Pune, India -- (SBWIRE) -- 05/02/2018 -- Market Scenario
Metal packaging is a process of protecting the products using materials such as aluminum and steel for storage, distribution, sale, and use. This packaging is used in various industries such as food & beverages, pharmaceuticals, chemicals, and personal care. The demand for the metal packaging has witnessed strong growth over the last few years due to increasing disposable income and changing consumer preferences.
According to the MRFR analysis, the global metal packaging market is growing at a rapid pace and is expected to gain a significant momentum over the forecast period. The global metal packaging market is estimated to grow at a CAGR of 3.29% and reach USD 136,137.5 million by the end of the forecast period, 2017-2022.
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In April 2016, Ball Corporation completed the acquisition of Rexam PLC. The acquisition aims at supplying innovative, sustainable packaging solutions for food & beverage, household products, and other technologies & services.
Ball Corporation, in association with Henkel, has launched a lightweight aluminum aerosol can for the brand, Beauty Care. According to the partnership agreement, Henkel will utilize Ball Corporation's lighter weight real technology, which will help in increasing the strength and at the same time will reduce the weight of the can without affecting the package integrity.
Hence, the global metal packaging market is expected to reach at USD 136,137.5 million by the end of the forecast period at CAGR of 3.29%.
The prominent players in the metal packaging include Amcor Ltd. (Australia), Ardagh Group (Luxembourg), CPMC Holdings Ltd. (China), Crown Holdings (U.S.), Grief Incorporated (U.S.), Silgan Holdings Inc. (U.S.), Rexam Plc. (U.K.), Toyo Seikan Kaisha Ltd. (Japan), Ball Corporation (U.S.), and Huber Packaging (Germany).
The metal packaging market is compelled by various factors such as increased consumption of packed foods & beverages. According to beverage can makers, the energy drink category remains to be a vital driver for soft drink cans. The European market for energy drinks increased in size by 6% in 2015, and now nearly 2 in every 3 liters of energy drinks are sold in cans. Increase in demand for food has triggered the metal can manufacturers to invest in design and manufacturing technologies, which aids in offering metal cans with improved functional and storage features, have also been a key factor triggering the growth in the soft drinks end-use sector.
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On the basis of the regions, the global metal packaging market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America accounted for the largest market share of 34.9% in 2015, followed by Europe, which is expected to grow at a CAGR of 2.70% during the forecast period. The U.S. is dominating the metal packaging market in the North American region due to high dependency on canned food and beverages. The scarcity of time and smaller family sizes are thrusting the demand for canned food & beverages, thereby driving the growth of the metal packaging market.
Asia Pacific metal packaging market is expected to grow fastest at a CAGR of 4.30% from 2016 to 2022. China, Japan, India, and Thailand are the key contributor to Asia Pacific market. China is the world's largest consumer market for food and beverage (F&B) products. As per China Britain Business Council, China crossed the United States in 2011 in terms of food & beverage industry. Growing number of supermarkets in the region is also expected to boost the demand for metal packaging products.
For the purpose of the study, the market is segmented based on material, product, and application. On the basis of the material, the market is segmented into steel and aluminum. The steel segment dominated the global metal packaging market with 69.6% of share in 2015, and t is expected to grow at a CAGR of 3.19% during the forecast period. There are three types of steel used for packaging, which are tinplate, chromium coated steel, and black plate.
Based on the product, the market is segmented into cans, drums & barrels, caps & closures, and others. Cans segment dominated the global metal packaging market with 45.5% of share in 2015 and is expected to grow at a CAGR of 3.47% during the forecast period. Cans are one of the most widely used package types, and they have become increasingly popular in developed and developing countries during the past few years.
Based on the application, the market is segmented into food, beverages, chemical, personal care, and others. Beverage segment dominates the market with 30.5% of share in 2015 and is expected to grow at a CAGR of 3.17% during the forecast period. Increase in consumption of alcoholic and non-alcoholic beverages across the globe have increased the demand for metal cans in the beverage segment. Food was the second-largest market, valued at USD 20,543.3 million in 2015; it is projected to grow at a CAGR of 3.40%.
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