Metal Caps and Closures Market is Anticipated to Reach USD 26.8 billion by 2026, Garnering a 3.6% CAGR from 2022 to 2026: TMR Report
During the forecast period, the global market for metal caps and closures is expected to be driven by the increasing use of sustainable raw materials in packaging solutions.
Wilmington, Delaware, United States, Nov. 10, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global metal caps and closures market was estimated at a value of US$ 22.4 billion in 2021. It is anticipated to register a 3.6% CAGR from 2023 to 2031 and by 2031; the market is likely to attain US$ 26.8 billion by 2031.
Concerns regarding environmental contamination and health risks posed by products produced of toxic materials, including plastic, have grown. This element has been crucial in the adoption of environmentally friendly solutions, such as metal closures and caps. In the near future, the flourishing food and beverage industry is probably going to have a big impact on the expansion of the global market for metal caps and closures.
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Global Metal Caps and Closures Market: Key Players
An increasing number of regional and international producers are attempting to expand their geographical reach and product line in order to achieve maximum market share, making the global market for metal caps and closures extremely competitive. The competition among notable companies is scrutinized thoroughly by considering their latest innovations, tactics, and revenue by segment.
The following companies are well-known participants in the global metal caps and closures market:
- Crown Holdings, Inc.
- Sonoco Products Company
- Guala Closure Group
- Amcor Limited
- Nippon Closures Co. Ltd
- O Berk Company, LLC
- Manaksia Industry Ltd.
- Pelliconi & C. SPA
- CL Smith Company
Key Findings of Market Report
- Recycling metal helps to cut down on the quantity of resources used worldwide and greenhouse gas emissions from following manufacturing processes.
- The substantial recycling rates of metal packaging can be attributed to the world’s well-established recycling system.
- Steel is the most significant recycled resource, more than paying the cost of their own collection, which enables them to promote the recycling of less valuable materials.
- Around 80.5% of steel packaging and 74.5% of aluminum beverage cans are recycled in Europe.
- The industry aims to achieve an average European metal packaging recycling rate of 80% by the end of 2020.
- Manufacturers of medications, food and drink products, and personal hygiene products are concentrating on environmentally friendly packaging features for their goods.
- Recyclable metal packaging solutions are highly sought after by major international end customers.
Market Trends for Metal Caps and Closures
- A combination of global environmental consciousness, social and economic factors, and growing demand have made metal packaging more fashionable and in demand in recent years.
- The primary industry driving the market is the food and beverage sector. The increased demand for ready-to-eat as well as ready-to-drink meals and beverages—especially alcoholic and non-alcoholic beverages—has led to a pursuit of new markets for metal cans.
- Beer consumption has significantly increased because to the growth of bars and restaurants, which has increased metal closure manufacturing.
- The need for metal packaging solutions is increasing due to the expansion of international food chains into untapped countries. It positively affects the overall growth of the global market for metal caps and closures.
Global Market for Metal Caps and Closures: Regional Outlook
Various reasons are propelling the growth of the metal caps and closures market in different regions. These are:
- The Asia Pacific region is anticipated to gain a prominent share of the global market in the coming years. The food retail sector has experienced substantial growth in emerging nations like China and India, along with the acceptance of the ready-to-eat and on-the-go food trend.
- Foods packed have seen an explosive increase in sales in recent decades. For many years, local manufacturers have dominated regional markets in nations like China and India.
- A lot of foreign businesses have been compelled to enter the local market because of the enormous opportunity presented by the growth of food retail. Manufacturers of metal caps and closures can now concentrate on using joint ventures or mergers and acquisitions to break into new markets.
- North America metal caps and closures market, which includes the US, is expected to grow.
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Few of key developments by the players in this market are:
|Crown Holdings, Inc.
|Sonoco Products Company
Global Metal Caps and Closures Market Segmentation
- Closure Type
- Screw Caps
- Can Ends
- Material Type
- End Use
- Dairy Products
- Meat, Poultry, and Seafood
- Ready-to-eat Food
- Personal Care
- North America
- Asia Pacific
- Middle East & Africa
- South America
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