31-Jul-2019 | Zion Market Research
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 the full “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” Report at https://www.zionmarketresearch.com/report/ring-pull-caps-market
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.
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 Asia Pacific and Latin American regions are projected to experience substantial growth in the market for ring pull caps globally over the forthcoming years. This can be attributed to the steep rise in the beer production in these regions.
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.
This report segments the global ring pull caps market into:
Global Ring Pull Caps Market: Material Type Analysis
Global Ring Pull Caps Market: Diameter Size Analysis
Global Ring Pull Caps Market: End-User Analysis
Global Ring Pull Caps Market: Regional Analysis
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