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Metal Packaging Market Expected to Reach $147.4 Billion by 2030—Allied Market Research

 
2022
Metal Packaging Market

Report Code : A01580

quote Due to increase in urbanization and the need to maintain a healthy lifestyle, the demand for metal packaging increases. The driving force of the global market is the growing consumer preference for processed and packaged foods. Metal packaging gains popularity due to changes in consumer tastes, increased sales of foods such as frozen and refrigerated foods, and changes in lifestyle. Improving living standards, increase in incomes, a steadily growing economy, and increase in alcohol consumption are key growth drivers for the Asia-Pacific region. quote

Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Metal Packaging Market," The metal packaging market was valued at $108.8 billion in 2020, and is estimated to reach $147.4 billion by 2030, growing at a CAGR of 3.1% from 2021 to 2030.

Metal packaging, which comprises of aluminum or steel, is a clever packaging solution that is utilized in a variety of industries, wholesale and retail sectors, and other commercial sectors. Metal packaging has a proven safety and sustainability record, and it helps to safeguard and preserve items from spoilage. Steel and aluminum-based metal containers are believed to be more environmentally friendly than other materials. Furthermore, these raw materials are 100% recyclable and have multi-recyclable properties with little or no degradation in packing material quality. These two basic materials can be used to make packaging in a range of sizes and forms for a variety of industries, including food and beverage, medicines, chemicals, and personal care goods, and others.

Metal-based packages are easily molded using the latest technology, lids that can be easily opened using advanced machines, and various surface designs with higher airtightness and strength. Its property of being moldable is one of the major drivers of the global metal packaging market. The rapid increase in demand for canned foods, prepared foods, and carbonated and non-carbonated beverages is expected to have a significant positive impact on the target market. In addition, increase in adoption of barrels and drums in various industries, such as paints and coatings and chemical, is expected to boost the growth of the global metal packaging market.

However, growing environmental concerns associated with the recycling of metallic materials and the introduction of high density polyethylene (HDPE) and polyethylene terephthalate (PET) bottles are factors that are expected to challenge revenue growth in the global market. The main trend observed in the global metal packaging market is the development of resalable cans and containers that can be used in microwaves to help manufacturers meet the consumer demand for metal packaging and compete in the global market. The focus is on production. In addition, various manufacturers rely on thinner walls and environment-friendly and cost-effective coatings.

The metal packaging market is segmented into type, material, application, and region. Depending on type, the market is categorized into cans, caps & closure, barrels & drums, and others. Depending on raw material use, it is fragmented into steel, aluminum, and others. By application, it is classified into food, beverage, healthcare, personal care, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global metal packaging market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Alcoa Incorporated, Amcor Ltd., Ardagh Group, Ball Corporation, CPMC Holdings Ltd., Crown Holdings, Greif Incorporated,  Silgan Holdings, Tata Steel, and Ton Yi Industrial.

The global metal packaging market is analyzed in accordance with impacts of drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

KEY FINDINGS OF THE STUDY

  • By type, the can segment emerged as the global leader with around 61.6% of the global market share in 2020, and is anticipated to be the largest markets during the forecast period.
  • By raw materials use, the steel segment registered the highest market share of around 62.9%, and is projected to maintain the same during the forecast period.
  • By application, the food segment registered the highest market share of around 43.2%, and is projected to maintain the same during the forecast period.
  • Region-wise, Europe registered the highest market share of around 38.4%, and is projected to maintain the same during the forecast period.

IMPACT OF COVID-19 ON METAL PACKAGING MARKET

  • The COVID-19 pandemic is rapidly spreading and ruthlessly affects the business environments of major markets. The demand for metal packaging is witnessing significant decline in all segments. Some regions, particularly, North America and Europe, witness greater decline than Asia-Pacific. Amidst the ongoing crisis, metal packaging producers are operating at a lower capacity and are planning to scale up their operation after carefully assessing the course of COVID-19 in the near term.
  • Furthermore, import and export activities were significantly impacted, which, in turn, adversely affected the industries using metal packaging, thereby affecting the metal packaging market. 
  • With nearly 98 billion units produced each year and four groups being consumed weekly by every EU citizen, Metal Packaging Europe (MPE) led the European producers of rigid metal packaging to recognize the metal packaging sector as essential in ensuring the uninterrupted flow of critical goods in the aftermath of COVID-19. Several beverage can manufacturers' expansion projects have helped the countries satisfy the rise in demand for metal cans in recent years. However, due to country-specific travel restrictions and safety concerns, there have been delays.
  • Moreover, multiple supply chain disruptions led to significant manufacturers to report setbacks. For instance, in May 2020, Ball Corporation announced delays in beverage packaging projects in Europe and Brazil due to restrictions imposed amid the COVID-19 pandemic.
  • The U.S. reported a surge in demand for processed foods such as canned soups and vegetables during the outbreak of COVID-19, affecting the metal packaging across the food industry's supply chain.
  • Metal container manufacturers were required to speed up production, but the labor remained a challenge. Crown Holdings, announced to increase production in the U.S. across 2020. The pandemic added urgency to the effort. The company initiated 81 open production jobs at its 25 U.S. plants, in place of third production line being set up at a factory in Nichols, New York. Silgan Holdings has over 50 plants across the U.S. The company reported an increase in first-quarter earnings in 2020, partly due to a jump in demand for cans.

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quote Metal Packaging Market by Material (Steel, Aluminum, Others), by Type (Cans, Caps and Closures, Drums and Barrels, Others), by Application (Food, Beverages, Personal Care, Health Care, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030 quote

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