Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of the "Global Metal Packaging - which is forecasted from 2022 to 2027".
The growing demand in the food and beverage industry and the growing end-user industry have resulted in stimulating the expansion of the Global Metal Packaging Market.
As per the report, Global Metal Packaging Market is expected to grow at a CAGR of 3.18% to reach US$150.510 billion by 2027, from US$115.829 billion in 2020.
The Global Metal Packaging Market is driven by the rising demand for metal packaging from the food and beverage industry. The increasing awareness of environmentally friendly packaging techniques and recyclable alternatives has increased the demand for the metal packaging market. Moreover, the increasing demand for metal packaging for the manufacture of personal care products such as aerosol sprays and cosmetic products has also increased the market demand for the Global Metal Packaging market.
Other alternatives such as plastic and paper products for the packaging industry, serve as primary challenges for the global metal packaging industry. Plastic is hazardous to the environment, yet it serves as a cheap alternative for the manufacture of a lot of packaging commodities. The introduction of paper packaging as an economical alternative to metal packaging may also hinder the market growth in the forecasted period.
Based on Type, the Global Metal Packaging Market is categorized into Cans, Caps and Closures, and Others. The cans segment holds a significant share in the market, mostly due to the growing demand for food and beverage cans. The growing adoption of metal packaging for the manufacture of beer cans, soft drink cans, meat and vegetable cans, etc has reported a significant increase in the demand for the metal packaging market. Hence, this segment is anticipated to see significant demand in the Global Metal Packaging Market.
Based on Raw Materials, the Global Metal Packaging Market is divided into Steel, Aluminium, and Others. The aluminum segment holds the largest market share among other segments. This is largely due to the excellent recycling and sturdy packaging capabilities of the material. Its high demand in the manufacture of beverage packaging has resulted in an increased demand for the Metal Packaging market.
Based on Application, the Global Metal Packaging Market is categorized into Food, Beverages, Cosmetics & Personal Care, Industrial, and Others. The food segment holds a significant share in the market, mostly due to the growing demand for frozen food cans, vegetable cans, meat, fish cans, etc. Moreover, the added benefit of sturdy packaging has led to an increase in demand for the import and export of food items. Hence, this segment is anticipated to see significant demand in the Global Metal Packaging Market
Based on Geography North America, South America, Europe, the Middle East, Africa, and the Asia Pacific are the regions that make up the Global Metal Packaging Market. The North American region holds the largest market share in this segment, owing to the increasing food and beverage, and consumer goods industry in the region. Moreover, the growing awareness of environmentally friendly packaging alternatives has led to the growth of the market in this region.
As part of the report, the major players operating in the Global Metal Packaging Market that have been covered are: Ball Corporation, Crown Holdings Incorporated, Silgan Holdings Incorporated, Can-Pack SA, CCL Container Inc, Orora Limited, Daiwa Can Company, Hoe Chong Tin Pte Ltd, and Sonoco Products Company.
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This analytic report segments the Global Metal Packaging Market on the following basis: