NEWARK, Del, Sept. 08, 2022 (GLOBE NEWSWIRE) -- As per FMI, the global cans market is projected to reach US$ 51.6 Bn in 2032 and exhibit growth at a CAGR of 3.8% in 2022-2032. The market is estimated to reach a valuation of over US$ 35.6 Bn in 2022.
Cans are best suited for preserving food as it prevents growth of microorganisms that cause foodborne illnesses. Being 100% recyclable, food cans are expected to be the ideal packaging choices for manufacturers across the globe. They are nowadays emphasizing sustainable packaging solutions.
The aluminum segment by material type is estimated to generate a dominating market share throughout the forecast period. Growth is attributed to its extensive use in various end-use industries such as beverages, pharmaceuticals, cosmetics & personal care, and homecare products. According to the Environmental Protection Agency of the United States (EPA), in 2018, about 1.9 million tons of aluminum packaging was generated from beers and soft drink cans and 49.2 percent of aluminum beverage cans were recycled. Hence, aluminum cans are estimated to dominate the market.
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Key Takeaways from Cans Market
"Government initiatives to ban single-use packaging options is expected to create new growth opportunities for cans manufacturers globally. Besides, high demand for easily recyclable and eco-friendly packaging options would drive the need for cans in the market," says a FMI analyst.
Key Cans Manufacturers Are Prioritizing Sustainability
Participants in the global cans market are primarily focusing on adopting new packaging formats that would have less influence on the environment and generate relatively lower carbon footprints when converted into waste. Therefore, some of the manufacturers are taking initiatives and investing more on research & development activities to accelerate material or product innovations. Additionally, they are focusing on manufacturing new facilities for the recycling of scrap cans.
As per a recent report published by the American Iron and Steel Institute, steel food cans consist of the highest recycling rate out of all food packaging that is equivalent to 58%. This rate is significantly higher than alternative food packaging that includes plastic (13%), glass (33.9%), cartons (16%), and pouches (2%). Nearly 30,000 food cans are recycled every minute in the U.S. Steel cans made of recycled steel results in 75% less greenhouse gas emission than making food cans with virgin steel. Thus, FMI estimates that various initiatives by market players will significantly increase the demand for cans in the next decade.
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Some of the leading participants in the global cans market are Ball Corporation, Mondi Group, Novelis Inc., Crown Holdings, Inc., Silgan Holding Inc., Ardagh Group S.A, Orora Packaging Australia Pty. Ltd., the Olayan Group, Ardagh S.A., Canpack, CPMC Holdings Ltd., Bangkok Can Manufacturing ,Nampak Ltd., Mahmood Saeed Beverage Cans & Ends Industry Company Ltd,Kian Joo Can Factory Berhad, Swan Industries (Thailand) Company Ltd, GZ Industri, Toyo Seikan Co., Ltd. and Envases Group.
Get More Insights on Cans Market
Future Market Insights, in its new report, offers an unbiased analysis of the global market for cans market by material type (aluminum, steel/tin plated, plastic, and paper composites), capacity (up to 200 ml, 201-750 ml, and more than 750 ml), end use (food, beverages, pharmaceuticals, cosmetics & personal care, homecare products, paints & lubricants, and others consumer goods), across seven regions.
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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3.1. Key Trends Impacting the Market
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