Demand fuelling aluminium can market growth in North America
The North America Aluminium Foil market was valued at $14,906.73 million in 2020 and expected to reach $19,801.07 million by 2027 at a CAGR 4.07% from 2020-2027, according to a report on ResearchAndMarkets.com.
Aluminium cans are one of the most common types of packaging for both solid and liquid products.
These cans are long-lasting, lightweight, recyclable, cost-effective, and easy to handle, while still keeping the contents’ quality and flavour.
Apart from that, aluminium cans are used in industries such as food, beverage, and medicines since they are corrosion resistant and require less care during shipping.
Demand from the Food and Beverage Industry is increasing. Increased consumption of processed foods and drinks, an improvement in product shelf life, and an increase in consumer disposable income are some of the key factors projected to drive aluminium can demand over the projection period.
Concerns about the material’s non-recyclability, the rate at which it is created, and the harm it causes to marine life have raised the global emphasis on reducing the amount of plastic packaging.
The effect it has on the climate by contaminating the ocean has fuelled the expansion of the aluminium can sector.
The commercial impact of the COVID-19 outbreak is expected to be severe, as the global lockdown has halted the entire packaging supply chain.
As a result, the demand-supply system will be suboptimal, and corporate profitability will suffer. The market is expected to rebound in the long run, with businesses resuming normal operations and e-commerce trends on the rise.
Based on country, the market was studied across USA, Canada, and Mexico. USA is dominating country because of the can shortage difficulties caused by the epidemic, many participants in the market are adding new lines to existing operations and improving production.
Growing environmental concerns around the world have resulted in a greater understanding of the materials used in packaging. One of the issues driving recycling is the high energy consumption of package manufacturing.