Market Size of Metal Caps and Closures Industry
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| CAGR | 1.77 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Metal Caps & Closures Market Analysis
The metal caps and closures market was valued at USD 1.03 billion in 2020, and it is expected to reach a value of USD 1.12 billion by 2026 at a CAGR of 1.77% over the forecast period, 2021-2026. Metal caps and closures provide rigidity and stability while portraying a superior product image to the consumers in the market.
- Stringent regulations by the CPSC, FDA, and ISO, among others, have been instrumental in driving product innovation and sophistication across the pharmaceutical, food & beverage, and cosmetic industries.
- Moreover, the growth in international trade of food and beverage can prominently attribute to the rising demand for effective packaging solutions, such as metal caps and closures. These solutions ensure the longer shelf-life of food and beverage products.
- Further, the growing use of child-resistant and tamper-evident metal caps and closures has gained huge popularity in the market, which has encouraged the manufacturers to produce superior quality metal caps and closures.
- The growing concerns regarding the usage of environment-friendly products have boosted the adoption of metal caps and closures. Though plastic-based caps pose a high threat for the metal caps, the plastic caps market is witnessing high threats regarding environmental problems. This has been creating the opportunity for the metal caps and closures. Several companies in recent years have been replacing their plastic-based caps and closures with metal.
- However, the presence of other closure systems made of plastics, wood, etc. are expected to act as a restraint and challenge the growth of the metal closures market over the forecast period.
- Due to COVID-19, there was a growth in wine consumption frequency with the shift to at-home occasions more than compensating for the loss of on-premise occasion. (As per Wine Intelligence Report). This has further augmented the market growth.
