Metal Packaging
Metal Packaging Market
Source: Mordor Intelligence
CAGR
+4%
With many people staying in instead of going out to have a good time, beverage consumption has increased in the home. In turn, this has led to a shortage of aluminum cans. North America was already the largest consumer of metal packaging, “due to the fast-paced lifestyle leading to convenience packaging,” according to Market Research Future. These elements, coupled with the already-mentioned increase in food and beverage consumption overall, are the reasons why Market Research Future expects the market to grow at a CAGR of 3.36% between 2019 and 2025. Mordor Intelligence expects a similar growth rate of 4% CAGR from 2020 to 2026, which would take the industry value from $138.11 billion to $193.24 billion.
A report by Metabolic, commissioned by the Can Manufacturers Institute, found that aluminum cans have the highest circular performance compared with glass and PET bottles. Additionally, the report found that aluminum had the highest carbon emission reduction potential. Despite these reported benefits with aluminum, the overall market is still being held back. As Market Research Future states, “the growth of the market might be hindered by factors such as environment-related issues pertaining to steel mining and increased material cost.”
As plastics are cutting into the growth of glass, manufacturers of aluminum bottles are creating new products aimed at such industries as beauty, personal care, food and beverage where plastic currently holds the dominant market share.
Market Outlook by Packaging Segment
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Packaging Machinery & Automation
Cover and feature illustrations by fairywong / DigitalVision Vectors via Getty Images