According to latest research, the screw top lids market is projected to expand between 3.0% and 5.0% CAGR during the 2021-2031 assessment period. The growth of the market can be attributed to the increasing demand from the pharmaceutical and beverage sector.
Increasing demand for convenience food, concerns about product safety and security, product differentiation and branding, and decreasing pack sizes are driving the market for the product. The growing demand for improved properties and quality is expected to provide growth opportunities for the Screw top lids market.
What is Driving Demand for Screw Top Lids Market?
Major factors driving the market are the growing demand from the Pharmaceutical and food industry. Pharmaceutical sector accounted for a significant share of the overall Screw top lids market. Increasing demand for convenience food and better operability of packaging act as important drivers for the market.
A cap plays an imperative role in keeping the product fresh and safe from dust and other microbes. Consumers are on the lookout for lids that are user-friendly, easy to open, and convenient to use. The rising popularity of dispensing closures and pump closures in various product groups such as body care, skin care, beverages, and liquid food products is set to spur the growth of this market globally.
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Pharmaceutical Industry Remains a Key Segment for the Consumption of Screw Top Lids Market
Increasing demand from the Pharmaceutical industries is one of the major factors driving the world’s Screw top lids market. The pharmaceutical industry is one of the key end-user industries of this compound as this sector accounts for the largest share in terms of consumption. It is very important to maintain the quality of pharmaceutical products during the manufacturing process.
Pharmaceutical products can be contaminated through air particles, dust, and microorganisms. To avoid contamination, aluminum lids are used to seal the medicines in the pharmaceutical industry.
The packaging of healthcare products is of utmost importance to protect the contents from air, dust, and moisture. An increase in chronic ailments, an increase in the aging population, and a rise in disposable income in developing nations drive the demand for healthcare products, thereby driving the market for the product.
Asia Pacific Screw Top Lids Market Outlook
Asia Pacific region is anticipated to remain the fastest growing region all over the globe. With the substantially growing middle income population in this region especially in China, South Korea, Japan, India etc., the growth rate of this region is projected to remain high during the forecast period.
APAC is expected to account for the largest value share of the global market usage in 2021. Increasing population, industrialization, and urbanization are augmenting the screw top lids market growth.
China is expected to boost the demand of this product during the forecast period. Growth in emerging markets such as India, Indonesia, and Thailand are also playing a key role in driving demand. Furthermore, economic growth, rising population, and growing urbanization are the important drivers of the global screw top lids market in APAC region.
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North America Demand Outlook for Screw Top Lids Market Outlook
North America is expected to witness significant market growth of this product on account of rising production in food and pharmaceutical products over the forecast period.
However, demand in this region is supposed to grow at a moderate pace compared to the fast paced growth of Asia region. The U.S. is home to the largest pharmaceutical market in the world and will play a key role in driving global demand for the product during the forecast period.
Who are the Key Manufacturers and Suppliers of Screw Top Lids ?
Some of the leading manufacturers and suppliers include
Several key market participants are focusing on new product development to cater the growing demand from the end use sector. Key players are investing heavily in research and development to introduce new products and they are also investing to manufacture products in a sustainable way, to maximize their sustainability.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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