Aluminium cans market to grow by $8.85bn
The aluminium cans market size is set to grow by $8.85billion from 2021 to 2026, according to Technavio.
The report says the market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments while maintaining their positions in the slow-growing segments.
The high recycling rate, lightweight, and greater shelf life of food products will offer immense growth opportunities. However, factors such as the availability of substitutes may threaten the growth of the market.
By end-user, the aluminium cans market has been segmented into beverages, food, pharmaceuticals, chemical, and others.
The beverages segment will have significant market share growth during the forecast period. Aluminium is used for packing beverages, as it offers product support, tamper resistance, and protection from the external environment to beverages.
Moreover, the launch of new beverages in aluminium cans is driving the growth of the segment.
By geography, the aluminium cans market has been segmented into North America, Europe, APAC, South America, and MEA. North America is expected to account for 31% of the market’s growth during the forecast period.