The latest market report published by Credence Research, Inc. “Aluminum Caps & Closures Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the aluminum caps & closures market was valued at US$ 5.60 Bn in 2018 and expected to grow at a CAGR of 4.5% during the forecast period from 2019 to 2027.
“Growing food & beverages industry worldwide will drive the demand for Aluminum Caps & Closures Market”
The aluminum caps & closures market is majorly driven by the surge rising food & beverage industry along with growing concerns for product safety and security across the globe. The surge in demand for aluminum caps & closures across numerous industries such as food & beverages, healthcare, home & personal care and others is another key factor predicted to drive the global aluminum caps & closures market in years to come. The surge in penetration of aluminum closures coupled with stringent government regulations for packaging are some other major factors projected to drive the global market over the forecast period. Growing technological advancements in the packaging industry is another major growth factor estimated to support the global aluminum caps & closures market during the forecast period. The rise in demand for tamper proof and anti-counterfeit packaging in the pharmaceutical and healthcare industry are some other major factors anticipated to drive the global market throughout the forecast period. In 2018, Asia Pacific dominated the global market followed by North America.
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- In January 2018, Guala Closures launched its new e-WAK technology. The e-WAK is the first ever NFC integrated aluminum closure. The e-WAK is one of the new smart technologies that permits each bottle of wine to become a connected bottle.
Key Market Movements:
- Worldwide, the aluminum caps & closures market is growing at a CAGR of 4.3% in terms of revenue for the anticipated period from 2019 to 2027
- Asia Pacific dominated the global aluminum caps & closures market in 2018 due to rising food & beverage industry and growing online food delivery market. Increased government regulations coupled with surge in healthcare industry are some other major growth factors projected to enhance regional growth.
- North America has a significant share in the global market in 2018. The growth of the beverage and healthcare industry in the region is expected to drive the market substantially in North America. Developed industries and early technological adoption are some other factors projected to enhance the regional growth in years to come.
- Based on end-use, the food & beverages segment had a major share in the global market in 2018. The segment had its dominance due to rising food & beverages industry coupled with growing demand for online food delivery services around the world.
- Acquisitions and enhanced geographical presence are anticipated to be the key strategies
List of Companies Covered:
- Federfin Tech S.R.L
- Alameda Packaging
- Crown Holdings
- Cap & Seal Pvt. Ltd.
- Amcor Plc
- Shangyu Sanyou Packaging Co. Ltd.
- Torrent Closures
- Guala Closures
- Dyzdn Metal Packaging
- J.G. Finneran Associates
- Silgan Holdings
Browse the full report at https://www.credenceresearch.com/report/aluminum-caps-and-closures-market