The market for ring pull caps is anticipated to reach US$ 480.8 Mn by 2028, at a CAGR of 5.0% from 2022 to 2028, from an estimated US$ 359.1 Mn in 2022.
According to a study by Future Market Insights, the aluminium segment of the market for ring pull caps is expected to hold a market share of over 70% in 2022, and its market size is anticipated to grow at a CAGR of 5.0% from 2022 to 2028.
With a projected market share of 32.3% in 2022, the APEJ region is predicted to lead the ring pull caps industry.
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The FMI team also predicts that the China ring pull caps market would expand by 8.0% annually in 2022. In 2022, it is anticipated that the APEJ region’s ring pull caps market will be worth US$ 122 Mn overall.
Around 1.7% of the $20 billion global market for metal caps and closures in 2021 was made up of ring pull caps.
The global market for ring pull caps is expected to be driven by rising demand for convenience packaging and bottle opening solutions. By simply puling the ring on the top of the products, ring pull caps Market make it easy to open bottles, cans, and tins. This also eliminates the need for an opener, which was previously required to open a crown cap.
The ring pull caps market is expected to grow at a CAGR of 5.0 percent from 2022 to 2028, from US$ 359.1 million in 2022 to US$ 480.8 million in 2028. According to Future Market Insights’ research, the aluminum sector of the ring pull caps market is expected to account for over 70% of market share in 2022, and its market value is expected to grow at a CAGR of 5.0 percent from 2022 to 2028.The APEJ region is predicted to lead the ring pull caps market in 2022, with a market share of 32.3 percent.
Aluminum to Remain the Most Preferred Material; Increasing Demand for Tin-Free Ring Pull Caps to Propel the Market
Ring pull caps made of aluminum are likely to hold a major market share, whereas steel ring pull caps is projected to witness higher growth over the forecast period, primarily driven by the demand of chrome plated steel caps or tin-free caps. The lower price and barrier properties of the aluminum caps are some key factors driving the adoption of aluminum ring pull caps. In terms of end-use, beer industry is expected to witness highest adoption of ring pull caps, creating highest incremental opportunity, followed by soft-drinks.
Manufacturers of functional beverages, fruit juices, ciders, spirits and wines are gradually favoring ring pull caps for the glass bottles owing to rising demand for convenience.
Steel is generally coated with tin for protection from corrosion. Chrome oxide coating is gradually replacing tin coating on the steel, making the tin-free steel highly suitable for adhesion of coating, inks, and paints, further increasing the printability of the ring pull caps. With comparatively lower manufacturing cost, increasing demand for tin-free ring pull caps is likely to push the global market for ring pull caps.
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Increasing Beer Production in APEJ to Open Opportunity Doors for Ring Pull Caps Manufacturers
As per a recently concluded market analyses, developing nations of APEJ and Latin America are expected to present investment opportunities to manufacturers of ring pull caps owing to rapid production of beer over the last decade, in the aforesaid regions. Since 2006, Vietnam has witnessed a growth of more than 200% in the production of beer.
On the other hand, key market players are focusing on expanding their production in APEJ, considering the region produces nearly 1/3rd of the total beer production, globally. On the other hand, declining beer production in North America, Japan, and some European countries has further impacted the ring pull caps production.
Design Advancements to Further Fuel Ring Pull Caps Adoption
Advancements in design such as tin free caps and crown type ring pull caps will further contributed to the increasing demand for ring pull caps across the globe. To attract more end-consumers, key market players are making efforts to improve the overall the design of ring pull caps resulting in chrome plated ring pull caps, metal cap with plastic ring to reduce the overall weight of the cap, crown type ring pull cap with ring rigidly attached to the top of the cap, oxygen scavengers for the preservation of the alcoholic beverages for long a time period among others.
Moreover, focus on enhancing other aesthetics is also being considered using advanced metal printing techniques such as flexo-offset hybrid printing, creating more opportunities in the global ring pull caps market. Inefficient designs including diameter and strength of the ring could restrain the growth of ring pull caps market.
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Ring Pull Caps Market by Category
By Material:
- Aluminum Ring Pull Caps
- Steel Ring Pull Caps
By Cap Diameter:
- 26 mm Ring Pull Caps
- Other Sizes
By End-use:
- Beer
- Soft Drinks
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East and Africa (MEA)
- Japan
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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