Market players are investing in R&D to satiate the requirement for eco-friendly and cost-effective alternatives.
DUBAI, UAE / ACCESSWIRE / November 18, 2020 / Future Market Insights: The metal container market will reflect a CAGR of 6 % over the forecast period 2020-2030. The market is primarily driven by growing health awareness among consumers. Extensive use in packaging of several products such chemicals, as paints and dyes, automotive, healthcare and pharmaceutical, personal care and cosmetics products, and others further generate growth prospects.
"The metal container market will foresee a surge in demand due to the growing use of RFID technology, increasing implementation of recyclable metal containers, and growing chemical sector." concludes the FMI analyst.
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Europe accounts for largest market share due to high sales and production of intermediate bulks containers.
Intermediate bulks containers is projected to grow at a CAGR of 6.9% over the forecast period.
Steel remains the key beneficiary due to its varied advantages over other materials.
Food and beverage sector will remain lucrative throughout the forecast period.
Cost-effectiveness of containerization will reflect significant growth of the market in the approaching years.
Multi-directional growth of the chemical sector is steadily propelling the demand for metal containers.
RFID technology is anticipated to come out as an efficient cost-saving tool for consumers and profitable for manufacturers.
Rising cautiousness among consumers regarding sanitation has led to metal packaging since they are airtight and avert tampering risk.
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Growing environmental and health concerns are generating prospects for bio-based plastics such as polyethylene terephthalate, bagasse which will might hinder the growth of metal containers.
Rising trends favoring the usage of light-weight substitutes has prompted a drop in demand for metal packaging.
COVID-19 Impact on the Market
Production activities of the worldwide market have been affected due to COVID-19 led restrictions imposed by governments and present deceleration of end use sector. However with the growing need for well packaged products in the pharmaceutical and food sectors has boosted demand for metal containers. Furthermore, with change in people's lifestyle towards more safe and health cautious one, the need for low error packages is high and would benefit the market.
Major companies identified in the metal containers market are Ardagh Group S.A., Ball Corporation, CCL Industries Inc., Silgan Holdings Inc., CPMC Holdings Ltd., Grief Inc., Crown Holdings, Inc., Toyo Seikan Co., Ltd., Mauser Packaging Solution, Montebello Packaging Inc., Nampak Ltd., Balmer Lawrie & Co. Ltd., NCI Packaging, HUBER Packaging Group GmbH, and Great Western Containers Inc.
About the Study
The study offers readers a comprehensive assessment of the metal containers market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights according to product type(cans, drums, aerosol cans, pails, intermediate bulk containers, others), material type (steel, aluminium, tin), end use (food and beverage industry, chemicals, automotive, pharmaceutical & healthcare, cosmetics & personal care, building & construction, other end use), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights