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Metal packaging is basically a packaging that is usually made out of metal such as aluminum and steel. Some of the crucial benefits of the use of metal packaging include impact-resistant, ability to endure extreme temperature, convenience for shipping in far of distances, and others. The growing popularity of the use of the product for canned food helps to intensify the consumption as there is a high demand for canned food, especially in busy urban areas. Furthermore, the fragrance industry also largely utilize the product owing to its ability to withstand high pressure and its durability. Moreover, the rising traction of premium product such as cookies, coffee, tea, and others in a metal package give rise to the increasing consumption of metal-based packaging.
The large demand of the product for the packaging of various types of beverages such as soda, energy drink, beer, and others act as a driving factor for the market growth. For instance, according to the USA Today data issued, September 2019, the United States has an estimated consumption of 6.3 billion gallons of beer in 2018. Moreover, paint industry also generates traction of the product as it is projected to be more durable in holding paints in case of drop or shock than its substitute product such as plastics. Additionally, chemicals being highly sensitive solution there is a great demand for using metal packaging especially in manufacturing plants to help prevent any unwanted chemical reaction that could occur.
Nonetheless, its substitute products such as plastic, paper, and others possessing lower cost as compared to metal packaging act as a hampering factor for the market growth.
Key Market Driver -
The growing demand of the product in beverage industry act as a driving factor for the market growth.
Key Market Restraint -
The lower cost of its substitute products act as a restraining factor for the market growth
Alcoa Incorporated, Crown Holdings, Ardagh Group, Ball Corporation, CPMC, Greif Incorporated, Amcor Limited are the key players operating in the metal packaging market.
The metal packaging market is segmented into by type, raw material use, application, and geography.
On the basis of type, the market is fragmented into cans, caps & closure, barrels & drums, and others. Cans are projected to the dominating segment owing to can being largely used in fast-moving consumer goods products such as processed can food, soda can, room spray, and others. Thus, these products are estimated to have a larger consumption rate than other products.
Based on raw material use, the market is divided into steel, aluminum, and others. Aluminum is estimated to the leading segment based material due to its lightweight property, and also its corrosion resistance boosted the usage especially in the food and beverage industry.
By application, the market is grouped into food, beverage, healthcare, personal care, and others. Food is anticipated to hold the largest share on an account of its convenience and helping to save time it is largely consumed by busy working professional, sportsmen, campers, and others.
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On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is projected to be the prominent market shareholder and is anticipated to continue throughout the forecast period of 2020-2027. The consumer goods giants in this region such as Procter & Gamble, Kimberly-Clark, SC Johnson, and others are largely utilizing the metal packaging for producing large number of aerosol cans range from hairspray, perfume spray, air fresheners, and others. Furthermore, the large production and the increasing use of the product for the packaging of crude oil such as jet fuel, gasoline, kerosene, light virgin naphtha, and others also boosted the demand of the product. For instance, according to the US Department of Energy, May 2020, In 2019 the United States is estimated to produce 12.2 million barrels of crude oil from federal offshore operations and state onshore.
The Asia Pacific is projected to display a significant presence in the metal packaging market owing to the growing popularity of the use of the product in the packaging of sweat products such as rasgulla, gulab jamun, and others especially in countries like India. Furthermore, India and China being the two largest producers of pharmaceutical products are also anticipated to have a huge contribution owing to products such as medicine strip, gel, bottle lid, and others largely rely on metal packaging. According to the Hindu Business Line May 2020, the estimation of the pharmaceutical industry in India is estimated to be worth $37 billion with an export of about $18 billion.
By Raw Material Use
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