Global metal closures market to grow to $50.8bn by 2032
The global metal closures market is anticipated to grow from US$ 28.4 Bn in 2022 to US$ 50.8 Bn by 2032, with the overall sales rising at around 6% CAGR throughout the forecast period, according to a new report by FMI.
Rising demand for metal closures from various end-use industries including food & beverages, pharmaceutical, cosmetics & personal care, etc., is a key factor driving growth in the global market.
Metal closure sales are expected to rise due to increasing demand for easy-to-open and sustainable packaging, rising consumption of packaged food and beverages items, and rapid economic growth.
Metal closures are commonly used in food & beverage segment for carbonated drinks, bottled water, ketchup and alcoholic beverages, among other things.
Caps and closures enhance the shelf life of items, protect them from dirt and moisture, and keep the oxygen concentration of the packed product balanced. They possess durability and strength along with excellent adhesion which acts as a utility for numerous end-use industries.
With the growing need for caps and closures, import and export have become more important. Due to the continuous expansion of numerous major end use sectors, the worldwide metal closures market is expected to grow rapidly in the future years.
In the next few years, rising consumer demand for bottled water will boost the need for tamper-evident caps and closures. The rise of the bottled water market is fuelled by changes in lifestyles and per capita consumption.
Demand for metal closures is particularly rising across regions like North America and East Asia due to increasing production and consumption of packaged foods and beverages, easy availability of metal closures at lower costs, and growing popularity of aluminium metal closures.
Key Takeaways from Global Metal Closures Market
- By material type, the aluminium segment is expected to grow at the highest CAGR of 6.3% between 2022 and 2032.
- Based on end use, the food & beverage segment will expand at a CAGR of 5.7% during the forecast period.
- North America and East Asia are projected to remain leading markets for metal closures during the assessment period.
- The metal closures market in India is expected to grow at 6.8% CAGR through 2032.
- The U.S. metal closures market is anticipated to grow at 5% CAGR between 2022 and 2032, creating an incremental opportunity of US$ 2.7 Bn by 2032.
“Increasing demand for packaged food & beverages is giving rise to the global metal closures with significant market opportunities as they extend shelf life of the products,”- says FMI analyst