Screw Closures Market Set for Consistent Growth, Reaching US$ 40.5 Billion by 2032 - TMR

Screw Closures Market to Reach US$ 40.5 Bn by 2032, Growing at a 2.9% CAGR from US$ 31.1 Bn in 2023

WILMINGTON, DE, UNITED STATES, December 21, 2024 /EINPresswire.com/ -- The global screw closures market was valued at US$ 31.1 billion in 2023 and is projected to grow at a CAGR of 2.9% from 2024 to 2032, reaching US$ 40.5 billion by the end of 2032.

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The global screw closures market was valued at US$ 31.1 billion in 2023 and is projected to grow at a CAGR of 2.9% from 2024 to 2032, reaching US$ 40.5 billion by the end of 2032.

Analyst Viewpoint

Expansion in the food and beverage sector is fueling the growth of the screw closures market. Rising demand for single-serve beverages, coupled with innovations in sustainable packaging, is driving industry development. Notable advancements include the development of cellulose-based, biodegradable screw caps, which align with increasing consumer focus on sustainability.

Market Introduction

Screw closures are cost-effective solutions providing reliable seals for packaging across diverse industries, including food and beverages, pharmaceuticals, household products, and personal care. Their ease of use, tamper-evident properties, and adaptability to various packaging materials make them a preferred choice in multiple sectors.

Key Market Drivers

1. Expansion in Food & Beverage Sector

• Screw closures are widely used for wine, juices, and other beverages due to their reliable sealing capabilities and convenience.
• Market Insight: In 2022, the EU produced 16.1 billion liters of wine, with countries like Italy, Spain, and France leading the production.
• Trend: The rise in wine production and demand for tamper-evident and child-resistant closures is positively impacting the market.

2. R&D in Sustainable Solutions

• The focus on sustainability has driven innovations like plant-based and recyclable screw caps.
• Case Study: In 2022, Blue Ocean Closures collaborated with Glatfelter and ALPLA Group to develop fiber-based screw caps using dryforming technology.

3. Growth in Single-Serve Beverages

• Consumer preferences for convenience have increased the demand for single-serve beverage packaging.
• Example: The U.S. market’s growing consumption of canned and bottled single-serve beverages underscores this trend.

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Regional Insights

Leading Region: Asia Pacific

Asia Pacific held the largest share of the screw closures market in 2022. Key factors driving growth include:

• Expansion of the food and beverage sector, particularly in India.
• Government initiatives to boost food processing and rising disposable income.

Additional Regional Highlights

• Europe: Significant wine production bolsters the demand for screw closures.
• North America: Strong demand for tamper-evident pharmaceutical packaging.

Key Players

Prominent companies in the screw closures market include:

• Amcor Plc
• Berry Global, Inc.
• Silgan Holdings
• Closure Systems International, Inc.
• BERICAP
• Mold-Rite Plastics
• Georg MENSHEN GmbH & Co. KG
• Comar
• Blackhawk Molding Co., Inc.

Recent Developments

• 2023: Blue Ocean Closures partnered with Coca-Cola’s EMEA R&D Center to develop fiber-based screw caps.
• 2022: BERICAP showcased innovative solutions for sustainable packaging at FACHPACK in Germany.

Market Segmentation

By Diameter

• 18 mm - 33 mm
• 36 mm - 53 mm
• 63 mm - 100 mm
• Above 100 mm

By Material Type

• LDPE
• HDPE
• Polypropylene
• Metal
• Thermoset
• Others (PS, PET, etc.)

By Neck Finish

• 400 (1 Thread Turn)
• 410 (1.5 Thread Turn)
• 415 (2 Thread Turn)
• 425 (2 Thread Turn)
• Above 430 (More than 2 Thread Turn)

By End-Use

• Beverages
• Food
• Pharmaceuticals
• Household
• Cosmetics & Personal Care
• Others

Conclusion

The screw closures market is poised for steady growth, driven by innovations in sustainability, increased beverage consumption, and rising demand for tamper-evident packaging solutions. Companies investing in eco-friendly and high-performance closure technologies will likely lead the market in the coming years.

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