to drive growth of the metal caps, and closures market.
Metal Caps and Closures Market (Type – Crown, Screw Caps, Can-ends, Others; Material – Aluminum, Steel, Tin Plate; End Use – Food, Beverage Packaging, Pharmaceutical, Cosmetics and Personal Care) – Global Industry and Opportunity Assessment 2018 – 2026
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