The global metal packaging market is projected to grow at a CAGR of 3.04%, from US$115.424 billion in 2019 to US$165.105 billion in 2026. The market of metal packaging is expected to be driven by increasing population and changing consumers’ preference towards the packaged food products. In addition to that, the metals have the property of recycling without impacting its quality which makes it more preferable over plastic and paper-based products. This also gets supported by the government as its recyclable nature ensures environmental sustainability and prevents the use of plastic and saves paper, which saves trees. Although, the plastic and paper packaging industries will still pose a threat to the growth of metal packaging as the paper is environmentally friendly while plastic packaging makes the product lightweight and is more preferable from the children’s safety point of view.
The metal packaging market is segmented by application into food, beverages, cosmetics & personal care, industrial, and others. Since the metal packaging market is expected to have a significant market growth in the forecast period, this further implies that the industries which are using metal packaging are also having potential growth, but their growth will differ. Food and beverages will have a substantial market share due to the increasing population and changing lifestyles and preferences, the demand for metal packaged food is increasing. Pharmaceuticals, cosmetics, and personal care industries of metal packaging will have a positive growth which is driven by property of the metals to keep the product protected from the external factors.
The market of metal packaging is segmented by type into cans, caps & closures, barrels & drums, and others. The cans metal market is expected to a substantial market share in the forecast period majorly in the beverages industry. By material, the market is segmented into steel, aluminum, and others. Among them, the aluminum market is expected to have a significant share in the market due to the recycling nature of the material used in the packaging industry which is further supported by the government. While steel metal packaging is facing a hurdle due to the regulation from the Quality Control Order issued by the Union Steel Ministry.
The metal packaging market is segmented by region into North America, South America, Middle East, and Africa, Europe, and the Asia Pacific. The North American metal packaging market is expected to have a dominant share in the market in the forecast period. The major growth driver for this region’s metal packaging market is improving lifestyle and changing preference towards the packaged food. Following that, in terms of revenue, Europe and Asia Pacific metal packaging markets will have the dominant share. Other regions are also expected to have positive growth in the upcoming future due to the increasing demand for packaging.
Covid-19 has impacted the economies at several levels including the metal packaging industry. Although, it has induced the new demand for the market as well as created new markets for the metal packaging industry that are, sanitizers and disinfectants. Due to the pandemic effect, people have become more inclined towards hygiene and sanitization and their demand for the packaged foods and beverages has increased significantly. This has further boosted the demand for the metal packaging industry. From this, it is also expected that the metal packaging industry will have quite substantial growth in the upcoming period as compared to the growth in the pre-covid period. On another side, due to the disruption of the supply chains, the prices of the raw materials have increased given that there is a high demand which created a demand-supply gap.
Recently, in March 2021, the automotive industry in the supply chain has collaborated with the US EPA and other government bodies to reduce packaging wastage and achieve cost-effectiveness and environmental sustainability in the packaging market. In the beauty or cosmetics industry, Henkel and Ardagh have joined hands to develop more sustainable metal packaging for Henkel’s consumer products. The company has used steel as a raw material in the metal packaging which is produced with low carbon emissions and less usage of resources, steel, and water. This shows that innovation is what this industry is required to grow at a significant growth rate in the future. In 2020, Brazil’s craft beer brand Bierland has collaborated with the Crown Embalagans Metalicas da Amazonia SA to sell its entire product portfolio in the beverage cans with the metal packaging to reach the local consumers and increase its brand reputation among them.
APAC to witness lucrative growth
The Asia Pacific is expected to have the highest growth in the metal packaging market because of the increasing population, changing consumers’ preferences, increasing alcohol consumption, increasing income levels, and rapid industrialization. In the Asia Pacific region, India, China, and Japan are expected to have positive and significant growth in the forecast period in the metal packaging market.
In India, the major sector for the metal packaging industry is the MSME sector as they are widespread across the whole country with cost-effectiveness. The manufacturers in India are focusing primarily on technological advancement for better quality along with cost-effectiveness and environmental sustainability. For tin plates, India has small consumption from abroad due to the BIS process.
Metal Packaging Market Scope:
|Market size value in 2019||US$115.424 billion|
|Market size value in 2026||US$165.105 billion|
|Growth Rate||CAGR of 3.04% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Raw Material, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Ball Corporation, Crown Holdings Incorporated, Silgan Holdings Incorporated, Can- Pack SA, CCL Container Inc, Orora Limited, Daiwa Can Company, Hoe Chong Tin Pte Ltd, Sonoco Products Company|
|Customization scope||Free report customization with purchase.|
Frequently Asked Questions (FAQs)
Q1. What is the size of global metal packaging market?
A1. Metal Packaging market was valued at US$115.424 billion in 2019.
Q2. What are the growth prospects for metal packaging market?
A2. The metal packaging market is projected to grow at a CAGR of 3.04% during the forecast period.
Q3. What will be the metal packaging market size by 2026?
A3. The global metal packaging market is projected to reach a total market size of US$165.105 billion by 2026.
Q4. What factors are anticipated to drive the metal packaging market growth?
A4. The metal packaging market is expected to be driven by the increasing population and changing consumers’ preference towards the packaged food products.
Q5. Which region holds the largest market share in the metal packaging market?
A5. The North American region is expected to have a dominant share in the metal packaging market.