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Metal Cans Market size is projected to generate sizable growth from 2023 to 2032, as these cans are used in a variety of sectors, including paint, food and beverage, and others due to its multiple benefits.
Steel, aluminum, and tin are the primary components of metal cans as they are lightweight and reasonably simple to stack. Metal cans are 100% recyclable and contribute to environmental sustainability. However, factors like lack of microwave compatibility and price fluctuation in raw materials could hinder the market expansion.
Based on applications, it is estimated that the food and beverage sector, particularly the beverages sector, will contribute significantly to the metal cans market. This can be explained by the rise in non-carbonated, carbonated, sports, and energy drink consumption worldwide. A widespread increase in alcoholic beverage consumption in both developed and developing countries is also slated to boost the need for metal cans in the commercial sector.
In terms of material, the aluminum cans segment is expected to have remarkable demand in the future attributed to the material's non-reactive and lightweight characteristics. This makes it ideal for applications involving the preservation of food and beverages. Moreover, aluminum is becoming popular among beverage manufacturers as it is recyclable and costs less than PET and polycarbonate bottles. For instance, in 2021, VOLNAA launched natural mineral water in cans made entirely of recyclable aluminum with relock technology.
North America is set to hold a sizable portion of the global metal cans market by 2023, owing to growing concern for environmental sustainability. It is also highly used for food and beverage preservation. Growing expenditures on R&D and technical development are further enhancing regional market dynamics.
In Europe, the metal cans industry would expand driven by a growing number of beer drinkers and the introduction of new European Commission's programs for chemical and metal recycling. While the APAC market growth is predicted to be fueled by rising soft drink consumption across major economies like India and China.
Prominent participants operating across the metal cans market include Silgan Holdings Inc., Rexam plc, Ardagh Packaging (Ardagh Group S.A), Toyo Seikan Group Holdings, Crown Holdings Inc. and HUBER Packaging Group GmbH. These firms have been utilizing a variety of business strategies, such as acquisitions, mergers, collaborations, and others, to bring about fresh advances in the commercial sector.
Latest developments in the metal cans industry: