It is expected that the compound annual growth rate of metal packaging market will exceed 4% in the forecast period (2020-2024). According to the institute, about 55 percent of the world was urbanized in 2019. Smaller families and lifestyle changes, including less time spent preparing meals and at home, are leading to a shift to more processed, frozen and prepared foods, of which canned foods are the most common form of packaging.
Metal packaging has the largest market share in these foods. However, the metal packaging market is expected to see strong competition from alternative soft plastic packaging products.
Beverage cans have been an important driver of the market and have seen widespread adoption in the food, industrial and household products sectors. Europe is one of the world's largest food producing regions, with a favourable business environment encouraging companies to set up production facilities in the region. In addition, new production technologies and more product releases are driving the growth of the market. To reinforce this trend, major brands have recently launched new product lines in the field. Various advanced technologies used in food production have been studied in metal packaging enterprises. As a result, the metal packaging industry has set a new standard for high quality packaging.
Reusing is a major trend in metal packaging, as there is increasing pressure to extend the life cycle of limited resources by reusing containers. In contrast to consumer applications, many industrial packaging markets benefit from an efficient and well-developed product infrastructure, such as refurbished packaging barrels that can be reused to the maximum extent possible. This is the main driving force behind the adoption of steel and has been shown in many studies to be less harmful to the environment than the extraction of raw ore.
Ii. Major market trends; Beverage packaging is expected to take a large share
Beverage industry to aluminum cans and steel cans based. However, with the continued trend of convenient packaging, the demand for flexible vertical bags is growing. The increase is also due to metal caps and caps used in various beverage products. Aluminum packaging for beer, carbonated soft drinks and energy drinks is increasingly controlled in other product areas such as sparkling wine, iced tea and coffee pastries. The recovery rate of second-hand aluminium cans in Europe and Asia was 68.3% in 2018; The EU has a target of 80% by 2020. The recycling capacity of aluminium cans saves up to 95 per cent of primary production energy through recycling, thus making a tireless contribution to sustainable development.
Beverage can manufacturers have reduced the weight of the packaging by reducing the specifications required to make cans. The canisters can withstand the carbonation pressure needed to pack soda and up to 90 pounds per square inch. In fact, four six-pack packs can support a two-ton car, making them a more popular packaging option for the beverage industry.
Third, the competition pattern
The metal packaging market is highly competitive and consists of several major players. Many companies are expanding their market share by launching new products, expanding their operations or making strategic acquisitions. April 2019 Well-known European iron box manufacturers continue to expand the production of canned and terminal equipment. These projects aim to meet the growing demand for unlimited recycling and sustainable aluminum packaging. These investments are in line with the growth prospects of the canned market.