The global metal packaging market is anticipated to grow over the forecast period on account of increasing health awareness among consumers as well as nutrition retaining properties of metal packaging. In addition, the metal packaging industry is expected to increase over the next six years due to high demand from emerging economies of Asia Pacific, Latin America, and Middle East. Growing disposable income of consumers in Asia Pacific region coupled with the changing lifestyle of consumers is likely to be a major driver for the market.
Metal packaging is used in a wide range of end-use industries including food & beverage, cosmetics, healthcare, and consumer goods. The tremendous growth of these end-use industries is anticipated to boost the market over the projected period. Furthermore, numerous factors have a direct or indirect influence on the metal packaging demand including the increasing requirement for convenience packaging among consumers, growing health awareness, increasing trend of “on the go” lifestyle, rising requirement for brand differentiation and enhancement in an increasingly competitive environment, and growing awareness regarding environmental issues. This has led companies to adopt new regulatory requirements on packaging recycling. Among these, growing health awareness among consumers is considered to be the single most important driver for the metal packaging market.
North America was the largest market for metal packaging followed by Europe in light of a fast-paced lifestyle leading to convenience packaging. However, over the past few years Middle East, Asia Pacific, Eastern Europe, and Africa have witnessed high growth on account of consumer preference towards lightweight and easy-to-dispose packaging. However, increasing demand for plastic packaging within the food sector as a substitute to other packaging materials including metals in mature economies of North America and Europe has resulted in sluggish growth for metal packaging in these regions. Moreover, the demand for metal containers in industrial packaging markets is still high in the U.S.
The global metal packaging market is concentrated in nature owing to the presence of a few major players. Key metal packaging companies include Alcoa Inc, Amcor Ltd., Ardagh Group, CCL Industries Inc., Anheuser-Busch Companies Inc., CPMC Holdings Ltd., Ball Corporation, Rexam Plc., Silgan Holdings, Tata Steel Packaging, Sonoco Products Company, Reynolds Group Holdings, Toyo Seikan Kaisha Ltd. and Rexam Plc.
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The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q3 of 2020 as enterprises indicated towards the returning of their workers soon. Moreover, Iron ore producers are known to be the least impacted. Major players such as BHP and Vale reported experiencing no major influence on their operations due to the COVID-19 virus. The iron ore prices reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries. The report will account for Covid19 as a key market contributor.