The U.S. metal closures market is likely to grow at 5% CAGR between 2022 and 2032, creating an incremental opportunity of US$ 2.7 Bn by the end of 2032. Metal closures market in India is expected to grow at a CAGR of 6.8%. Most of the Metal Closure Sales to Remain Concentrated in Food & Beverages Sector
NEWARK, Del., Sept. 14, 2022 /PRNewswire/ — As per FMI, the global metal closures market is anticipated to grow from US$ 28.4 Bn in 2022 to US$ 50.8 Bn by 2032, with the overall sales rising at around 6% CAGR throughout the forecast period.
Rising demand for metal closures from various end-use industries including food & beverages, pharmaceuticals, cosmetics & personal care, etc., is a key factor driving growth in the global market.
Metal closure sales are expected to rise due to increasing demand for easy-to-open and sustainable packaging, rising consumption of packaged food and beverages items, and rapid economic growth.
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Metal closures are commonly used in food & beverage segment for carbonated drinks, bottled water, ketchup and alcoholic beverages, among other things. Caps and closures enhance the shelf life of items, protect them from dirt and moisture, and keep the oxygen concentration of the packed product balanced. They possess durability and strength along with excellent adhesion which acts as a utility for numerous end-use industries.
With the growing need for caps and closures, import and export have become more important. Due to the continuous expansion of numerous major end use sectors, the worldwide metal closures market is expected to grow rapidly in the future years.
In the next few years, rising consumer demand for bottled water will boost the need for tamper-evident caps and closures. The rise of the bottled water market is fuelled by changes in lifestyles and per capita consumption.
Demand for metal closures is particularly rising across regions like North America and East Asia due to increasing production and consumption of packaged foods and beverages, easy availability of metal closures at lower costs, and growing popularity of aluminium metal closures.
Key Takeaways from Global Metal Closures Market
- By material type, the aluminium segment is expected to grow at the highest CAGR of 6.3% between 2022 and 2032.
- Based on end use, the food & beverage segment will expand at a CAGR of 5.7% during the forecast period.
- North America and East Asia are projected to remain leading markets for metal closures during the assessment period.
- The metal closures market in India is expected to grow at 6.8% CAGR through 2032.
- The U.S. metal closures market is anticipated to grow at 5% CAGR between 2022 and 2032, creating an incremental opportunity of US$ 2.7 Bn by 2032.
“Increasing demand for packaged food & beverages is giving rise to the global metal closures with significant market opportunities as they extend shelf life of the products,”- says FMI analyst
Who is winning?
Leading metal closure manufacturers include Nippon Closures Co. Ltd, Crown Holdings, Inc., Closure Systems International, Amcor plc, Tri-Sure Packaging, Silgan Containers LLC, SACMI, METAL CLOSURES PVT. LTD., Canpack, Kotopack, Actega, Viscose Closures Ltd, Peliconi, Sks Bottles & Packaging Inc, Guala Closure Group and others.
These players are constantly upgrading their product portfolios by launching novel products with better features. Besides this, they are investing in R&D and partnering and collaborating with end-use industries to increase their sales.
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Food and Beverages is the Key Driver of the Global Metal Closures Market
The market for metal closures is expanding rapidly due to factors such as rising demand from the food and beverage segment due to their protective qualities. Additionally, the demand for metal caps and closures is projected to increase in the upcoming years due to the growing use of metal closures in food packaging and their distinctive ability to improve shelf life.
Beverage packaging is one of the most significant end-use sectors for metal closures. Beverage packaging is used to preserve the taste and texture of beverages while extending their shelf life. Pouches and cartons are two recent packaging innovations that are gaining popularity. The search by beverage companies for novel, distinctive closures is what drives the market for premium caps in the beverage segment. To seal or package non-alcoholic beverages, many types of caps and closures can be used. Plastic, metal, glass, and rubber caps and closures are only a few of the alternatives.
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Substantial Use of Aluminium Material is driving the Demand for Metal Closures Market
Aluminium material segment has witnessed the highest value in the metal closures segment. Aluminium closures are manufactured in a way which are cost-efficient and it provides various designs. They offer a perfect way of opening and resealing the products and can be used again for various purposes. Aluminium closures possess a strong adaptability and also extends the shelf life of the product. It helps in keeping the same quality of the product even after long storage.
Thus, aluminium is expected to witness significant market growth during the forecast period of 2022-2032.
Global Metal Closures Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the Global metal closures market by Material type (Aluminium, Tin, Stainless Steel and Copper), by Production Process Type (Injection Molding, Compression Molding), by End use (Food & Beverages, Consumer Goods, Personal Care & Cosmetics, Homecare, Pharmaceuticals ,Others (Chemical, Agro Products, etc.), by region (North America, Latin America, Europe, South Asia, East Asia, Middle East and Africa, Oceania) – Forecast to 2022 – 2032.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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