Sep 23, 2019 (AmericaNewsHour) -- The global metal packaging market is segmented into packaging type such as cans, jars, containers, barrels, foils, caps & closures, drums and others. Among these segments, containers segment is predicted to witness substantial demand during the forecast period. Further, this demand for metal containers can be attributed to growing demand for metal packaging in food & beverage industries across the globe. Metal container packaging allows food & beverage products to retain their nourishing properties and original taste for a very long time. These advantages of metal packaging are expected to intensify the demand for metal containers in food and beverage industries in upcoming years.
Global metal packaging market is expected to thrive at 4.8% CAGR over the forecast period. Moreover, the global metal packaging market reached at USD 121.2 Million in 2016 and is expected to reach at revenue of USD 152.9 Billion by the end of 2024. Rising demand for reusable materials is a major trend in packaging industry and recyclability of metals such as aluminium and steel is likely to increase the adoption of metal packaging in end use industries.
The aluminium segment by material is likely to grow at remarkable pace during the forecast period. Properties of aluminum material such as light weight, 100% recyclability, less corrosive and durability make aluminum more acceptable in end use industries. Furthermore, malleability of aluminium is also a major factor which is augmenting the growth of this segment. According to metal packaging manufacturers association, seven out of 10 beverage cans sold in the UK are recycled and 75% of all aluminium ever produced is still in use.
Growing End Use Industries
The disposable income of the population is rising steadily across the globe. Further, rising disposable income of the consumers is a major factor which is increasing the consumption of end use products. End use industries are continuously adopting effective and innovative packaging solutions to fulfill consumer's modern requirements. Growing shipping industry and increasing adoption of metal packaging due to high resistance of metal packaging to physical shocks and low weight property are also key factors which are intensifying the growth of global metal packaging market.
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Rising Environmental Concerns
Recyclability of metal packaging makes the more environmental friendly. Adoption of metal packaging in end use industries has resulted in additional benefits such as reduced waste and higher cost benefits due to their reusability.
However, disadvantages of metal packaging such as corrosion and storage issues are major challenges in global metal packaging market. In addition to this, availability of alternate packaging solutions is likely to inhibit the growth of the metal packaging market in the near future.
The report titled "Metal Packaging Market: Global Demand Analysis & Opportunity Outlook 2024" delivers detailed overview of the global metal packaging market in terms of market segmentation by packaging type, by end-use industry, by material and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
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This report also provides the existing competitive scenario of some of the key players of the global metal packaging market which includes company profiling of Amcor Ltd., Anheuser Busch Companies Inc., Metal Container Corp., Ardagh Group, BALL Corp., Bway Corp., Crown Holdings Inc., Greif Inc., Silgan Holdings, and Metal Packaging Europe.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global metal packaging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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