Europe and Asia Pacific metal caps and closures market is estimated to account for a combined share of more than 60%, by value, by the end of 2018
The global market for Metal caps and closures was valued at US$ 19,064.4 Mn in 2017. The market is forecast to expand at a CAGR of 3.9% during the forecast period, 2018-2026.
Metal caps and closures are available in various diameters and closure types. Metal caps and closures offer stability and rigidity while conveying a superior product image. With a wide array of metal color decorating options metal caps and closures are a favorite choice for food & beverage industry. These closures provide a designed system capable of easy opening & dispensing. These design systems include tamper evident and child resistant packaging. Child resistant metal caps and closures demand is driven by the need to comply with mandating child-resistant packaging of pharmaceuticals. Tamper evident design system of metal caps and closures prevent the undesired premature opening of bottles or containers. Metal caps and closures come with a plastic liners so that the content and the closure are never in contact with each other. Certain metal caps and closures have resistance to cracking in order to withstand excess torque during screwing (as in for screw caps) or other internal forces. Metal caps and closures have wide variety of end use applications, beverage industry being the highest. Metal caps and closures are used in the packaging of beer, wine and spirits especially crown and screw caps. Among metal caps and closures, crown caps are versatile and are made of special metal which when paired with threaded bottle neck provides best fit. Crown caps are affordable, highly functional, easy handling, high speed of application and true tamper resistance. The most common metal caps and closures for glass and plastic bottles are screw caps. Screw caps are laid flat and wrapped around and naturally formed on the bottle making it the most secure to tamper proof and seal wine and spirits. The ability to decorate metal caps and closures with logos or other designs offers a tool for advertising the distinct brand, and in turn, boosts demand for metal caps and closures.
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The metal caps and closures market was valued at US$ 8,976.5 Mn in 2017, and is forecast to expand at a CAGR of 4.1%, during the forecast period. Globally, there is a shift in preference for plastic bottles, and the glass bottles market might face turbulence during the forecast period, which might affect the metal caps and closures market.
Drivers and Restraints
The growth in international trade of food & beverage can prominently attribute to the rising demand for effective packaging solutions, such as metal caps and closures. These solutions ensure longer shelf life of food and beverage products. Metal caps and closures have wide application including packaging of pharmaceuticals and cosmetic & personal care. Rising demand for liquid medicines is a key factor leading to the growth of the metal caps and closures market. The growing use of child-resistant and tamper evident metal caps and closures has gained huge popularity in the market which has encouraged the manufacturers to produce superior quality metal caps and closures. There has been a rapid growth of metal caps and closures market in the beverage segment especially alcoholic beverage. Innovative metal caps and closures with technology which can help the aging of wines and easy pull caps for beer bottles offer a great consumer appeal. The factor driving the wine metal caps and closures market is usage of metal caps and closures in place of corks which destroy the taste of the wine. Aluminum closures being user-friendly and recyclable, fuel the growth of the metal caps and closures market. The rising number of bars and restaurants have remarkably led to the soaring consumption of beer which acts as a driver for the production of metal caps and closures.
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Competitive Landscape
Key players operating in the global market for metal caps and closures include Crown Holdings Inc., Sonoco Products Company, Guala Closures Group, Nippon Closures Co. Ltd, Amcor Ltd, O Berk Company, Manaksia Industry Ltd., Pelliconi & C. SPA, CL Smith Company and Closure Systems International
Rising Demand for Processed Food Items to Drive Metal Caps and Closures Market
Metal caps and closures make an offering of stability and rigidity whilst portraying an excellent image of the product to the customers. These caps and closures also come with plastic liners so as to ensure safety of the contents inside the containers. The expansion of the global metal caps and closures market is likely to witness growth at an impressive speed in the near future, thanks to the rising demand for processed food items. In addition, expansion in the global population has catapulted the demand for food and beverage items, which is likely to drive the demand for metal caps and closures. In addition to that, the global metal caps and closures market is likely to thrive on the rising demand for personal care and cosmetic items worldwide.
With the outbreak of global pandemic, Covid-19, there has been increased consumption of wine at home instead of pubs and bars. According to a report by Wine Intelligence, a global leader in wine consumer research and insights, wine consumption at home has made up for the loss incurred due to lockdowns and social distancing. This factor is likely to foster development of the global metal caps and closures market in the years to come.
Increased Concern for Environment to Accentuate Demand in the Market
Flourishing business of food and beverage items is likely to make considerable contribution toward the growth of the global metal caps and closures market in the near future. These packaging solutions make sure that food and beverage items stay fresh on the shelf for a longer period of time. In addition, rise in the use of tamper-evident and child-resistant caps and closures has encouraged manufacturers to make high quality metal caps and closures. In addition to that, there has been augmented concern over environmental pollution and health hazards caused by products made of harmful substances like plastics. This factor has played a significant role in the adoption of environment-friendly options like metal caps and closures.
