The global snap-on closures market is expected to record a CAGR of 4.6% from 2023 to 2033. In 2023, the market size is anticipated to reach US$ 15.1 billion. By 2033, the numbers are projected to cross US$ 23.7 billion.
Over the covering and cap, a marketer would aim to effectively communicate the advantages of these items. The advantage of snap-on closures is that the surface of the closures, which the marketer can print with their message, accentuates the message. During the forecast period, it is anticipated that these factors are expected to increase the demand for snap-on closures.
Owing to surging land pollution, many manufacturers are using aluminum for the production of snap-on closures. The application of aluminum ensures that the snap-on closures are recyclable, which allows the companies to be in line with the sustainability goals. The manufacturers of snap-on closures are ensuring that the quality complies with the international regulations. These tests are done to confirm that the snap-on closures are compatible for food contact, and do not cause any harm to human body. Such factors are expected drive the growth of the market.
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One of the key benefits which have attracted a lot of investment is the fact that the snap-on closures have the capability to handle both hot and cold products. This has drawn a lot of attraction, especially from the players across the beverage market.
Thus, the FMI analysts are of the view that ‘increased demand in the pharmaceutical sector, personal care and cosmetics sector, beverage sector, the ability to be recycled, and a lot of other factors are expected to surge the snap-on closures market growth during the forecast period.’
Key Takeaways:
- In 2023, the market is expected to be valued at US$ 15.1 billion.
- By 2033, the figures are anticipated to reach US$ 23.7 billion.
- The CAGR during the forecast period is projected to be 4.6%.
- On the basis of regional analysis, Asia Pacific is expected to hold the leading market share.
- The United States market is expected to record a CAGR of 3.5%.
- The market in Germany is anticipated to record a CAGR of 3.2%.
- The snap-on closures market in China is projected to record a CAGR of 5.5%.
- The market in India is anticipated to record a CAGR of 6.1%.
- The market in Brazil is expected to record a CAGR of 4.4%.
- On the basis of material type, the polypropylene segment is expected to hold the leading market share during the forecast period, and the CAGR is expected to be at 4.9%.
- On the basis of end-use, the personal care and cosmetics segment is expected to hold the dominant market share during the forecast period, and is projected to record a CAGR of 4.2%.
- On the basis of neck diameter, the 34-44 mm segment is expected to occupy the dominant position.
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Competitive Landscape
The key players operating in the snap-on closures market are focusing on product innovation. This would ultimately help in cost cutting as a result of which even the consumers have to pay less. The manufacturers are also focusing on mergers and acquisitions to increase their market share. The focus is also on technological advancements as they would enhance the production capabilities. The manufacturers are also ensuring that they grab headlines by winning awards that are specific to the niche.
Key developments in the snap-on closures market:
- With the acquisition of MDK in January 2023, Amcor widened its healthcare platform in Asia Pacific. In December 2022, Aptar was in the top 15 America’s most responsible companies 2023 by Newsweek.
Snap-on Closures Market Segmentation
By Neck Diameter:
- Up to 24 mm
- 24-34 mm
- 34-44mm
- Above 44 mm
By Material Type:
- PP
- LDPE
- HDPE
By End Use:
- Food
- Beverages
- Pharmaceuticals
- Personal Care and Cosmetics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- The Middle East and Africa
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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