Research Nester published a report titled “Aluminum Cans Market: Global Demand Analysis & Opportunity Outlook 2024” which delivers detailed overview of the global commercial pharmaceutical analytics market in terms of market segmentation by application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Aluminum cans are a type of packaging product used primarily by the manufacturers of food and beverages. The global aluminum cans market is segmented by application into beverages, foods, and others, out of which, the beverages segment accounted for the largest market share of around 80% in the year 2018 and is anticipated to grow with a CAGR of nearly 4% during the forecast period, i.e., 2019-2024. The growth of the segment can be attributed to the numerous favorable properties of these cans which is why they are being used widely in the beverages industry. Aluminum cans help to reduce carbon emissions unlike its alternatives, such as plastics and other non-biodegradable materials. As a result, they act as a preferred choice for packaging beverages, such as soda, beer, cider, fruit juice, and other caffeinated drinks.
The global aluminum cans market is anticipated to record a CAGR of close to 4% during the forecast period on the back of the numerous opportunities generated by the e-commerce industry around the globe. The expanding e-commerce industry has allowed customers to easily get access to purchase a wide variety of products, such as food, beverages, cosmetics, and others. The growing demand for aluminum cans from the manufacturer of these products is therefore anticipated to promote the growth of the global aluminum cans market during the forecast period.
Regionally, the global aluminum cans market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific and Middle East & Africa, out of which, the Asia Pacific aluminum cans market held a volume of close to 150 billion units in the year 2019 and is projected to grab the largest share of around 34% in the year 2024. The growth of the market in the region can be attributed to the increasing demand for energy drinks, aerated beverages and other canned food items, backed by the growing population and their increasing disposable incomes. On the other hand, favorable support of the government towards eco-friendly packaging methods is also anticipated to drive the market growth in the region.
Market to Grow on Account of Numerous Benefits of Aluminum Cans
The aluminum cans possess several benefits over its alternatives. The manufacturers of aluminum cans can easily alter their production capabilities as the production capacity of the product is easily scalable. Apparently, the food manufacturers prefer aluminum cans owing to their eco-friendly benefits, easy transportation, favorable food preservation properties and others. Such factors are raising the need amongst the food manufacturers to adopt aluminum cans for the packaging of their food products, which in turn is anticipated to drive the market growth.
However, concerns for the availability of cheaper substitutes, such as those made of plastic, glass, paper and others, coupled with the fluctuating prices of the raw materials that are used to manufacture aluminum cans, are some of the factors anticipated to limit the growth of the global aluminum cans market.
This report also provides the existing competitive scenario of some of the key players of the global aluminum cans market, which includes company profiling of Ardagh Group S.A. (NYSE: ARD), Ball Corporation (NYSE: BLL), Crown Holdings, Inc. (NYSE: CCK), Amcor plc, and COFCO Packaging Holdings Co., Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global aluminum cans market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.