Metal Can Market is Likely to Grow at 3% CAGR till 2024 | Hexa Research
31 January 2019, Metal cans are containers that offer the storage and distribution of various products including such as chemicals, food & beverages, oil and so on. The global Metal Can Market is anticipated to grow at a CAGR of 3 % over the forecast period (from 2016 to 2024). Various factors including environmental benefits offered by these cans, like fast recycle rate and the rising demands for canned food & beverages are expected to drive the global market.
However, with the advent of High-Density Polyethylene (HDPE) and Polyethylene Terephthalate (PET) in the packaging industry, these cans lost their major share in the industry. Moreover, the unstable prices of raw materials also pose a challenge to the market growth. By focusing on fresh product development and innovations, the manufacturers can ensure a considerable growth over the estimated years. The global market is divided into products and regions.
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The products sector of the metal can market includes soups, sports drinks, energy drinks, alcoholic beverages, carbonated soft drinks, fruits, vegetables, miscellaneous foods. The beverages sector dominated the global market and is further expected to grow at a CAGR of over 3.1 % during the forecast period. This can be attributed to its benefits such as extended coolness and better protection from UV rays. In addition, product differentiation and innovation in the sizes and shapes of metal cans is said to spur the demand in the sector.
Geographically, North America dominated the overall market in 2015 occupying over 31 % of the total market share. The market is projected to witness a rapid growth on account of high consumption of canned food & beverages in the region.
The APAC region is anticipated to experience the fastest growth due to the rising disposable income levels along with the increased preferences towards canned food products. The region is likely to grow at a healthy CAGR of over 4.3 % over the estimated years.
The major companies in the global metal can market are Amcor Ltd.; CPMC Holdings Ltd.; Ardagh Packaging Group PLC.; Siligan Containers Corp.; Sonoco Phoenix Inc.; Crown Holdings Inc.; Ball Corp.; BWAY Corp.; Rexam PLC.; and Kian Joo Group.
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