Newark, NJ, Aug. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aluminum caps & closures market is expected to grow from USD 5.83 billion in 2019 and to reach USD 8.01 billion by 2027, growing at a CAGR of 4.05% during the forecast period 2020-2027.
A rise in the number of restaurants and bars results in an increase in the consumption of beer. Also, other factors, such as concerns about product safety and security, as well as increased preferences towards convenience, are contributing to the growth of the aluminum caps and closures market. Moreover, a rise in the international trade of food & beverage results in an increased need for effective packaging solutions. Also, increased demand for liquid medicines is driving the growth of the market. A rise in the usage of tamper-evident and child-resistant metal caps and closures are creating an opportunity for the growth of the market. Hence, manufacturers are emphasizing on superior quality metal caps and closures having compact packaging and small size.
Aluminum material offers stability and rigidity to the caps and closures. The requirement for aluminum caps and closures is high, as it is a highly preferred alternative that exhibits metal shading finishing in nourishment, as well as refreshment industry. The demand for aluminum caps and closures is higher in simple opening and apportioning due to its composed framework. The composed framework enables products to alter clear and tyke safe bundling. The design of aluminum caps and closures is according to the size of the opening of containers, jars, and bottles. The design enables the product to eliminate the possibility of a loss of content. Aluminum caps and closures are designed in different diameters and types. Closures are classified into various types, such as cover, plug, and lid. Aluminum caps and closures are highly beneficial in order to protect the products from dust, dirt, and moisture. It is also helpful in maintaining the shelf life of the product.
Factors such as a rise in the usage of rubber, plastic, and other substitute materials can restrict the growth of the global aluminum caps and closures market. The need for an increased production capacity due to a rise in the demand for convenient packaging can be challenging for the key players over the forecast period. Moreover, factors such as usage of harmful packaging, stringent government regulations for food security, and rise in the awareness among consumers related to food safety are contributing to the growth of the aluminum caps & closures market. Also, various factors are anticipated to help in the growth of the market, such as an increase in the standard of living, economic development, changes in the preferences along with the urban lifestyle result in increased consumption of alcohol.
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Key players operating in the global aluminum caps & closures market include ITC Packaging, Osias Berk Company, Federfin Tech S.R.L., Cap & Seal Pvt. Ltd., Torrent Closures, Herti JSC, Alcopack Group, Closure Systems International, Guala Closures, Amcor, Silgan Holdings and Crown Holdings. To gain a significant market share in the global aluminum caps & closures market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Roll-on pilfer-proof caps and closures segment dominated the market and held the largest market share of 23.94% in the year 2019
The product segment includes closure strips, spout closures, peel-off foils, non-refillable, easy-open can ends, and roll-on pilfer-proof caps. Roll-on pilfer-proof caps segment held the largest market share of 23.94% in the year 2019 and is expected to show the highest growth over the forecast period. It is due to its tamper-evident property that enables a wide range of applications in the pharmaceutical as well as food & beverage industries. Roll-on pilfer-proof caps and closures are highly used in the packaging of sparkling beverages, wine, and spirits.
The beverage segment dominated the market and valued at USD 1.53 billion in the year 2019
The end-use industry segment includes automotive, chemical, home & personal care, pharmaceutical, food and beverage. The beverage segment dominated the market and valued at USD 1.53 billion in the year 2019 and is expected to show the highest growth over the forecast period. It is due to its properties such as cost-effectiveness and light in weight. Aluminum caps and closures are extensively used in a wide range of packaging of alcoholic beverages such as spirits bottles, vodka, and wine.
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Regional Segment Analysis of the aluminum caps & closures market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global aluminum caps & closures market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region held the largest share in 2019 and is expected to show the largest share in the aluminum caps & closures market over the forecast period. The factors such as an increase in per capita income, positive demographic outlook, standards in building codes, rapid commercialization, government budgets, economic conditions, and rise in the demand for packaged goods are contributing to the growth of the market in the region. Also, growth in the retail sector as well as increased manufacturing industries in the region are driving the growth of the market.
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About the report:
The global aluminum caps & closures market is analyzed on the basis of value (USD Billion), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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