Metal Caps and Closures Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Posted April 30, 2021 by manojshinde

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.

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Key Market Trends

Pharmaceutical Application Offers Potential Growth

- Metal caps and closures are predominantly used in the pharmaceutical sector as they are sterile and are generally composed of layered material. Metals caps made of steel and aluminum are mostly used in the sector. Besides, aluminum can be highly customizable: natural or colored, plain or embossed. Thus, pharmaceutical packaging can be supplied according to the consumers’ needs.

- The rapidly growing pharmaceutical production and the regulatory changes further favor child-resistant, value-added, and senior-friendly closures, which are anticipated to drive the market in the foreseen period.

- The World Health Organization (WHO) recently estimated that one-third of all medicines sold worldwide are illegitimate. The increasing risks from falsified drugs are creating needs for efficient anti-counterfeiting solutions boosting the adoption of anti-counterfeiting closures.

- The adaptation of aluminum closures in the pharmaceutical industry is on the rise, as its rubber counterparts tend to contaminate the drugs. The contamination is attributable to elastomeric container closure components. Possible contaminants include microorganisms, endotoxins, and chemicals. In 2019, the Food and Drug Administration (FDA) recalled as many as 2,163 drugs, as stated in its report.

- Further, the demand for metal caps and closures may witness a few challenges in the syrup bottle sector owing to the regulations prevailing in their usage. Herbal medicinal products (HMP) have recently gained importance and are extensively used to prevent and treat various ailments.

Asia- Pacific to Witness the Fastest Growth

- Asia-Pacific is expected to witness the fastest growth because of the presence of two highly populated countries i.e., China and India. In these two countries, the increase in disposable income will act as a supplement for the growth of the metal caps and closures market.

- According to a study performed by Banco do Nordeste, the alcohol consumption in India was 6.23 billion liters in FY 2019. The consumption is expected to reach 6.53 billion liters in FY 2020. Also, according to the CARE Ratings, from INR 1,475,000 million in 2016, the Indian alcohol market is expected to rise to INR 1,754,000 million by 2021, boosting the country’s alcoholic beverage packaging segment. Moreover, a 7.5% growth rate is expected for the beer market for the next five years in India.

- Also, according to the Craft Brewers Association of India, the number of microbreweries in India has galloped from 20 to 120 in the past five years. Such trends are expected to create significant demand for sustainable packaging solutions in the industry.

- Further, many beer producers in the country are witnessing severe monetary losses during the COVID-19 crisis. For instance, Kimaya Himalayan took a hit of around INR 10 million in April 2020. Also, Mumbai-based Drifter Breweries was forced to dump 2,000 liters of beer. Drifter, which sells through its own outlets or through other restaurants and bars, is struggling to sell as eateries are still shut.

- Moreover, with the vast rise in the demand for packaged foods and beverages and the critical role played by caps and closures in keeping packaged consumables fresh for extended periods are likely to boost the market in these regions.

Competitive Landscape

The metal caps and closures market is highly fragmented and competitive due to the presence of international vendors. Some of the key players of this market are Crown Holdings, O.Berk Company, Reynolds Packaging Group Ltd amongst others. Intense competition prevails in the market in terms of product differentiation, portfolio, and pricing. The rising demand for value-added closures and tamper resistance properties will augment the usage of metal caps and closure in the beverages segment.

- July 2019 - Growpacker Inc., a contract manufacturer of THC- and CBD-infused edibles in the United States, announced to launch its patent-pending Cannasafe, a child-resistant lid for aluminum cans containing THC-infused beverages.

- Apr 2019 - Tapì and Thinfilm develop smart closures tackled counterfeiting in the wine and spirits industry. The OpenSense solution used detects when a closure seal was broken and alerts the consumer that the container or bottle may have been tampered with.

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Issued By Statzy Market Research
Country India
Categories Miscellaneous
Tags metal caps and closures market , metal caps and closures market forecast , metal caps and closures market share , metal caps and closures market size
Last Updated April 30, 2021