New York, NY, Aug. 02, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Ring Pull Caps Market By Material Type (Aluminum and Steel), By Diameter Size (26 mm and Others), and By End-User (Beer, Soft Drinks, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global ring pull caps market was USD 277 million in 2018 and is expected to reach around USD 392 million by 2025, at a CAGR of 5.1% between 2019 and 2025.
Ring pull caps are a specially designed type of bottle caps that do not require any external tool to detach them from the specific bottle. Ring pull caps are mostly used in beers, soft drinks, and fruit juices. Ring pull caps are equipped with an exclusive ring component that is pulled to open the bottles. This aids in ease and convenience while opening a bottle as compared to conventional bottle caps. The most important growth driver of the global ring pull caps market is the convenience and ease provided by ring pull caps. Opening a bottle manually involves a high level of risk. Furthermore, ring pull caps manifest supplementary benefit of high pressure bearing against both carbonated and non-carbonated drinks. Ring pull caps are exclusively used for glass bottles and the biggest market for ring pull cap is the beer industry, which is replacing the use of glass bottles with polyethylene terephthalate (PET) bottles. PET bottles deliver valuable advantages over traditional glass bottles. This may prove to be a major market restraint along with the high production cost, rising demand for well-advanced machines, and advanced skills required for manufacturing ring pull caps.
Browse through 102 Tables & 25 Figures spread over 110 Pages and in-depth TOC on “Global Ring Pull Caps Market: By Material Type, Size, Industry Share, Trends, Analysis and Forecast, 2018–2025”.
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The global ring pull caps market is fragmented on the basis of material type, diameter size, and end-user. On the basis of material type, the ring pull caps market includes aluminum and steel. The aluminum segment holds a higher market share than steel due to its lower cost, lightweight, and superior barrier properties. Additionally, steel ring pull caps are expected to exhibit a higher CAGR over the forecast time period, due to the new trend of tin-free steel caps that incur lesser production cost.
By diameter size, the ring pull caps market is categorized into 26 mm and others. The 26 mm sized caps are mostly used for bottles.
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On the basis of end-user industry, the market is segmented into beer, soft drinks and others including juice, wine, etc. The beer industry held a market share of around 75% in 2018, i.e., over USD 200 Million. The beer industry is expected to further continue its leadership with the highest CAGR over the projected time period. The market penetration of ring pull caps in the beer industry is still below 5%, due to the high cost of production and requirement of high skill workforce for its manufacturing.
The ring pull caps market is well established in North America and Europe. Key players of the ring pull caps market, such as TNN Development, World Bottling Cap, Pelliconi & C, are based in this region. However, decreased beer production in these regions may slightly curb market expansion. PET bottles deliver valuable advantages over traditional glass bottles, such as durability, break-resistant, flexibility, less power consumption for production, and easy recyclability. This might eventually challenge the market for glass bottles, thereby affecting the ring pull caps market in both regions.
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The Asia Pacific region has huge market potential and will register the highest CAGR over the forecast time period. The key growth factor for the region’s ring pull caps market is increasing beer production, a key end-user of ring pull caps. Vietnam has displayed a 200% rise in beer production as compared to 2006. Key players of the ring pull caps market are planning to shift from Europe and North America to the Asia Pacific, which approximately accounts for around 33% of the global beer production. The increased consumption of beverages and soft drinks is expected to further support the ring pull caps market in the future. Furthermore, growing foreign direct investments are also projected to stimulate this regional market.
Latin America is expected to exhibit substantial growth in the ring pull caps market globally, owing to the increasing consumption of beer and wines and rising investments in the region from key market players. The Middle Eastern and African region is estimated to witness sluggish contribution to the ring pull caps market globally, due to the low demand for beer and soft drinks across the region.
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Some major players of the global ring pull caps market are Finn-KorkkiOy, The TNN Development, Fuzhou SKT, Jiangsu Changjiang Lids, Pelliconi & C, Nippon Closures, World Bottling Cap, and Taiwan Hon Chuan.
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This report segments the global ring pull caps market into:
Global Ring Pull Caps Market: Material Type Analysis
- Aluminum
- Steel
Global Ring Pull Caps Market: Diameter Size Analysis
- 26 mm
- Others
Global Ring Pull Caps Market: End-User Analysis
- Beer
- Soft Drinks
- Others
Global Ring Pull Caps Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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