At 4.5% CAGR, Global Aluminum Can Market Size & Share Surpass US$ 76 Billion By 2030, Forecast & Analysis Report By CMI
Custom Market Insights
The Aluminum Can Market was at US$ 53.3 Billionn in 2021 and is growing to approx US$ 76 Billion by 2030, with a CAGR growth of 4.5% between 2022 and 2030.
SANDY, UTAH, UNITED STATES, September 29, 2022 /EINPresswire.com/ -- According to the study, The Global Aluminum Can Market was estimated at USD 53.3 Billionn in 2021 and is anticipated to reach around USD 76 Billion by 2030, growing at a CAGR of roughly 4.5% between 2022 and 2030.
Aluminum Can Market: Overview
The increased consumption of different types of beverages is expected to be one of the major reasons to help the market’s growth during the forecast period. Aluminum cans are offered in different types of capacities, and due to this, the market is expected to grow well in the coming years. Aluminum cans are also used for food packaging and are expected to gain more popularity in the coming years. Through the introduction of aluminum cans that are BPA free which happens to be packaging that is chemical free, the demand for these aluminum cans is expected to grow in the coming years and provide major opportunities for the growth of the market during the forecast period.
The demand for different types of canned foods is expected to grow, especially in developed nations worldwide, due to the introduction of the chemical-free option. The pricing of the Product depends upon the Product’s manufacturing, and the changes in the cost of the raw material will change the price of the Product, which will hamper the growth of the market in the coming years. As consumers seek cheaper options than expensive ones, manufacturers are constantly engaged in using cost-effective products to reduce the final Product’s price.
Aluminum Can Market: Growth Drivers
The increasing demand for sustainable packaging options that can maintain the authenticity of the products is helping the market for aluminum cans to show a tremendous boost over the years. Aluminum cans have provided the cheapest option for packaging food and beverages.
The healthcare sector has used this packaging option as it does not change the chemical composition of the inside products. Aluminum cans are very easy to be recycled and reused, which makes them a suitable option as far as the environment is concerned. Scrap collectors emerged as a major collection source where aluminum cans are gathered and then sent for the process of recycling. Aluminum cans can be recycled multiple times, making them suitable for protecting the world from rapid climate change. These multiple reasons have emerged as the driving forces for the growth of the aluminum cans market during the forecast period.
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Key Insights:
A) As per the analysis shared by our research analyst, the Aluminum Can market is estimated to grow annually at a CAGR of around 10% over the forecast period (2022-2030).
B) In terms of revenue, the Aluminum Can market size was valued at around USD 53.3 Billionn in 2021 and is projected to reach USD 76 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The cost of the raw materials required for manufacturing aluminum cans keeps on fluctuating according to the fluctuations in the global economy. Key market players face a major challenge against the other cheaper options that are available for packaging.
D) Aluminum cans are very easy to handle as they bear a very minimum weight which does not alter the total weight of the food or beverages. Aluminum cans have very high resistance against corrosion, making them extremely durable for carrying various products.
E) UThe rapidly increasing demand for aluminum cans worldwide has emerged as a major factor in providing various opportunities for the aluminum cans market to increase its market size. The huge demand for a suitable packaging option that can protect food and beverages against rapid climate change has made aluminum cans a leading market player.
F) The major challenge for the aluminum can market is the availability of different packaging options, such as plastics and paper bags, which also provide environmental sustainability and match the rules and regulations the government laid down.
Press Release For Aluminum Can Market: https://www.custommarketinsights.com/press-releases/aluminum-can-market/
Regional Landscape
The region of North America emerged as the largest market for aluminum cans due to the extensive use of this material for packaging in the food and beverage industry, which is growing rapidly and about an increasing population all over the world. The huge number of people carrying takeaway food and beverages worldwide has greatly helped boost the aluminum can market. The geographical sector of Asia Pacific has also emerged as a major consumer of aluminum cans due to the increasing demand for this material for packaging, which maintains the physical integrity of the content.
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Key Players
Crown Holdings Inc.
CCL Industries Inc.
CPMC Holdings Inc.
Ball Corporation
Ardagh Group S.A.
Silgan Containers LLC
Toyo Seikan Co., Ltd.
Nampak Ltd.
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The Aluminum Can Market is segmented as follows:
By Product
1 Piece cans
2 Piece cans
3 Piece cans
By Capacity
Up to 200 ml
201 to 450 ml
451 to 700 ml
701 to 1000 ml
more than 1000 ml
By End User
The food and beverages industry
Pharmaceutical industry
Personal care and cosmetics industry
Paints and lubricants industry
By Geography
North America
The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa
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