NEW YORK, May 17, 2018 /PRNewswire/ -- Increase in demand in the beverage industry to drive the aluminum caps & closures market
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The aluminum caps & closures market size is estimated to grow from USD 5.58 billion in 2018 to USD 6.80 billion by 2023, at a CAGR of 4.05%. The aluminum caps & closures market is driven by factors such as rise in demand from end-use industries such as pharmaceutical, food, and beverage as well as increase in concern about the quality and safety of the product. However, the increase in usage of packages without closures such as pouch & blister packaging threatens the growth of the aluminum caps & closures market. Moreover, other substitutes such as plastic caps & closures restrain the growth of the aluminum caps & closures market
Beverage segment held the largest share of the aluminum caps & closures market in 2017
The beverage segment accounted for the largest market for aluminum caps & closures market in 2017.Aluminum closures find large application in the beverage industry, especially in alcoholic beverages.
The key reason behind the extensive demand from the beverage industry is the anti-contamination element that plays a crucial role in maintaining the shelf life of the packaged product. In addition to this, the caps & closures manufactured with aluminum are user-friendly and cost-effective, which further fuel the growth of this market.
Asia Pacific region is set to witness healthy growth during the forecast period
The Asia Pacific region is projected to be the fastest-growing market during the forecast period.It is also projected to hold the largest market share due to increase in commercialization and rise in demand for packaged goods in the region.
The markets in China and India are projected to be lucrative due to their rising middle-class population and increasing consumer spending on packaged products.
Breakdown of Primaries
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of the aluminum caps & closures market.Estimates reached after analyzing secondary sources were validated through these interviews.
Primary sources included professionals such as packaging manufacturers, distributors, consultants, and academic professionals. The distribution of primary interviews is as follows:
• By Company Type: Tier 1 – 30%, Tier 2 – 35%, and Tier 3 – 35%
• By Designation: Director – 61% and Manager – 39%
By Region: North America – 15%, Europe – 21%, Asia Pacific – 51%, South America –5%, and the Middle East & Africa – 8%
Note: The tier of the companies is defined on the basis of their total revenues, as of 2013.
Tier 1: Revenue > USD 1 billion; Tier 2: USD 1 billion > Revenue > USD 500 million; Tier 3: Revenue < USD 500 million
The various key caps & closures providers profiled in the report are as follows:
1. Crown Holding (US),
2. Silgan Holdings (US),
3. Amcor (Australia),
4. Guala Closures (Luxembourg),
5. Closure Systems International (US)
6. Alcopack Group (Germany),
7. Herti JSC (Bulgaria),
8. Torrent Closures (Spain),
9. Cap & Seal Pvt. Ltd (India),
10. Federfin Tech S.R.L (Italy
Research Coverage:
The aluminum caps & closures market is segmented on the basis of product type, end-use industry, and region.The report covers detailed information regarding the major factors influencing the growth of the aluminum caps & closures market, such as drivers, restraints, challenges, and opportunities.
A detailed analysis of the key industry players has been carried out to provide insights into their business overview, products & services, and recent developments associated with this market.
The report will help the market leaders/new entrants in this market in the following ways:
• This report segments the aluminum caps & closures market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
• The report helps stakeholders to understand the market and provides them information on key market drivers, restraints, challenges, and opportunities.
• This report will help stakeholders to better understand their competitors and gain more insights into their position in the business. The competitive landscape section includes the competitor ecosystem, new product developments, agreements, partnerships, joint ventures, mergers, and acquisitions.
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