According to a new market research report published by Credence Research “Global Ring Pull Cap Market (Type (Aluminum, Steel); Application (Beer, Soft Drinks, Others)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, ring pull cap market is set to grow with a CAGR of 5.1% during the forecast period, starting from US$ 315.2 Mn in 2018.
The global ring pull cap market is driven by the growing disposable income of individuals across emerging countries. Over the past decade, significant growth in the middle class of the emerging economies of Asia has been witnessed. The region accounts for more than 60% of the global middle-class population, and the number is further estimated to grow during the forecast period.
The increasing urbanization across the region along with the strong economic growth is supporting the growth of the middle class in the region. Furthermore, the increasing consumption of the beverages across the region is accelerating the adoption of the ring pull caps. Additionally, the rising adoption of the trend of the convenience packaging is augmenting the demand for the ring pull caps across the globe.
The soft drink segment is estimated to grow significantly at a CAGR of over 7% during the forecast period. The segment growth is credited to the increasing adoption of the ring pull caps in the glass bottle beverages. The global leaders in the soft drinks market such as Coca Cola and Pepsi are replacing the metal crown caps with the ring pull caps. The large scale use of the glass bottles for the soft drinks is further driving the demand for the market.
Asia Pacific’s ring pull caps market is projected to develop considerably with a CAGR of more than 6.5% during the forecast period. The progress of the market is driven by the increasing adoption of soft drinks and beers across the region. The increasing disposable income of the population in the region is further driving the demand for the market. Furthermore, the growing food & beverage industry in the region is propelling the market.
The key vendors in the ring pull cap market are Fuzhou SKT Co. Ltd., Finn-KorkkiOy, Jiangsu Changjiang Lids Co. Ltd, Nippon Closures Co. Ltd., Pelliconi & Co. SPA, Taiwan Hon Chuan Enterprise Co. Ltd., The TNN Development Limited, and World Bottling Cap LLC.
Browse the full report at https://www.credenceresearch.com/report/ring-pull-cap-market
The Global Ring Pull Cap Market is Segmented into:
|Segmentation||By Type Segment (2017–2027; US$ Bn)|
|By Application Segment (2017–2027; US$ Bn)|
|By Geography Segment (2017–2027; US$ Bn)|
*Complete segmentation list is on report page
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