The global market for Metal caps and closures was valued at US$ 21,164.4 Mn in 2019. The market is forecast to expand at a CAGR of 4.3% during the forecast period, 2020-2027.
The global metal caps and closures market size is expected to reach of around US$ 27.21 billion by 2027.
The study has considered the base year as 2019, which estimates the market size of market and the forecast period is 2020 to 2027. The report analyzes and forecasts the market size, in terms of volume (thousand units) and value (USD million), for the market. The report provides a detailed analysis of various forces acting in the market (drivers, restraints, opportunities, and challenges). The report covers key players and comprehensively analyzes their market shares and core competencies. It also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants.
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
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.
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.
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