According to Fortune Business Insights, the global metal packaging market size was valued at USD 146.70 billion in 2023 and is projected to grow from USD 150.59 billion in 2024 to USD 194.68 billion by 2032, exhibiting a CAGR of 3.26% during the forecast period. North America dominated the metal packaging market with a market share of 34.57% in 2023.
Metal packaging is the packaging solution offered to varied end-use industries with the usage of aluminum and steel. The properties such as recyclability, high density, mechanical durability, toughness, and high thermal conductivity improve its use in various applications. Metal packaging helps to restrict sunlight and keeps the product from safe; hence, an increase in demand is anticipated to drive the market growth.
Fortune Business Insights™ mentioned this in a report titled “Metal Packaging Market, 2024-2032.”
Request a FREE Sample Copy: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/metal-packaging-market-103867
List of Key Players Present in the Report:
Ball Corporation (U.S.)
Crown Holdings Inc. (U.S.)
Silgan Holdings (U.S.)
Amcor Limited (Australia)
Ardagh Group SA (Europe)
Tata Steel (India)
Toyo Seikan Group Holdings Inc. (Japan)
Grief Incorporated (U.S.)
Ton Yi Industrial (China)
Can-Pack SA (Netherlands)
CCL Containers (U.S.)
Sonoco Products Company (U.S.)
Mauser Packaging Solutions (U.S.)
Tubex GmbH (Germany)
DS Containers Inc. (U.S.)
Segments-
Aluminum Dominates the Market Share Owing to Significant Benefits of the Material
On the basis of material, the market is divided into steel and aluminum. Aluminum dominates the market share. The material consists of properties, such as corrosion-resistant, lightweight, and non-toxic, which increase its usage in several end-use industries. Thus, these factors are expected to propel the metal packaging market growth.
Containers & Cans Segment Holds the Highest Share Due to their High Usage in FMCG Products
According to product type, the market is segregated into containers & cans, bottles & jars, caps & closures, tins, barrels & drums, and others. Containers & cans segment leads the market owing to the surge in demand from end-use industries such as personal care, food and beverages, and household due to their recyclable and versatile properties.
Food & Beverages Leads the Market Owing to Increasing Demand for Metal Packaging in the Food Industry
As per end user, the market is segmented into food & beverages, personal care & cosmetics, pharmaceuticals, paints & varnishes, household, and others. The increasing demand for packaged and processed food products due to the changing lifestyle trends is the key factor propelling the growth of the food & beverages segment.
Geographically, the market is analyzed across North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
Report Coverage-
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints-
Increasing Demand for Metal Packaging in Varied Industries Foster the Market Growth
Metal packaging is broadly used in many industries such as personal care & cosmetics, consumer goods, food & beverages, and pharmaceuticals. Rapid growth and demand in these industries are predicted to propel market growth. Due to their longer shelf-life, the extensive use of metals such as aluminum and steel for packaging food & beverage products also fosters global market growth.
Steel has very poor chemical stability, low resistance to acid and alkali, and easily prone to rust. Metal packaging is quite expensive than other packaging materials, so the overall production cost is higher, which is expected to restrict market growth.
Regional Insights-
North America to Dominate the Market Share During the Forecast Period
The largest metal packaging market share is held by North America. The huge reliance on energy drinks and goods and canned in the U.S. also contributes to the rising demand for metal packaging in the North America region.
Asia Pacific led the market growth, followed by North America. The growth is credited to the rapid expansion of the steel industry in the region over the last 10 years.
China is the biggest steel producer, thus contributing to market growth. Europe is a rapidly-growing region due to the rising use of metal cans consisting of alcoholic and non-alcoholic beverages, the growing household, cosmetics industries, personal care, and processed foods.
Information Source: https://www.fortunebusinessinsights.com/metal-packaging-market-103867
Competitive Landscape-
Prominent Players in the Market Witness Noteworthy Growth Opportunities
Key players in the market include Crown Holdings, Ardagh Group, Ball Corporation, Silgan Holdings, Amcor Limited, and others. Numerous other players operating in the industry are focused on providing advanced packaging solutions.
Key Industry Development-
November 2022 – Trivium Packaging announced the launch of a new segment in the packaging market, which can benefit mainly from aluminum bottle packaging, further releasing aluminum bottles for edible oil. The company has adapted its bottle to be feasible for edible oil closures in the U.S.
July 2022 – a leading sustainable aluminum solutions provider, Novelis declared the expansion of its evercycle portfolio specifically designed for the cosmetic packaging market. Evercycle Cosmetics is certified, contains 100% recycled aluminum, and can meet customers' anodized quality requirements.