Metal Packaging Market Progresses for Huge Profits During 2024
Metal Packaging plays an important role in the process of packaging and preservation. Globally, metal packaging has been witnessing a strong growth over the past few years on account of increasing health consciousness among consumers. There are several types of metal packaging used across the world. Use of cans is one of the most widely used type of metal packaging and it has become an important part of the human diet in developed and developing countries during past few years. It is of more value in those parts of the world where no or limited refrigeration exist for storing food. It is a mean of safely preserving foodstuffs, medicines, chemicals, etc. without microbiological deterioration. The global metal packaging is projected to reach more than US$ 150 Bn by 2026, with a decent CAGR in the forecast period.
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Metal packaging has a lucrative business opportunity, since it has excellent printability, cost effective- high speed filling & packaging, glossy & high aesthetic value over other packaging materials. The market of global Metal Packaging is anticipated to be driven by many factors such as rise in packaged food intake, and beverages, particularly the increased consumption and use of canned fruits and vegetables and the trend towards 'on-the-go' lifestyles among progressively time-poor consumers. Nutrition retentive properties of metal packaging is one of the significant factors driving the market. The growth of pharmaceutical industry and personal care industry is another major reason for the increasing demand of metal packaging. However, the increasing awareness of environmental concerns, and the adoption of new regulatory necessities on packaging recycling and the introduction of HDPE and PET bottles in packaging industry is anticipated to hinder the future growth of metal packaging market growth. To counter the alternative packaging material market, the metal packaging companies are also focusing on developing new metal packaging material prototypes and different product marketing strategies in order to keep on developing the market share in the global metal packaging market.
The global Metal Packaging market is segmented on the basis of product types such as cans, drums & pails, aerosols, lids, tubes, trays & foils, caps & closure and others. On the basis of metals used, the global metal packaging is segmented into aluminum, steel, tin and iron. On the basis of end use industry, the global metal packaging is divided into food & beverages industry (whipped cream, beer bottles, etc.), food services industry (catering services, etc.), oil & gas industry (storage of petroleum, etc.), chemical industry (storage of industrial solvents, etc.), personal care industry (deodorants, shave products, etc.), household products (air fresheners, crockery, etc.), industrial use (degreasers, spray paints, etc.) and many others.
Geographically, the Global Metal Packaging industry can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa. North America currently holds the largest share in the global metal packaging market, as consumption rate of canned food is highest in North America. The second largest market in global metal packaging is Europe, followed by Asia Pacific, Latin America and then rest of the world. The high growth in market of Asia Pacific and Latin America markets is expected in the forecast period owing to the urge of convenient packaging across end use industries.
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The major players identified across the value chain of global Metal Packaging market include Amcor of Limited, Ardagh Group, Alcoa Incorporated, CPMC, Manaksia Group, Emballator Metal Group, Crown Holdings, Grief Incorporated, Silgan Holdings, Rexam Plc, Jamestrong Packaging, Shetron Group, Ton Yi Industrial, Bericap Group, GM Metal Packaging Ltd., Fujian Fuzhen Metal Packaging Co. Ltd., etc. The companies are emphasizing on research and development and new product development in order to maintain the competitive advantage in global metal packaging market during the forecast period. Acquisitions and mergers are very rare in metal packaging market, which is the key strategy executed by major market players to gain competitive advantage.