DataM IntelligenceGlobal Metal Caps and Closures Market is expected to grow at a CAGR of 5.40% during the forecasting period (2022-2029).Market Overview
Caps and closures are made from materials such as plastics, metals, wood, rubber, etc. and are one of the packaging solutions provided to a variety of industries, including food and beverage, pharmaceuticals, cosmetics, paints, and lubricants, which are mainly involved in the packaging of their products in plastic or glass bottles and jars. Materials used in the production of metal caps include steel, tin plate, and aluminum. All these materials help to ensure the quality of the goods during storage and transport. Due to the vast penetration of metal closures across several industrial verticals, demand for metal closures is expected during the forecast period to witness a burgeoning development. In addition, the rise in wine consumption would give the metal caps and closures industry a huge opportunity due to the advantages of metal caps and closures.
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Market Dynamics:
The surging demand for packaged food and beverages
The increasing sales of packaged food and beverage products are one of the major factors that drive the metal caps and closure market as the main motive of the packaging industry is to preserve food and beverage flavor, texture, test, and extend shelf-life of it. The rising health concerns, interest in ready-to-eat products, increasing income levels, rising living standards are the major factors driving the sales of packaged food and beverages. Metal caps and closures help in the process to extend shelf-life of products and provide a barrier to dirt, moisture, and oxygen. As metal caps and closures are the final components of packaging and are responsible for maintaining the integrity of the product packing, the growth in the packaging industry is expected to drive the metal caps and closures market.
In addition, increasing wine consumption among consumers is driven by the health and wellness trend, which further drives the metal caps and closures market. Modern-day consumers are aware of the production and origin methods of wine, thus increasingly favoring organic wines as a symbol of higher quality. The packaging of organic wines therefore includes metal caps, and these metal caps with plastic interiors provide a very tight seal over the bottle’s entire mouth and neck, keeping the freshness intact. Furthermore, the growing demand for wine among the millennials is expected to drive the metal caps and closures market. According to the 2022 State of Wine Industry Report, the consumption of wine among millennials increased from 18% in 2019 to 20% in 2020. A wine bottle with a screw metal cap is very easy to cap because it can achieve a tight seal that keeps oxygen out for a long time. A metal screw cap is also easy to remove and reclose. The above factors are therefore expected to improve the wine industry which in return will help boom the metal caps and closures market.
Market Segmentation
By Material
· Aluminum
· Steel
· Tinplate
By Product Type
· Crown Metal Caps
· Twist Metal Caps
· ROPP Metal Caps
· Screw Metal Caps
· Roll on Metal Caps
· Others
By Application
· Alcoholic Beverages
· Food
· Pharmaceutical
· Cosmetics
· Chemicals
· Others
Competitive Landscape
In terms of product differentiation, portfolio, and pricing, there is fierce competition in the industry
The global metal caps and closures market players are witnessing high competition with the presence of several local and international players Nippon Closures Co., Ltd., Reynolds Consumer Products Inc., Sonoco Products Company, Guala Closures Group and Crown Holdings, Inc. are the leading market players with market share of 44.22%, 11.89%, 8.50%, 7.79% and 5.81% respectively. In terms of product differentiation, portfolio, and pricing, there is fierce competition in the industry. Metal caps and closures will become more popular in the beverage segment as demand for value-added closures and tamper resistance properties increases. These companies have used various strategies such as expansions, new product launches, agreements, partnerships, joint ventures, acquisitions, and others to increase their footprints in this market. For instance, in April 2019, Tapì and Thinfilm developed smart closures that tackled counterfeiting in the wine and spirits industry. If a closure seal was broken, the OpenSense solution detects and warns the user that the jar or bottle may have been tampered with. In February 2020, Guala Closures S.pA., completed acquisition of Closurelogic Gmbh, a Germany based manufacturer of aluminum closures.
Key Players Covered in the Global Market Report:
The major players in the market are Nippon Closures Co., Ltd., Reynolds Consumer Products Inc., Sonoco Products Company, Guala Closures Group and Crown Holdings
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