Metal Cans Market is Booming in Near Future with Speedy Growth By 2022-2030 | Growth Rate (CAGR) of 3.00%
Research Reports
Apr 13, 2023
Metal Cans Market size was valued at USD 50 Billion in 2022 and is projected to hit USD 76 Billion by 2030, at a CAGR of 3.00% during the forecast period (2023 – 2030).
Due to the rising stockpiling of supplies during the COVID-19-induced lockdown, the food processing and safety testing businesses are expected to flourish robustly. In order to encourage the spread of packaged foods, the FDA has gone ahead and eased the nutritional information on the items. Leading manufacturers have experienced less revenue loss as a result of the strengthened supply chain for goods and items to customers. These variables suggest that, notwithstanding the corona outbreak, the metal cans industry will perform reasonably well throughout the course of the review period.
Due to its distinctive characteristics, such as resistance to erroneous handling during transportation, ease of recycling, and hermetically sealed cover, metal cans market have significantly increased in popularity across industries.The metal cans business also benefits from its positive environmental effects and the rising demand for canned goods. ArcelorMittal, UC Rusal, Hydro, Chalco, and Alcoa are a few of the largest raw material (steel and aluminium) providers on the international market.
Manufacturers have been forced to concentrate on innovations and developments in packaging due to the increased demand for canned goods devoid of chemicals. Many companies have started producing food products in BPA-free containers, which is very popular with customers. In addition, because they protect items from hazardous microorganisms, tamper-proof and sealed steel metal cans are in high demand. Additionally, the significance of canned food has increased due to customers’ increasingly busy and demanding lifestyles.
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Regional Analysis:
According to the study, the primary markets for metal cans are Europe, APAC or Asia Pacific, North America, and RoW or Rest of the World.
Due to the enormous demand in the food and beverage industry, Europe and North America are currently the two largest markets for metal cans. The market expansion in these regions is being fueled by the increased use of beer and other alcoholic beverages. The large demand for canned and frozen food in the United States and the United Kingdom also drives corporate growth in these nations. In order to provide the safest, highest-quality products possible, the Canadian industry is continually looking for ways to enhance the manufacturing procedures. However, experts predict that these regions’ markets would only grow slowly over the evaluation time.due to customers’ growing desire for alternate cans and their increased availability.
The APAC market will experience the fastest growth in the coming years as a result of rising disposable income, the ease of obtaining various beer brands at various costs, and the growing influence of western culture. The rising beer consumption among young people and the growing youth population are projected to be major growth drivers in the local metal can market. The region’s huge number of tiny households, as well as the expansion of grocery stores and superstores, has increased the demand for metal cans in the food and retail industries.
Market Segmentation:
The research divides the metal cans business into three main dynamics, namely material, type, and application, for better understanding.
Steel, tin, aluminium, and other materials are employed in the production of metal cans. Aluminum is the material of choice for manufacturers worldwide because to factors like unbreakability, good oxidation resistance, and lightweight. Both 2-piece and 3-piece metal cans are prevalent.
Food, beverage, and other uses for metal cans are the most common. Due to the rising global consumption of beers, fruit juices, and carbonated soft drinks (CSD), there is a considerable market demand for beverage metal cans. However, the rising global demand for canned and frozen food can lead to a significant increase in demand for food metal cans in the coming years.
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Key Players:
Prominent contenders working on boosting their market position include Independent Can Company (U.S.), The Cary Company (U.S.), Ball Corporation (U.S.), Rexam plc (U.K.), SKS Bottle & Packaging, Inc. (U.S.), Allied Cans Limited (Canada), Berlin Packaging (U.S.), Kaira Can Company Limited (India), Silgan Containers LLC (U.S.), Ardagh Group S.A. (Luxembourg), HUBER Packaging Group GmbH (Germany), Allstate Can Corporation (U.S.), CPMC Holdings Limited (China), Crown Holdings, Inc. (U.S.), Kian Joo Can Factory Berhad (Malaysia), and more.
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