Global metal packaging market to reach $147.4bn
The global metal packaging market was valued at $108.8 billion in 2020, and is projected to reach $147.4 billion by 2030, growing at a CAGR of 3.1% from 2020 to 2030.
That is according to a new report on ResearchAndMarkets.comtitled:”Metal Packaging Market By Material, By Type, By Application: Global Opportunity Analysis and Industry Forecast, 2020-2030″
Metal packaging refers to a variety of packaging and protective materials made from steel sheets and aluminium sheets. The most common types of metal packaging materials include, aerosols and beverage cans, containers, barrels, barrels, hubcaps, and closures. It protects the contents from moisture and bacteria and allows fresh food to be stored without refrigeration.
These materials also have advantages, such as compactness, high density, toughness, ductility, and thermal conductivity, and are widely used in food, beverage, industrial, personal care products, and pharmaceutical packaging.
The growing food and beverage industry is currently one of the key drivers of market growth. Metal cans, especially aluminium cans, are one of the most popular packaging solutions for storing a variety of beverages, such as beer, sparkling wine, soda, iced tea, carbonated soft drinks, energy drinks, and coffee-based drinks. Increase in acceptance of metal packaging by organic food manufacturers contributes to market growth.
This is further catalysed by growing consumer awareness of the various health benefits of storing organic produce in metal-based packaging products. In addition, the advent of resalable and customisable cans that offer enhanced functionality and storage capacity creates a positive outlook for market growth. Manufacturers are developing innovative and aesthetically pleasing designs for a variety of personal care products to expand their customer base.
Other factors, such as increase in use of aerosol cans in the pharmaceutical industry, extensive R & D activities, and rapid urbanisation globally are expected to continue to drive the market.
The metal packaging market is segmented into type, material, application, and region. Depending on type, the market is categorised into cans, caps & closure, barrels & drums, and others. Depending on material, it is fragmented into steel, aluminium, and others. By application, it is classified into food, beverage, healthcare, personal care, and others. Region-wise, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.