Global metal packaging market to reach $184.7bn by 2027
The global metal packaging market reached a value of $154billion in 2021 and is projected to reach $184.7billion by 2027, exhibiting a CAGR of 3.08%, according to a new report.
The “Metal Packaging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
Metal packaging refers to various enclosing and protecting materials that are manufactured using steel and aluminium sheets.
Some of the most common types of metal packaging materials include aerosol and beverage cans, containers, barrels, drums, foils caps and closures.
They protect the contents from moisture and bacteria and enable the storage of perishable products without refrigeration.
These materials also offer benefits, such as compactness, high density, toughness, malleability and thermal conductivity, owing to which they are extensively utilised for packaging food, beverages, industrial products, and personal care and pharmaceutical products.
The growing food and beverage industry currently represent as one of the key factors driving the growth of the market. Metal packaging, especially aluminium cans, is one of the most preferred packaging solutions for storing various beverages, such as beer, sparkling wines, sodas, iced teas, carbonated soft drinks, energy drinks and coffee-based refreshments.
Increasing adoption of metal packaging by organic food manufacturers is also providing a boost to the market growth.
This is further catalysed by the growing consumer awareness regarding the various health benefits of preserving organic produce in metal-based packaging products.
Additionally, the advent of resealable and customisable cans that offer improved functionality and storage capacities is creating a positive outlook for the market growth.
Manufacturers are developing innovative and aesthetically appealing designs for various personal care products to expand their consumer base.
Other factors, including the increasing utilisation of aerosol cans in the pharmaceutical industry, extensive research and development (R&D) activities and rapid urbanisation across the globe, are projected to drive the market further.