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(Medical-NewsWire.com, January 08, 2020 ) The report "Aluminum Caps & Closures Market by Product Type (Roll-on pilfer-proof Caps, Easy-open Can Ends, Non-refillable Closures), End Use Sector (Beverages, Food, Home & personal Care, Pharmaceutical), and Region - Global Forecast to 2023" The aluminum caps & closures market is projected to reach USD 6.80 Billion by 2023. The aluminum caps & closures market size is projected to grow from USD 5.58 Billion in 2018 to USD 6.80 Billion by 2023, at a CAGR of 4.05%. This market is witnessing considerable growth due to increasing demand for convenience packaging. Growing concerns about product safety and security and rising demand from the end-use industries such as beverage, pharmaceutical, food, and home & personal care are the key factors driving the growth of the aluminum caps & closures market.
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The Roll-on pilfer-proof caps segment is projected to grow at the highest rate during the forecast period.
The roll-on pilfer-proof caps segment is projected to grow at the highest CAGR during the forecast period. ROPP caps are tamper-evident and thus find large applications in the food & beverage and pharmaceutical industries, they are a reliable option for the packaging of spirits, wine, and sparkling beverages (alcoholic and non-alcoholic). The other advantage associated with ROPP caps is that they are a cost-effective packaging solution relative to cork and others, and also provide more room for logos, graphics, and other design elements.
The beverage segment is projected to grow at the highest rate during the forecast period.
The beverage segment is projected to be the fastest-growing end-use sector during the next five years. Aluminum closures are used on a large scale in the packaging of alcoholic beverages such as wine, vodka, and spirits bottles. Aluminum closures provide the first level of protection against the growing counterfeiting issues for spirits, premium olive oil, and bottled water. The growth of the parent industry eventually drives the demand for aluminum caps & closures market.
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Browse in-depth TOC on "Aluminum Caps & Closures Market”
133 - Market Data Tables
21 - Figures
146 - Pages
Asia Pacific accounted for the largest market share in 2017 and is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific region accounted for the largest market share in 2017, and is projected to grow at the highest CAGR from 2018 to 2023. The market in China is expected to grow at the highest CAGR during the forecast period. The growth in the Asia Pacific region is supported by improvements in the economic conditions and in government budgets, increase in number of standards in building codes, positive demographic outlook such as the rise in population & increase in per capita income, and the growth of the food & beverage industry in the region.
The major players in the aluminum caps & closures market include Crown Holding (US), Silgan Holdings (US), Amcor (Australia), Guala Closures (Luxembourg), and Closure Systems International (US), Alcopack Group (Germany), Herti JSC (Bulgaria), Torrent Closures (Spain), Cap & Seal Pvt. Ltd (India), and Federfin Tech S.R.L (Italy).
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