Why is Ring Pull Caps Gaining More Traction over Crown Caps?
Over the years, it has been noticed that in order to open a crown cap, one needs to carry some tools such as a bottle opener. If not carried, one has to rely on their gum strength which possess a certain degree of risk, as one end up hurting themselves in the process. Rising demand for better packaging along with finding solutions for opening bottle solutions is anticipated to fuel the demand for market product. Ring pull caps have recently gained major traction as they are more convenient in opening cans, tins, and bottles. Ring pull caps open by just pulling the ring on the top, making it easier and hassle free. Apart from these, ring pull caps have a high ability to hold considerable amount of pressure of non-carbonated and carbonated drinks. This is anticipated to drive the global market.
At What Rate the Global Ring Pull Caps Market is Likely Grow?
Owing to rise in consumption of beer and canned food all across the world, the global ring pull caps market is expected to expand at a robust CAGR rate of 5.1% throughout the assessed period, 2018 – 2028. Ring pull caps are gaining nod from major food and Beverage Company due to rising demand for convenience packaging from customer end, is likely to aid the market valuation to touch US$480.8 mn by the end of the assessed period.
Which Material to be Most Preferred for Ring Pull Caps and Why?
Though there are various types of materials available in the market for making ring pull caps, aluminum has been most favored by the manufacturer owing to low price of it along with some strong barrier properties. However, it has been noticed that tin-free caps or steel caps plated with chrome are prophesized to see a significant growth in market during the assessed period. Lately, owing to further research and development, coating on steel are replaced by chrome oxide, thus ensuing tin-free steel preferable for inks, paints, and adhesion of coating thus making it more susceptible to printability. Tin free caps are expected to compete against ring pull caps made of aluminum due to its lower manufacturing cost in comparison to aluminum’s.
Which End Users are Likely to Drive the Global Ring Pull Caps Market?
Among the end users, beer manufacturers are likely to demand the most for ring pull caps owing to its convenience. Beer is considered as one of the most consumed packaged beverage after packaged water bottle, coffee and tea. Apart from beer, soft drinks are likely to hold the second rank as most of the soft drink manufacturers are shifting from crown caps to ring pull caps. For instance Coca Cola and Pepsi Cola who are the major players in the soft drinks market are preferring ring pull caps market over crowned caps. However, it has been noticed, soft drink manufacturers are choosing PET bottles and metal cans because of numerous advantages linked with the glass bottles, thus deterring the growth of the global ring pull caps market drastically.
Which Region Is Anticipated to Hold the Lion’s Share?
The market is spread across North America, Europe, APEJ, Middle East and Africa, and Latin America. Of these, Latin America and APEJ is predicted to witness a slew of investments, thus creating lucrative opportunities for the manufactures to extend their customer base. For instance Vietnam in the past decade had noticed a whopping rise in beer production. The rise rate rose to 200% from 2006. However, major players in the market are trying to aim on APEJ region to increase their customer base as the region is considered to provide 1/3rd of the global production of beer. On the flip side, plunge in beer production particularly in Europe, Japan, and North America have adversely impacted the ring pull caps market.
What are the Steps Taken by Manufacturers to Foster Market Growth?
Progress in design like crown type ring pull caps and tin free caps is expected to increase the uptake for ring pull caps all over the world. In order to catch attention of more end users, manufacturers are investing heavily to enhance the ring pull cap’s design ensuing in metal cap with attached plastic ring and ring plated with chrome pull caps to plummet down the cap’s weight. Other techniques taken by manufactures are integration of oxygen scavengers to preserve alcohol for long period of time.
What are The Restraints Faced by the Manufacturers?
One of the major restraint faced by the market is the high cost of ring pull caps in comparison to crown caps. It has been noticed in order to get proper design, high effort is required along with higher amount of raw materials and special machinery in comparison to crown caps