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Oct 5, 2020 10:00 AM ET

Global Aluminum Caps & Closures Market Set For Rapid Growth, To Reach USD 7.42 Billion By 2024

iCrowd Newswire - Oct 5, 2020

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.

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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.

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 around 34% market share of the aluminum caps & closures in 2017 and is estimated to dominate in the forecast time period. At the country level, China dominated the aluminum caps & closures market in 2017, followed by India and Japan. In 2017, Europe was the second largest regional market for aluminum caps & closures and is likely to exhibit a significant rate of growth in the upcoming years, owing to growing working population and increasing intake of ready-to-eat food. North America is the third largest market for aluminum caps & closures and likely to exhibit a significant rate of growth, due to huge product demand across food, beverages, and pharmaceutical industries in the region. The Middle Eastern and African and Latin American markets are projected to witness a moderate growth rate in the upcoming years.

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.

This report segments the global aluminum caps & closures market as follows:

Aluminum Caps & Closures Market: Type Analysis

Aluminum Caps & Closures Market: Application Analysis

Aluminum Caps & Closures Market: Regional Analysis

Contact Information:

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Keywords:    Aluminum Caps & Closures Market

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