Demand for UV-Metallized Caps and Closures Rising in Food and Beverage Factories

The burgeoning requirement for metalized caps and closures in the cosmetics industry and the growing demand for foods and beverages are the major factors fueling the worldwide requirement for UV metalized caps and closures. Due to the rapid economic progress of many developing countries, the disposable income of people has increased, which has, in turn, augmented the consumption of various foods and beverages and the sales of different cosmetic products such as anti-ageing creams, sunscreens, and lotions. Besides this, the surging consumption of alcohol in various countries is also pushing up the requirement for UV metalized caps and closures.

For instance, the consumption of alcohol in Australia increased from 9.52 lt. per capita in 2014-2015 to 9.70 lt. per capita in 2015-2016 and this number further grew to 9.72 lt. per capita in 2018. Because of these factors, the value of the UV metalized caps and closures market is predicted to rise from $297.0 million in 2017 to $378.9 million by 2023. Furthermore, the market will demonstrate a CAGR of 4.2% from 2018 to 2023, as per the forecast of the market research firm, P&S Intelligence.

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Depending on metallizing material, the UV metallized caps and closures are classified into alloy, aluminum, and others such as silver, platinum, gold, and chromium. Amongst these, the demand for aluminum was found to be the highest, owing to tis various beneficial traits such as low weight, resistance to corrosion, similar glossiness to silver, and low cost. Because of these reasons, the usage of aluminum as a metallizing material is soaring rapidly in various packaging applications in industries such as fragrance, food and beverage, skincare, and cosmetics.

Additionally, the sales of these caps and closures are soaring in countries such as Poland, Hungary, Slovakia, and Czech Republic, which is also boosting the growth of the European UV metalized caps and closures market. North America will be the second largest procurer of these materials in the coming years. This will be due to the increasing import of affordable UV metallized cosmetics packaging parts and components from various Asian countries and mushrooming utilization of these caps and closures by fragrance producing companies in the region.

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Therefore, it can be said without any doubt that due to the growing requirement for cosmetic products and foods and beverages, the sales of UV metalized caps and closures will soar all over the world in the forthcoming years.

Contact:
Prajneesh Kumar
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.