DUBAI, UAE, June 24, 2021 /PRNewswire/ -- The global metal can market is expanding at a steady pace owing to the increasing demand for plastic alternatives for packaging. As per a study by FMI, the metal cans market reached US$ 52.37 billion in 2020 and is anticipated to surpass a valuation of US$ 62.82 billion by 2031. The market is projected to grow at a CAGR of 3.5% during the forecast period 2021 to 2031.
Aluminum cans are dominating the material segment as they emit 95% less greenhouse gas and utilizes 95% less energy compared to other alternatives. As per a study by Packaging Machinery Manufacturers Institute (PMMI), over 6,000 microbreweries have started using aluminum cans in the U.S. This increasing shift towards the usage of aluminum cans is expected to bolster the growth of the market.
The coronavirus pandemic has adversely affected the market resulting in declining sales of metal cans. The outbreak has disrupted the supply chain and compelled market players to close their manufacturing units amid lockdown. Nonetheless, the need for efficient eco-friendly packaging alternatives for food and beverage is propelling market growth.
North America is dominating the global metal cans market with the largest market share. High consumption of aerated and other alcoholic beverages is boosting the demand for metal cans in the region.
"Leading manufacturers are making continuous efforts for developing next-generation inner can linings such as acrylic and polyester that will help maintain the flavor & quality of the food packed inside and meet their sustainability goals," says the FMI analyst.
Key manufactures are expanding their manufacturing facilities to increase the market share and engaging in acquisition and strategic partnership to maintain their lead. For instance,
Ardagh Packaging acquired specific packaging productions and support locations from Rexam and Ball Cooperation in 2016. The acquisition helped the company owing 10 can production plants and two end plants in Europe.
In Jan 2020, Ardagh Group started its new manufacturing facility in Huron to increase the company's market share.
Leading players profiled by FMI operating in metal cans market include:
Kian Joo Can Factory Berhad
Tetra Laval International
Can Smart (PTY)
SKS Bottle & Packaging
More Insights on FMI's Metal CansMarket
The latest market study on global metal cans market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of various parameters:
Two Piece Can
Three Piece Can
Non–Alcoholic Beverages (Aerated and Non-Aerated Beverages)
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