Global Metal Caps and Closures Market - Segmented by Material Type (Aluminium, Tin-plated, Steel), Packaging Type (Caps, Closures, Crowns), End-User Verticals (Alcoholic Beverages, Chemicals, Cosmetics), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global metal caps and closures market was valued at USD 0.99 billion in 2017 and is expected to reach a value of USD 1.10 billion by 2023 at a CAGR of 1.72% over the forecast period (2018 - 2023). The scope of the report includes insights on significant players providing products and solutions of aluminum, tin-plated, and steel in metal caps and closures in the global market. The regions studied in the report are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes on various end-user based verticals like in food, beverages, beauty & personal care, pharmaceuticals, household, and industrial segment.
Metals packaging is being substituted by plastic or glass packaging, and this has become an area of concern for the metal packaging manufacturers. The metal caps and closures market is expected to witness slothful growth due to the increasing adoption of plastic closures. The Asia-Pacific region accounts for the most significant share, in terms of value as well as volume, because of thriving end-user industries in the region. However, product innovation is expected to drive the market during the forecast period.
Beverage Segment to Driving the Market Growth
The beverages end-user industry has been one of the major segments for the demand of metal caps & closures. Mostly the alcoholic beverages segment has been the segment which has seen a continuous growth in the demand for metal product, like caps and closures. This can be attributed to the consumer behavior. The consumers tend to prefer beverages with metal closures as it gives a feeling of tamperproof product.
The increase in alcoholic beverage consumption in new and emerging countries has also added to the increased demand. Developing countries, like India and China, have seen an increased demand for canned and bottled alcoholic beverages. This has been the result of increasing young population and their preference for its consumption, thereby, driving the market. A similar trend is expected to follow in regions and countries that are slowly opening their market.
In the metal cans market, pressurized containers have a preference to opt for metal closures. Aerosols and perfume spray cans come in this category. Many flammable gases, chemicals containers are necessarily required to be packed only using metal caps. This also results in a market that faces competition with the plastic product but is moderately growing due to the regular demand from these segments.
Substituting Plastics Causing Troubled Market Growth
Technology advancements in plastic packaging have resulted in innovations in the product development in the industry. Many companies are investing significantly in R&D to come up with unique and cost-effective products, the innovations in plastic caps and closures market is increasing. Dow industries have come up with a new range of PET resins portfolio for manufacturing of caps and closures. Imola, an Italian company, has come up with a new HD printing machine to print high-quality images at a fast rate on caps. Many other companies are following similar suite and are coming up with new and innovative final products. The innovations in the industry and the growing demand for products is driving the growth of caps and closures market around the globe. The ease of molding of plastic caps and closures allows them to serve a large variety of industries, from food & beverages, pharmaceuticals, household goods, cosmetic products, and many others. Plastic caps and closures use PET, PP, and PE as the primary raw materials for manufacturing. Industries rely heavily on the plastic caps and closures as they provide a cost-effective sealing solution. The innovations in this segment are giving fierce competition to the metal caps and closures market.
Key Developments in the Market