Metal Packaging Market Future Prospects and Forecast To 2028
The global metal packaging market size was valued at USD 105.7 Billion in 2021 and is poised to grow at a significant CAGR of 2.9% during the forecast period 2022-2028. The growing consumer awareness regarding the various health benefits of preserving organic products in metal-based packaging products is driving the growth of the global metal packaging market. The lower cost of metal substitute products and the safety concerns related to metal packing is expected to hamper the global metal packaging market.
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Food Segment Dominates the Metal Packaging Market
Based on application, the market is segmented into food, beverage, healthcare, personal care, and others. Food is anticipated to hold the largest share on an account of its convenience. The entire expansion of the packaging segment has been spurred by increased demand from the food and beverage industries. Lack of time and smaller family sizes drive demand for canned foods and beverages, propelling the metal packaging market.
The global metal packaging market segmentation:
1) By Material: Steel, Aluminum, and Others.
2) By Type: Cans, Caps and Closures, Drums and Barrels, and Others.
3) By Application: Food, Beverages, Personal Care, Health Care, and Others.
North America Leads Metal Packaging Market
North America's metal packaging market share is projected to record commendable growth through 2028. The consumer goods giants in this region, such as Procter & Gamble, Kimberly-Clark, SC Johnson, and others, are largely utilizing the metal packaging for producing a large number of aerosol cans ranging from hairspray, perfume spray, air fresheners, and others. The market in Asia-Pacific is projected to be the fastest-growing. India and China, the two largest producers of pharmaceutical products, are also anticipated to have a huge contribution due to products such as medicine strips, gel, bottle lids, and others largely relying on metal packaging.
Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players
The global metal packaging market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gaining significant geographic presence across the region. For instance, In April 2021, Crown Holdings, Inc. announced that it has entered into a definitive agreement to sell its European Tinplate business to KPS Capital Partners, LP. Crown will receive pre-tax proceeds of approximately €1.9 billion from the transaction and will retain a 20% ownership stake in the business. The European Tinplate business comprises 44 manufacturing facilities in 17 countries in Europe, the Middle East, and Africa which produce food cans and ends, aerosol cans, metal closures, and promotional packaging for various consumer brands.
Request sample report at https://precisionbusinessinsights.com/request-sample/?product_id=45855 Key players’ profiles in the metal packaging market report are Alcoa Corporation, Crown Holdings, Ardagh Group, Ball Corporation, CPMC Holdings Limited, Amcor Limited, Silgan Holdings, and Tata Steel Packaging, Sonoco Products Company, Reynolds Group Holdings, Toyo Seikan Kaisha Ltd, Rexam Plc.
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