Metal packaging industry to generate $147.4bn by 2030
The global metal packaging industry generated $108.8 billion in 2020, and is anticipated to generate $147.4 billion by 2030, witnessing a CAGR of 3.1% from 2021 to 2030, according to a new report by Allied Market Research.
Advances in packaging technology and large demand for canned food drive the growth of the global metal packaging market.
However, environment-related issues pertaining to steel mining and increased material cost hinder the market growth.
On the other hand, the expanding popularity of luxury products in metal packaging such as cookies, coffee, tea, and other items results in the increase in use of metal-based packaging. This factor presents new opportunities in the coming years.
- The outbreak of the Covid-19 pandemic has had a negative impact on the growth of the global metal packaging market, owing to the implementation of lockdown.
- Production of metal containers were halted temporarily, due to shortage of raw material and unavailabity of labour force.
- Supply chain disruptions led to several difficulties for manufacturers. For instance, in May 2020, Ball Corporation announced delays in beverage packaging projects in Europe and Brazil, due to restrictions imposed during the pandemic.
The steel segment to maintain its leadership status throughout the forecast period
Based on material, the steel segment held the highest market share in 2020, accounting for more than three-fifths of the global metal packaging market, and is estimated to maintain its leadership status throughout the forecast period.
This is attributed to its usage in lightweight metal packaging for food and beverage cans along with paints, aerosols, closures, and promotional packaging. However, the aluminium segment is projected to manifest the highest CAGR of 4.4% from 2021 to 2030. The adoption of aluminium, especially in the beverage sector, has heavily fuelled the growth of the segment.
The food segment to maintain its lead position during the forecast period
Based on application, the food segment accounted for the largest share in 2020, contributing to more than two-fifths of the global metal packaging market, and is projected to maintain its lead position during the forecast period.
Metal packaging ensures extended shelf life period for perishable food products. This trend has increased the dependency of packaged food products among consumers in the recent years.
However, the personal care segment is expected to portray the largest CAGR of 4.4% from 2021 to 2030. The demand for youth centric consumer products has increased the application of metal packaging in the personal care sector.
Europe, followed by North America, to maintain its dominance by 2030
Based on region, Europe, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global metal packaging market, owing to the presence of key market players.
However, the Asia-Pacific region is expected to witness the fastest CAGR of 3.9% during the forecast period. The increase in disposable income, application in the food and beverage industries, and rise in population augmented the growth of the metal packaging market in this region.