Product ID: SQMIG15G2028
Global Aluminum Cans Market Size, Share, Growth Analysis, By Application(Food & Beverage, Pharmaceuticals), By Capacity Type(Less than 200ml, 201-450ml) - Industry Forecast 2024-2031
Report ID:
SQMIG15G2028 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
65 |
Figures:
75
Global Aluminum Cans Market Insights
Aluminum Cans Market size was valued at USD 54.3 billion in 2021 and is poised to grow from USD 57.23 billion in 2022 to USD 87.1 billion by 2030, growing at a CAGR of 5.39% in the forecast period (2023-2030).
Aluminum cans are typically light in weight, strong, inexpensive, easy to handle, and highly resistant to corrosion and provide exceptional barriers against light, air, and moisture. They are also perfect extenders of product shelf life, providing an ideal canvas for decoration and product branding. Aluminum cans have been extensively used for packaging in the food and beverage industry. It is considered an easy method of transporting food and beverages for long periods of time without compromising the quality and taste of the product. The objective of using aluminum cans for food and beverage packaging is to ensure that the packaging material is lightweight and inexpensive. The hotel industry makes extensive use of aluminum cans as various items are outsourced to customers from this industry. Aluminum beverage cans have one of the highest recycling rates of any beverage container. With increasing awareness of recycling among manufacturers, governments, and consumers, specialty recycling bins are in high demand in both developed and emerging nations. Aluminum cans are favoured not only for their high recycling rates but also because they generate 90% less energy and 90% fewer greenhouse gases for recycling.
The rapid change in people's lifestyles, rapid urbanization, and new product launches are also expected to drive the growth of aluminum cans during the forecast period. Also, with rapid technological innovations, such as the introduction of BPA-free aluminum cans and increasing environmental concerns, consumers are becoming more aware of the use of plastics and are likely to expand growth opportunities in the market. However, the easy availability of alternatives such as packaging made of materials including PET and glass is expected to hamper the growth of the aluminum cans market during the forecast period, while various disadvantages of aluminum cans may challenge the growth of market.
US Aluminum Cans Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Aluminum Cans Market Report Snapshots
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