Growth Drivers:
♦Increasing Demand for Convenience
♦Concerns About Product Safety and Security
♦Product Differentiation and Branding
♦Decreasing Pack Sizes
Opportunities:
♦Emerging Economies
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The aluminum caps & closures market size will grow from USD 5.58 Billion in 2018 to USD 6.80 Billion by 2023, at an estimated CAGR of 4.05%. The aluminum caps & closures market is expected to witness high growth as a result of the growing end-use industry such as beverage and healthcare as well as the rising concerns toward product quality and safety. Aluminum caps & closures seal the content within the container and allow appropriate dispense of the contents.
Aluminum caps & closures are used in various industries and their utility across industries includes maintaining the quality of the products, increasing the shelf life of the commodity, and keeping the products fresh. These are some of the main reasons which have led to the increase in their share in the packaging industry. The beverage segment is projected to have the largest market share and dominate the aluminum caps & closures market from 2018 to 2023.
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Key Players:
The global market for aluminum caps & closures is dominated by players such as Crown Holding (US), Silgan Holdings (US), Amcor (Australia), Guala Closures (Luxembourg), and Closure Systems International (US). Other players in this market include Alcopack Group (Germany), Herti JSC (Bulgaria), Torrent Closures (Spain), Cap & Seal Pvt. Ltd (India), and Federfin Tech S.R.L (Italy).