The global snap-on closures market is expected to record a CAGR of 4.6% from 2023 to 2033. In 2023, the market size is anticipated to reach US$ 15.1 billion. By 2033, the numbers are projected to cross US$ 23.7 billion.
Due to their capacity for providing airtight sealing, the big pharmaceutical players are anticipated to invest heavily in snap-on closures. The need for snap-on closures is anticipated to increase throughout the forecast period as a result of this, along with their capacity to preserve hygiene and shield the beverage from contamination. The snap-on closures have witnessed increased demand in the personal care and cosmetics market. The application of snap-on closures ensures that the liquid/cream is not wasted. The quality of these products is not compromised when they come in contact with snap-on closures.
The manufacturers who are into the production of snap-on closures are taking special care of the type of products to be utilized during the production process. Owing to this, a lot of them are making use of aluminum as it is recyclable and bio-degradable. Thus, the application of snap-on closures allows a lot of companies to achieve sustainability goals. Such factors are expected to surge the sales of snap-on closures during the forecast period.
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One of the key benefits which have attracted a lot of investment is the fact that the snap-on closures have the capability to handle both hot and cold products. This has drawn a lot of attraction, especially from the players across the beverage market.
Thus, the FMI analysts are of the view that ‘increased demand in the pharmaceutical sector, personal care and cosmetics sector, beverage sector, the ability to be recycled, and a lot of other factors are expected to surge the snap-on closures market growth during the forecast period.’
Key Takeaways:
- In 2023, the market is expected to be valued at US$ 15.1 billion.
- By 2033, the figures are anticipated to reach US$ 23.7 billion.
- The CAGR during the forecast period is projected to be 4.6%.
- On the basis of regional analysis, Asia Pacific is expected to hold the leading market share.
- The United States market is expected to record a CAGR of 3.5%.
- The market in Germany is anticipated to record a CAGR of 3.2%.
- The snap-on closures market in China is projected to record a CAGR of 5.5%.
- The market in India is anticipated to record a CAGR of 6.1%.
- The market in Brazil is expected to record a CAGR of 4.4%.
- On the basis of material type, the polypropylene segment is expected to hold the leading market share during the forecast period, and the CAGR is expected to be at 4.9%.
- On the basis of end-use, the personal care and cosmetics segment is expected to hold the dominant market share during the forecast period, and is projected to record a CAGR of 4.2%.
- On the basis of neck diameter, the 34-44 mm segment is expected to occupy the dominant position.
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Competitive Landscape
The key players operating in the snap-on closures market are focusing on product innovation. This would ultimately help in cost cutting as a result of which even the consumers have to pay less. The manufacturers are also focusing on mergers and acquisitions to increase their market share. The focus is also on technological advancements as they would enhance the production capabilities. The manufacturers are also ensuring that they grab headlines by winning awards that are specific to the niche.
Key developments in the snap-on closures market:
- With the acquisition of MDK in January 2023, Amcor widened its healthcare platform in Asia Pacific. In December 2022, Aptar was in the top 15 America’s most responsible companies 2023 by Newsweek.
Snap-on Closures Market Segmentation
By Neck Diameter:
- Up to 24 mm
- 24-34 mm
- 34-44mm
- Above 44 mm
By Material Type:
- PP
- LDPE
- HDPE
By End Use:
- Food
- Beverages
- Pharmaceuticals
- Personal Care and Cosmetics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- The Middle East and Africa
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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