Global Composite Cans Market - 2022-2029

Global Composite Cans Market - 2022-2029

Market Overview

The global composite cans market reached US$ XX million in 2021 and is expected to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Composite cans are packaging materials made from a combination of materials, such as aluminum and plastic. It is typically cylindrical in shape and is used for packaging a wide range of products, including food, beverages and personal care products. Composite cans are known for their durability, lightweight and ability to protect the contents from contamination, making them a popular choice for packaging products that need to be shipped or stored for long periods. Composite cans can be manufactured in various sizes and shapes to suit the needs of different products.

Market Dynamics

One of the main factors anticipated to propel growth in the global composite cans market is the rise in demand for composite cans that are corrosion-resistant, chemically resistant and molded with precision dimensions among the food and beverage industries. The growth of the e-commerce sector can also increase the demand for composite cans, as these types of cans are well-suited for packaging and shipping products over long distances.

Manufacturers are working on developing new packaging solutions prioritizing sustainability. For Instance, Amcor Plc announced a US$ 100 million investment for developing new packaging solutions focusing on sustainability. The business has joined several government programs, including the Healthcare Plastics Recycling Council, where recyclable products used in the healthcare industry strongly emphasize packaging products.

Growing demand for packaged food and beverage products contributes to the growth of the global composite cans market

As demand for packaged food and beverages increases, there will be a corresponding increase in the demand for packaging materials. Composite cans, made from a combination of materials such as aluminum and plastic, are a popular choice for packaging these types of products due to their durability, lightweight and ability to protect the contents from contamination.

As demand for packaged food and beverages increases, there may be more exports of these products to other countries. It could increase the demand for composite cans as a packaging material, particularly in countries where these types of cans are in high demand. As demand for composite cans grows, companies in the composite cans market may invest in research and development to improve the technology used to manufacture these cans. It could lead to development of new and improved composite can products that are more suitable for packaging a wider range of food and beverage products. Above mentioned factors support the growth of the global composite cans market.

Competition from other packaging materials hampers the growth of the global composite cans market

Competition from other packaging materials can potentially hamper the growth of the global composite cans market in a few ways. Other packaging materials, such as plastic containers, are less expensive than composite cans. It can make them more attractive to cost-conscious consumers and businesses, reducing the demand for composite cans.

In some cases, other packaging materials may have certain performance advantages over composite cans, such as better barrier properties or a more attractive appearance. It can make them more appealing to customers and reduce the demand for composite cans. Companies that produce other packaging materials may use marketing and branding to promote their products and differentiate them from composite cans. It can make their products more appealing to customers and reduce the demand for composite cans.

Furthermore, competition from other packaging materials can lead to increased price pressure and a reduction in market share for composite cans, potentially limiting their growth in the global market.

Segment Analysis

The global composite cans market is segmented based on closure, production, end-user and region.

The growing demand for packaged food drives the food & beverages end-user segment

Packaged food plays a significant role in the growth of the global composite cans market. Composite cans are made from a combination of materials, such as paper, foil and plastic and are used for packaging a wide variety of food products, including fruits, vegetables, soups, sauces and pet food. Composite cans help to extend the shelf life of packaged food products by providing a barrier against oxygen, moisture and other contaminants. Compared to other packaging materials, composite cans offer better protection for fragile products, such as fruits and vegetables. They also help to prevent damage during transportation and handling. Composite cans are convenient for consumers, as they are easy to open and close and can be used for microwaveable or on-the-go products.

According to Food Export USA and the Food Export Association of the Midwest USA, the estimated 2022 retail sales of packaged foods in Germany is US$114.9 billion. The packaged food market in Germany, which is currently the fourth-largest in the world, is predicted to reach US$127.1 billion in retail sales by 2026. Additionally, excellent growth is anticipated for the global composite cans market due to growth in the packaged food sector.

Geographical Analysis

The global composite cans market is segmented based on closure, production, end-user and region.

Owing to easy access to raw materials and low production costs, the Asia-Pacific composite cans market is growing

Low production costs and easy access to raw materials can help drive the growth of the Asian-Pacific composite cans market in several ways. Low production costs can make it more attractive for companies to manufacture composite cans in the Asia-Pacific compared to other regions. It can lead to an increase in the production of composite cans in the region, which can, in turn, lead to a larger market share for the Asia-Pacific in the global composite cans market.

Easy access to raw materials can also help lower production costs for manufacturers of composite cans in Asia-Pacific. It is because it reduces the need for companies to import raw materials from other regions, which can be expensive due to transportation costs. In addition, easy access to raw materials can help ensure a stable and consistent supply of materials, which is important for manufacturers to maintain production levels and meet demand.

Overall, the combination of low production costs and easy access to raw materials can make the Asia-Pacific an attractive place for companies to manufacture composite cans, contributing to the region's dominant position in the global composite cans market.

Competitive Landscape

To increase production rates and satisfy the expanding market demand, manufacturers are taking several strategic actions in the global composite cans market. The competition in the local and global markets is very high, so the primary focus areas include product launches, collaborations, strategic mergers and acquisitions. The key players in the market are Sonoco Products Company, Canfab Packaging Inc., Amcor Ltd., Smurfit Group, Mondi Group, Huhtamaki, Irwin Packaging Pty Ltd, Paper Tubes And Sales(PTS) Manufacturing, Bharath Paper Conversions and Corex Group Tinpak.

Sonoco Products Company

Overview: Sonoco Products Company provides consumer packaging, packaging, supplying services and industrial products. The company produces packaging products for automotive, appliance and electronics, confection, beverages, construction, fresh and natural food, shaving, home, lawn and garden, medical/pharmaceutical and others. The company has over 300 operations centers in 33 countries, serving 85 nations globally. Sonoco’s operations consist of a consumer packaging business, display and packaging division, industrial business and protection solutions division.

With operations in U.S., Canada, Brazil, France, Germany, the United Kingdom, Indonesia, Malaysia, Australia, Venezuela, Mexico and Belgium, Sonoco is the global market leader for composite cans. The company serves markets such as automotive, beauty & personal care, construction, electronics & appliances, food & powdered beverage, healthcare, household and textiles. The company operates in geographies including Asia, North America, South America, Europe and Australia/ New Zealand.

Product Portfolio

EnviroCan: The product covers the rigid paper containers consumer packaging segment. The container can be recycled in the steel stream in the US owing to its design. Additionally, it entitles to the appropriate recycling label in Canada and has various recycling options across Europe. The container's body is composed primarily of recycled fiber, 90% of which comes from post-consumer materials.

Key Development In November 2022, the operations of Amcor Packaging (Australia), which produce composite cans, were acquired by Sonoco for an undisclosed sum. The two plants that make up Amcor's operations, one in Sydney's suburbs and the other in suburban Melbourne, primarily cater to the cleanser, food and spice industries. A$13 million (US$7.8 million) in sales were made by the two plants in the fiscal year 1999/2000. One composite can line, which serves the caulk market, is currently operated by Sonoco in a Sydney plant. The acquisition of Amcor will further strengthen its position in the Asia-Pacific market can plants. Its purchase demonstrates the company's ongoing dedication to positioning composite cans as a significant growth market for Sonoco.

Why Purchase the Report?
• To visualize the global composite cans market segmentation based on closure, production, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global composite cans market by analyzing trends and co-development.
• Excel data sheet with numerous data points of composite cans market-level with all segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players.

The global composite cans market report would provide approximately 61 tables, 59 figures and 230 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies