Key Market Insights
“Rising product safety concerns worldwide will boost market growth”
The global aluminum caps & closures market is rising significantly, anticipated to expand at a CAGR of 4.3% during the estimated period from 2023 to 2030, starting from US$ 6.32 Bn in 2021.
The rising concerns for product security and safety along with growing demand for convenience packaging solutions the market is growing substantially. Decreased pack size and growing need for branding and product differentiation are expected to drive the aluminum caps & closure market growth over the forecast period. Wide application of aluminum caps & closures in various end-use industries (such as pharmaceuticals, personal care & home, food, and others) is anticipated to further enhance the market growth during the forecast period. Keep the product fresh, increase the shelf life of the product, and others are some features of aluminum caps & closures, projected to support the market growth in years to come. Emerging countries of Asia Pacific include China, India, Indonesia, and others are expected to enhance the market during the forecast period. Rising technological advancements in the industry is another prominent factor anticipated to drive the market over the forecast period.
Product Type Analysis
“Growing application across industries to spur the segment growth”
The roll-on pilfer-proof caps segment has a major share in the market in 2021 and projected to grow with the highest CAGR over the forecast period. The segment has the largest share owing to a wide application in the pharmaceutical and food & beverage industry. ROPP caps have numerous benefits such as tamper-evident, cost-effective, and others which are expected to support the segment growth in years to come. The ROPP caps provide more space for graphics, logos, and other design features due to that the roll-on pilfer-proof caps preferred by packaging manufacturers. As a result of the abovementioned factors, the segment is anticipated to continue its dominance during the forecast period.
End-user Analysis
“Increasing the food & beverage industry to spur the segment growth”
In 2021, the food & beverage segment had a major share in the global aluminum caps & closures market. Wide application of aluminum caps & closures for the packaging of non-alcoholic and alcoholic beverages is the major factor for the major share of the segment. Aluminum caps & closures provide safety to the beverages against the increasing counterfeiting issues for bottled water, spirits, premium olive oil, and others which supports the segment growth over the forecast period. The surge in demand for beverages is anticipated to further drive the segment growth during the forecast period.
Regional Analysis
“The rising demand for aluminum caps & closures to spur the Asia Pacific growth”
In 2021, Asia Pacific dominates the global aluminum caps & closures market. Improved economic conditions and growth of the beverages industry are major factors driving regional growth. The growing healthcare industry in the region coupled with government regulations is expected to enhance the regional growth during the forecast period. A rise in per capita income & population increase and a positive economic outlook are some other factors anticipated to support the regional growth over the forecast period. China and India are projected to be major contributors to Asia Pacific growth in years to come. Therefore, Asia Pacific is expected to show the highest CAGR and is anticipated to continue its dominance throughout the forecast period.
Key Industry Developments:
List of Companies Covered:
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Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Aluminum Caps And Closures market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Product Type
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End-use
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
