Increase in health awareness and health benefits associated with metal-packaged products is anticipated to provide potential growth opportunities to the market
OREGON, PORTLAND, UNITED STATES, September 27, 2021 /EINPresswire.com/ — The metal packaging market was valued at $122 billion in 2015, and is projected to reach $153 billion by 2022, growing at a CAGR of 3.3% from 2016 to 2022. Based on end use, food segment occupied more than two-fifths share of the total market in 2015.
Metal packaging provides superior barrier protection to the contents packed from pathogens. In addition, it extends the shelf life, which provides consumers the benefits of year-round availability of perishable food products. Furthermore, metals can be easily sterilized, which makes them a versatile material of choice in food, beverages, and healthcare applications. Steel and aluminum are the two most extensively used metals for packaging.
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Global rise in population and on-the-go lifestyle have triggered the demand for convenient packaging. Furthermore, increase in health awareness and health benefits associated with metal-packaged products is anticipated to provide potential growth opportunities to the market. However, fluctuation in prices of raw materials and bisphenol A (BPA) exposure are expected to hinder the market growth. Technological advancement such as modified atmospheric packaging, investment in expansion of facilities by market players, and e-commerce are expected to fuel the market growth.
Increase in global consumption of alcoholic and nonalcoholic beverages has positively impacted the growth of metal packaging market with increase in demand for aluminum beverage cans. Moreover, increase in new brewery firms and confectionery items has increased the demand for caps and closures, respectively. Furthermore, growth in industrialization is expected to trigger the demand for bulk packaging such as drums and barrels. Based on product type, cans have occupied approximately two-thirds share in 2015, and is expected to grow at a CAGR of 2.9% during the forecast period.
Increase in investment in R&D and technological advancements are projected to create lucrative opportunities for the market growth. Branding and e-commerce have positively impacted the growth of the market.
KEY FINDINGS OF THE STUDY
• In terms of both value and volume, aluminum is projected to show fastest growth during the forecast period.
• Based on product type, drums & barrels is expected to grow at a CAGR of 3.3% from 2016 to 2022, in terms of volume.
• In 2015, Europe occupied one-third share of the global market, in terms of revenue.
• Asia-Pacific is expected to grow at a CAGR of 4.1% during the forecast period.
• Based on end use, personal care is expected to grow at a CAGR of 4.0%.
• Beverages segment occupied approximately one-fourth share in 2015, and is expected to grow at a CAGR of 3.4%.
Top players operating in the metal packaging market include Ardagh Group, Alcoa Incorporated, CPMC Holdings Ltd, Manaksia Group, Emballator Metal Group, Ball Corporation, Crown Holdings, Silgam Holdings, Ton Yi International, and Tata Steel.
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Source: EIN Presswire