Metal Cans Market size is anticipated to generate appreciable profits over 2022-2028. The product’s use in various industries like food and beverages, paints, and others is projected to offer immense gains to the overall industry.
Metal cans are fundamentally made up of materials like steel, aluminum, and tin, which back almost 0.33% of the metal packaging market. These are relatively easy to stack and are lightweight. One of the prominent benefits offered by metal cans is that they are 100% recyclable without degrading the sturdiness and quality of the material, thus adding to environmental sustainability.
Factors like lack of microwaveable capability and volatility in raw material prices are expected to challenge the market growth through 2028.
Metal cans market share is segmented into various material types, out of which the aluminum cans are likely to foresee massive demand over the forecast period. This growth can be ascribed to the material’s non-reactive and lightweight property, which makes it highly suitable for food and beverages storage applications. Moreover, aluminum is also being increasingly preferred by beverage producers owing to its recyclable property and economic pricing compared to polycarbonate and PET bottles. For instance, VOLNAA recently unveiled natural mineral water in 100% recyclable aluminum cans with relock revolution.
Based on the application spectrum, metal cans market value is speculated to accrue considerable growth from the food and beverages industry, mostly from the beverages sector. This can be reasoned to increased consumption of non-carbonated, carbonated, and sports and energy drinks worldwide. Meanwhile, a prolific surge in alcoholic beverage consumption across various developing and developed nations is as well poised to uplift the demand for metal cans in the business space.
Global metal cans industry is diversified into vivid regions including North America, Asia Pacific, Europe, Latin America, and MEA. North America market is poised to account for a substantial share in the global industry fueled by the rising consumer awareness toward environmental sustainability and growing adoption of aluminum cans for food and beverages preserving purposes. Besides, mounting investments in technological advancements and R&D are further propelling the market dynamics across North America.
Europe would take over a sizable business share in the coming years. This can be reasoned to the expanding beer consuming population, aligned with the European Commission’s initiatives for recycling of metals and chemicals.
Growing soft drink consumption in the economies of Asia Pacific is estimated to yield phenomenal profits for APAC market over 2022 to 2028.
Some of the prominent companies operating in overall metal cans market include Crown Holdings Inc., Silgan Holdings Inc., HUBER Packaging Group GmbH, Ardagh Packaging (Ardagh Group S.A), Toyo Seikan Group Holdings, and Rexam plc, amongst others.
These vendors have been working seamlessly towards bringing forth novel developments in the business space while being engaged in various industrial tactics like acquisitions, mergers, collaborations, and others.
Recently, Ardagh Metal Packaging announced its merger with Gores Holdings V to accelerate its growth strategy and expand connections with consumers given the increasing demand for sustainable beverage cans. Likewise, Crown Holdings, in early 2021, declared investing $147 million in establishing a 327,000 square foot aluminum can production plant in Warren County.
The global metal cans industry has had its share of ups and downs during the coronavirus realm. A surge in demand for healthy drinks had potentially upscaled the growth of the market. However, the halt in production and supply chain disruption induced due to Covid-19 lockdown, hampered the industry expansion to a large extent.