According to the report, the global aluminum caps & closures market was valued at USD 5.24 billion in 2017 and is expected to reach USD 7.42 billion by 2024, growing at a CAGR of 5.1% between 2018 and 2024.
New York, NY, Dec. 04, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Aluminum Caps & Closures Market By Type (Roll-On Pilfer-Proof Caps, Easy-Open Can Ends, and Non-Refillable Closures) and By Application (Beverages, Food, Home & Personal Care, and Pharmaceutical): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024”. According to the report, the global aluminum caps & closures market was valued at USD 5.24 billion in 2017 and is expected to reach USD 7.42 billion by 2024, growing at a CAGR of 5.1% between 2018 and 2024.
Aluminum caps and closures are produced in different closures types and diameters. The recent trend toward the using processed and preserved product in the daily diet will enlarge the aluminum caps and closures market scope extensively. The product provides rigidity and stability while using it for packaging as compared to other materials.
Browse through 55 Tables & 29 Figures spread over 110 Pages and in-depth TOC on “Global Aluminum Caps & Closures Market: By Type, Size, Share, Industry Growth, Demand, Analysis and Forecast, 2017–2024”.
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The market is driven by various growth factors, such as product differentiation and branding along with concerns about food, product security and safety, and reducing packaging sizes. The rising demand for convenience is estimated to fuel the aluminum caps & closures market over the forecast time period. Nevertheless, developing countries are likely to offer lucrative growth opportunities for global aluminum caps & closures market in the years to come.
The aluminum caps & closures market is segmented based on type and application. By type, this market is categorized into roll-on pilfer-proof caps, non-refillable closures, and easy-open can ends. The roll-on pilfer-proof caps segment dominated the market in 2017 and is expected to maintain its position in the future. Roll-on pilfer-proof caps have various applications in various industries, such as pharmaceutical, beverages, and food industry, as they are a reliable packaging alternative for wine, spirits, and sparkling beverages (non-alcoholic and alcoholic) and cost-effective. These caps have the ability to offer more space for graphics and logos, among other design aspects.
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By application, the aluminum caps & closures market is segmented into beverages, food, home, and personal care, and pharmaceutical. Beverage segment held the largest market share in 2017, owing to the large-scale demand for beverages, such as alcoholic beverages and soft drinks. It is the fastest growing application segment, owing to the large-scale demand for aluminum caps & closures by the beverage industry. These caps and closures are used to pack alcoholic and non-alcoholic beverages, such as wine, vodka, etc.
The Asia Pacific held the largest share, nearly 34%, in the market for aluminum caps & closures in 2017. Increasing per capita income of people, better standards of living and improved spending abilities of the middle-class are likely to fuel the aluminum caps & closures market over the estimated time period. Additionally, the growing aging population in the region and the presence of established players are also likely to propel the market growth in the near future. The growth of Asia Pacific in this market is supported by improvements in the economic conditions, growing allocation of government budgets for product manufacturing, increasing number of standards related to building codes, positive demographic outlook, and an increase in the per capita income.
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Europe is the second largest regional market for aluminum caps & closures. This region is projected to exhibit a significant rate of growth, owing to the rising government emphasis to reduce the toxic contents of packaging materials. Moreover, the growing working population is contributing to an increase in the demand for ready-to-eat food, which, in turn, is anticipated to boost the aluminum caps & closures market in the upcoming years.
In 2017, North America accounted the third largest market share of the aluminum caps & closures market. The swift growth of various industries, such as food and beverages, manufacturing, and pharmaceutical, and the recovery of an economic slowdown are anticipated to fuel this regional market during the forecast time period. The U.S. dominated the North American aluminum caps & closures market in 2017, followed by Canada. Huge product demand by the food industry due to rising food exports is likely to drive the aluminum caps & closures market in this region.
Browse the full “Aluminum Caps & Closures Market By Type (Roll-On Pilfer-Proof Caps, Easy-Open Can Ends, and Non-Refillable Closures) and By Application (Beverages, Food, Home & Personal Care, and Pharmaceutical): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024” report at https://www.zionmarketresearch.com/report/aluminum-caps-closures-market
The Middle Eastern and African and Latin American markets are projected to witness significant growth rate in the coming years, owing to the availability of raw material and escalating increase in the working population.
The key manufacturers operating in the global aluminum caps & closures market are Amcor, Crown Holding, Closure Systems International, Silgan Holdings, Herti JSC, Guala Closures, Torrent Closures, Alcopack Group, Cap & Seal Pvt. Ltd., and Federfin Tech S.R.L.
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This report segments the global aluminum caps & closures market as follows:
Aluminum Caps & Closures Market: Type Analysis
- Roll-On Pilfer-Proof Caps
- Easy-Open Can Ends
- Non-Refillable Closures
Aluminum Caps & Closures Market: Application Analysis
- Home & Personal Care
Aluminum Caps & Closures Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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