The global metal packaging market size was valued at USD 143.06 billion in 2022. The market is projected to grow from USD 146.70 billion in 2023 to USD 181.49 billion by 2030, exhibiting a CAGR of 3.09% during the forecast period.
Information Source - https://www.fortunebusinessins....ights.com/metal-pack
Metal packaging is a packaging solution offered to various end-use industries with the usage of steel or aluminum. Noteworthy properties such as recyclability, high density, high thermal conductivity, toughness, and mechanical durability boost its use in several applications.
Segments-
Aluminum Dominates the Segment Owing to its Noteworthy Benefits
On the basis of material, the market is bifurcated into steel and aluminum. Aluminum holds the largest share of the market. The lightweight, corrosion-resistant property augments its usage in several end-use industries, thus propelling the segment's growth.
Cans & Containers Hold the Largest Share Due to their Increased Usage in FMCG Products
Based on product type, the market is segmented into containers & cans, bottles & jars, caps & closures, tins, barrels & drums, and others. Containers & cans are used on a large scale in several end-use industries such as personal care, food & beverages, and household owing to their recyclable and versatile properties.
Food & Beverages Holds the Dominant Share Owing to the Widespread Usage of Metal Packaging in the Food Industry
According to end users, the market is divided into food & beverages, personal care & cosmetics, pharmaceuticals, paints & varnishes, household, and others. The food & beverage segment leads the market globally. Owing to busy lifestyles, the growing usage of ready-to-eat food products among working professionals, athletes, campers, and travelers leads to the metal packaging market growth.
Geographically, the market is analyzed across North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Report Coverage-
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints-
Increasing Demand for Metal Packaging in Varied Industries Foster the Market Growth
Metal packaging has a wide range of usage in many industries such as pharmaceuticals, personal care & cosmetics, food & beverages, and consumer goods. The increasing demand and need for metal packaging from key companies for brand attraction and differentiation among most customers also drive market growth. The surge in demand for alcoholic & non-alcoholic beverages, ready-to-eat, canned food products, and processed food also enhances the market growth.
Steel has very poor chemical stability, low resistance to acid and alkali, and easily prone to rust. The metal ions precipitate if acidic materials such as food products are packed in metal packaging. Metal packaging is more costly than other packaging materials, so the production cost is higher.
Regional Insights-
North America to Hold the Largest Share Owing to Increasing Demand for Metal Packaging
The largest metal packaging market share is anticipated to be held by North America. The massive reliance on energy drinks and goods canned in the U.S. also contributes to the rising demand for metal packaging in North America.
Asia Pacific led the market growth, followed by North America. The growth is credited due to the rapid expansion of the steel industry in the region over the last 10 years.
China is the biggest steel producer, thus contributing to market growth. Europe is a rapidly-growing region due to the rising use of metal cans consisting of alcoholic and non-alcoholic beverages, the growing household, cosmetics industries, personal care, and processed foods.
Competitive Landscape-
Prominent Players in the Market Observe Noteworthy Growth Opportunities
Key players in the market include Crown Holdings, Ardagh Group, Ball Corporation, Silgan Holdings, Amcor Limited, and others. Numerous other players operating in the industry are focused on providing advanced packaging solutions.
