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.
Due to their capacity for providing airtight sealing, the big pharmaceutical players are anticipated to invest heavily in snap-on closures. The need for snap-on closures is anticipated to increase throughout the forecast period as a result of this, along with their capacity to preserve hygiene and shield the beverage from contamination.
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The snap-on closures have witnessed increased demand in the personal care and cosmetics market. The application of snap-on closures ensures that the liquid/cream is not wasted. The quality of these products is not compromised when they come in contact with snap-on closures.
The manufacturers who are into the production of snap-on closures are taking special care of the type of products to be utilized during the production process. Owing to this, a lot of them are making use of aluminum as it is recyclable and bio-degradable. Thus, the application of snap-on closures allows a lot of companies to achieve sustainability goals. Such factors are expected to surge the sales of snap-on closures during the forecast period.
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.’
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Key Takeaways:
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.
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Key developments in the snap-on closures market:
Key Players:
Berry : Berry specializes in the production and decoration of high-quality plastic bottles, jars, flexible tubes, and closures
Amcor : Amcor is a global leader in developing and producing responsible packaging for food, beverage, pharmaceutical, medical, home, and personal care.
Aptar : Aptar has always been adapting and preparing alongside its customers every day.
Other companies profiled: M&H Plastics Ltd., and Silgan Plastic Closure Solutions.
Snap-on Closures Market Segmentation
By Neck Diameter:
By Material Type:
By End Use:
By Region:
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