Metal Packaging Market Size, Historical Growth, Analysis, Opportunities and Forecast
Metal Packaging Market Synopsis:
Metal packaging market is expected to reach at a market size of USD 1,21,000.00 million by 2030 at a CAGR of 3.50% during the forecast period.
The market of metal packaging has been witnessing moderate growth in the past couple of years. The demand for metal packaging is expected to be driven by increasing consumption of beverages and demand for aerosol cans. The base year considered for the study of the market is 2018, and the forecast period for the global metal packaging market is 2022 to 2030.
Metal packaging is the process of enclosing or protecting products by using materials such as aluminum and steel for its distribution, storage, and sale. Such packaging is used across various industries such as food beverages, healthcare, chemicals, personal care, and others.
The growing demand from the food and beverage markets has been fueling the overall growth of the packaging industry. The scarcity of time and smaller family sizes are propelling the demand for canned food beverages, thereby driving the growth in the metal packaging market. Advancements in packaging technology, which aids in offering metal cans with improved functional and storage features, have also been a major factor triggering the market growth in the beverages end-use sector. Metal packaging is widely used in alcoholic and non-alcoholic drinks. However, the growth of the market might be hindered by factors such as environment-related issues pertaining to steel mining and increased material cost.
Global Metal Packaging Market: Regional Analysis
The global metal packaging market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the world (RoW). North America held the largest share in the global metal packaging market, followed by Europe and Asia-Pacific in 2018.
North America was the largest market for metal packaging due to the fast-paced lifestyle leading to convenience packaging. The US is a major contributor in the North America metal packaging market due to its high dependency on canned foods and beverages. Asia-Pacific is the fastest growing segment, which presents huge growth opportunities for soft drink manufacturers, has been leading the metal packaging market.
Key Players
The Key Players in the global metal packaging market are Crown Holdings, Inc. (the US), Ardagh Group (Ireland), CPMC Holdings Limited (China), Ton YI Industrial Corporation (Taiwan), Silgan Holdings Inc. (US), Ball Corporation (US), CAN-PACK SA (Poland), and HUBER Packaging Group GmbH (Germany).
Greif, Inc. (US), BWAY Corporation (US), Toyo Seikan Group Holdings (Japan), Metal Packaging Europe (Belgium), and Emballator Metal Group (Sweden) are some of the other players operating in the global metal packaging market.
Global Metal Packaging Market: Segmentation
The global metal packaging market has been segmented based on material, type, and application. On the basis of material, the market has been further classified as aluminum, steel, and others. The steel segment held the largest market share of the global metal packaging market in 2018. The aluminum segment has a high growth rate and is expected to witness the highest CAGR during the forecast period because of the high demand for beer, carbonated soft drinks, and energy drinks.
On the basis of type, the market has been segmented into cans, drums barrels, caps closures, and others. The cans segment held the largest market share of the global metal packaging market. It is one of the most widely used package types, and they have become increasingly popular in developed and developing countries during the past few years owing to the high demand for beverages. Can come in many shapes and sizes, and are extensively used for various products such as food, beverages, personal care, and households.
On the basis of application, the market has been segmented into food beverages, healthcare, personal care, chemical, and others. The food beverages segment held the largest market share of the global metal packaging market due to various properties of the metal. It extends the shelf life of food beverage products and delivers protection against light, oxygen, and bacteria.
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