Metal Cans Market Size, Share & Trends Analysis Report By Material (Aluminum, Steel), By Product, By Closure Type, By Application, By Region, And Segment Forecasts, 2023 - 2030
Metal Cans Market Growth & Trends
The global metal cans market size is expected to reach USD 105.5 billion by 2030, registering a CAGR of 6.2% during the forecast period, according to a new report by Grand View Research, Inc. The increasing demand for metal cans, especially from the beverage industry, is a major factor supporting the market growth. Increasing demand for beverages from the end-use population is another major factor projected to support the growth of the market in near future.
Superior physical properties of metals including the high malleability of aluminum and steel ease of labeling along with printing on metal surfaces, and design innovations to appeal young population are the factors supporting the growth of the global market. Metal cans also provide resistance to the impact of irregular handling and transportation. They are hermetically sealed and have a good shelf life, along with high recyclability, as well as these cans protect food stored in them as they are resistant to gases, moisture, and light.
Metal cans made up of aluminum are leading the global market owing to their high recycling rate without loss of quality. The other factors supporting the growth include lightweight, stackable, and strong, further bolstering the growth. Additionally, the wider application and ability to be customized as per the requirement of the end user are associated with aluminum cans, which are supporting its growth in the global market.
According to the Observatory of Economic Complexity (OEC), South Korea imported scrap aluminum worth USD 88.1 million in the financial year 2019–2020. Other countries of the region, including India, China, and Malaysia imported scrap aluminum worth USD 74.2 million, USD 553 million, and USD 204 million, respectively in the same financial year.
3 - Piece cans are projected to grow at a revenue CAGR of 4.2% during the forecast period. The basic composition of 3-piece aluminum cans involves a can body, a bottom, and a lid. The shape, size, and manufacturing methods of the bottom and the lid of an ordinary 3-piece can are the same and are collectively referred to as “the can lid”. The manufacturing of 3-piece cans is easier with different combinations of height and diameter. The 3-piece aluminum cans are characterized by their high rigidity and the ability to produce various shapes.
Europe is having a significant share in the global metal cans market owing to its support and focus on environment-friendly packaging solutions. Along with these, high awareness among the end-user population about the environment and its deteriorating condition, which further supports the demand for sustainable solutions like metal cans in the end-use market. Major economies of the region Germany, the UK, and France are supporting the regional market growth.
Metal Cans Market Report Highlights
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