VALLEY COTTAGE — The global aluminum cans market is poised to increment at a healthy CAGR of 5% during the forecast period 2019-2029. Aluminum can manufacturing companies are working along with the top food and beverage manufacturers in order to maximize their annual turnover. Aluminum cans are evolving to become the most superior choice among all the packaging formats owing to the properties such as durability, recyclability, and reusability of the material.
"Numerous regional and unorganized manufacturers are entering the aluminum cans market by adopting strategies such as joint ventures, collaborations, mergers and acquisitions with the purpose of competing with other global players on the regional pricing trends", says FMI analyst.
Global Aluminum Cans Market Study – Key Takeaways
- Cans of 201-450 ml hold a major share of the total revenue, while the demand for 700-1000 ml cans is expected to remain strong in the near future.
- As per FMI study, 2-piece cans accounted for more than half of the total market share. Whereas, 1-piece cans are set to witness higher growth over the assessment period.
- Adoption of aluminum cans in the beverage industry account for close to 80% of the total revenue share. On the other hand, use of aluminum cans in personal care & cosmetics and paints & lubricant sectors are poised to surge at a healthy CAGR over the forecast period.
- FMI opines that Europe will hold a significant share in the global aluminum cans market. North America and East Asia will exhibit robust expansion going forward.
Global Aluminum Cans Market – Key Growth Drivers
- Europe offers higher opportunities for can manufacturers owing to the mounting stringency of environmental rules and regulations enforced by the government. Furthermore, the European Union (EU) parliament has approved to ban single-use plastics by 2021.
- North America is set to leverage lucrative growth opportunities for the manufacturers of aluminum cans. According to the International Aluminum Institute, production of aluminum in North America witnessed a significant increase in 2018, due to the growing demand for aluminum cans in the region.
- Demand for 2-piece cans are witnessing strong growth owing to the use of these cans for a variety of purposes and the materials used in manufacturing these are the most sustainable.
- Growing demand for alcoholic beverages, sports, and energy drinks among millennials is expected to boost the sales of aluminum cans in the global market space.
Global Aluminum Cans Market – Key Restraints
- Accessibility to alternate packaging solutions such as packages made of PET and glass are expected to hinder the aluminum cans market growth. However, manufacturers are largely emphasizing on recycled aluminum and zero-chemical coatings to overcome these challenges.
Some of the major frontrunners in the global aluminum cans market are Ball Corporation, Crown Holdings Inc., Ardagh Group S.A. The market is expected to remain slightly consolidated. Key strategies adopted by all the market players are collaborations, merger & acquisitions, joint ventures, and partnership with top food and beverage manufacturers across the globe.
Press-release Source – https://www.accesswire.com/580418/Demand-for-Aluminum-Cans-Continues-to-Move-on-an-Upward-Trajectory-2-Piece-Cans-Remain-Highly-Preferred
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
Mr. Abhishek Budholiya
616 Corporate Way, Suite 2-9018
Valley Cottage, NY 10989
T (UK): +44(0)20-7692-8790