Global metal packaging industry to reach USD 177 billion by 2029: Smithers
Smithers predicts a robust future for the metal packaging industry, with a market size exceeding USD 177 billion by 2029. While the initial surge witnessed growth rates exceeding 8% between 2019 and 2022, the market is expected to settle into a steady 3% CAGR for the following five years.
02 May 2024 | By Aditya Ghosalkar
Metal's recyclability and longevity makes it a strong contender in the fight against plastic waste
Cans remain the dominant force within the metal packaging sector, accounting for nearly 60% of the market share and holding steady throughout the forecast period. However, several key trends are shaping the industry's trajectory.
As the world grapples with plastic pollution, the Packaging and Packaging Waste Regulations (PPWR) and growing consumer preference for sustainable packaging options are expected to positively impact the metal packaging industry. Metal's recyclability and longevity make it a strong contender in the fight against plastic waste.
Now, the Indian metal packaging market is expected to register a CAGR of 6.52%, as per Mordor Intelligence. Increased urbanisation is a big driver, prompting companies to increase metal cans and container production capacity. Moreover, the penetration of organised retail is also compelling market players to ramp up their capacity.
Smithers' report delves into the factors influencing can production trends, analysing the changing dynamics within the industry. This includes insights into the materials being utilised, design innovations, and potential disruptions within the manufacturing landscape.
The study explores the challenges and advancements paving the way for a fully recyclable metal packaging industry. This includes initiatives focused on optimising recycling infrastructure and minimising contamination within the recycling stream.
Metal packaging is increasingly finding favour in new sectors beyond its traditional stronghold in the food and beverage industry. The report identifies the emerging end uses that are driving demand for metal packaging solutions.
Who will benefit from this report? This comprehensive report by Smithers is a valuable resource for: tinplate and aluminium suppliers, metal can converters, beverage and food brands, and industrial packaging and bulk logistics companies. The report empowers stakeholders within the metal packaging industry to make informed decisions and capitalise in the market.