Asia Pacific Metal Cans Market Expected To Witness A Substantial Growth Of $23.87 Billion By 2030: Grand View Research Inc.
San Francisco, 13 June 2024: The Report Asia Pacific Metal Cans
Market Size, Share & Trends Analysis
Report By Material (Aluminum, Steel), By Product Type (2-Piece Draw Redraw
(DRD), 3-Piece), By Closure Type, By Application, By Region, And Segment
Forecasts, 2022 - 2030
The Asia Pacific metal cans market size is expected to reach USD
23.87 billion by 2030, registering a CAGR of 6.6% during the forecast period,
according to a new report by Grand View Research, Inc., Increase in ban on
plastic products owing to sustainability concerns is likely to drive demand for
alternative packaging solutions including metal packaging, benefitting growth
of the Asia Pacific metal cans market.
Growing adoption of packaging solution that offers sustainability
and high recyclability are the primary factors, contributing to high market
share. The material’s property such as being lightweight as compared to its
counterpart along with high molding abilities is further expected to drive
growth for aluminum cans during the forecast period. Increasing government initiatives
for recycling aluminum material coupled with a beverage can manufacturers
utilizing advanced technology to reduce loss of the material during production
is expected to increase its availability and drive market growth.
Food metal cans are used for the packaging of fruits, vegetables,
soups, noodles, and meat to maintain a longer shelf life along with the
original freshness. Mostly, steel and aluminum alloys are used as metal for
packaging fruits and vegetables. The benefits associated with metal packaging
such as freshness and excellent barrier resistance are supportive features that
boost demand for food metal cans in the regional market.
Additionally, growing demand for frozen and canned food is
expected to propel demand for metal cans across the food industry as a
preservation medium during the forecast period. However, metal cans
manufactured from steel alloy can undergo corrosion during the preservation of
some acidic food and fruits. In addition, some aluminum metal cans use
bisphenol as a liner. This is responsible for inhibiting hormone functioning in
the human body. These features associated with metal cans are expected to
hamper the market growth during the forecast period.
Philippines is expected to exhibit the fastest CAGR of 9.1% during
the forecast period in the Asia Pacific metal cans market. The food &
beverages industry in the Philippines that accounts for a share of
approximately 10.0% of its GDP is one of the top contributors to the economic
growth of the country. The enlargement of food & beverage industry can be
attributed to the increasing population, expanding middle-class income base,
surging access to ever-growing supermarkets, and fast-changing lifestyle of the
consumers in Philippines.
Key players are increasingly focusing on development of the
advanced and sustainable packaging materials for the end-use market.
Additionally, the demand for metal cans is also increasing in the region owing
to the presence of major beverage players. Asia Pacific has the presence of
metal cans buyers such as PepsiCo, Anheuser-Busch InBev, and the Coca-Cola
Company. These companies frequently purchase beverage cans in large volumes as
their product brands have a significant share in the market and the masses in
Asia Pacific increasingly consume products from these companies.
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A number of factors, including the environmental benefits of metal
cans and their easy and quick recycling, along with increasing demand for the
canned products are anticipated to positively affect growth of the metal cans
market in Asia Pacific during the forecast period. Increasing government
restrictions on the use of plastic packaging products for the packing of
vegetables, soups, noodles, meat, etc. create an opportunity for growth of the
market. Metal cans market in Asia Pacific is expected to witness substantial
growth during the forecast period owing to an increase in the recycling rate of
used metal cans. Growing demand for the optimum utilization of natural
resources in the region has accelerated recycling activities and increased the
reuse of metals in Asia Pacific. There are significant variations in the
recycling rate of aluminum cans across the countries in Asia Pacific. For
instance, Japan has one of the most organized networks of the aluminum scrap
recycling.
Asia Pacific Metal Cans Market Report Highlights
- Steel
segment accounted for revenue share of 15.7% in 2021. Steel cans are the
most tamper-resistant choice for packaging beverages as they protect
beverages from light, water, and air
- The
2-Piece Draw Redraw (DRD) segment accounted for the revenue CAGR of 5.2%
during the forecast period. The excellent sealing property, high
production efficiency, and less use of raw materials are some of the
advantages offered by 2-piece DRD aluminum cans over 3-piece aluminum cans
- Peel-off
End (POE) closure type segment expected to expand at a revenue CAGR of
4.5% during the forecast period. Peel-off end closures are also known as
the quick peel. It is a packaging solution that has wide application in
the easy can opening of dry milk powders, canned fruits and vegetables,
and others canned food products
- The
beverages application segment is anticipated to have the highest CAGR of
6.9% during the forecast period. Increasing consumption of the alcoholic
beverages and rising demand for the functional beverages in Asia Pacific
is significantly driving demand for the metal cans packaging
- Key
companies operating in the market are majorly adopting acquisition and new
product launch strategies to expand their manufacturing capabilities,
product portfolios, and geographical presence. For instance, PepsiCo
announced its new goals in September 2021, to cut down the usage of virgin
plastic per serving by 50.0% for its food & beverage portfolio by
means of using 50.0% recycled materials in its plastic packaging products
and scaling the innovative infrastructure and technology to eliminate the
requirement of using plastic beverage packaging products
Metal recycling has garnered increased support from the government
agencies such as the Food Safety and Standards Authority of India (FSSAI) and
Asia Pacific Partnership on Clean Development and Climate (APP) in the region.
Moreover, the metal recycling market in the region is also expected to be
benefitted from the municipal recycling programs initiated in the countries
such as Indonesia, Malaysia, Australia, and India.
The increasing awareness among manufacturers and consumers about
aluminum recycling and surging demand for metal cans as packaging products from
Asia Pacific are the factors expected to fuel growth of the metal cans market
in the region. According to the Observatory of Economic Complexity (OEC), South
Korea imported scrap aluminum worth USD 88.1 million in the financial year
2022-2020. Other countries of the region, including India, China, and Malaysia
imported scrap aluminum worth USD 74.2 million, USD 553 million, and USD 204
million, respectively in the same financial year.
Asia
Pacific Metal Cans Market Report Scope
Report Attribute |
Details |
Market size value in 2022 |
USD 14.23 billion |
Revenue forecast in 2030 |
USD 23.87 billion |
Growth Rate |
CAGR of 6.6% from 2021 to 2030 |
Base year for estimation |
2021 |
Historical data |
2017 - 2021 |
Forecast period |
2022 - 2030 |
Aluminum is a circular material that can be recycled unlimited
times during manufacturing of the metal sheets. Thus, the development of the
recycling infrastructures by the leading players in Asia Pacific, along with
establishment of the segregation and collection units for aluminum scrap is
further projected to drive growth of the metal cans market in Asia Pacific from
2022 to 2030.
List of Key Players of Asia Pacific Metal Cans Market
- Swan
Industries (Thailand) Limited
- Ball
Corporation
- Crown
Holdings, Inc
- CPMC
Holdings Limited
- Kian
Joo Can Factory Berhad
- BWAY
Corporation
- Silgan
Containers
- Dongwon
Group
- Lohakij
Rung Charoen Sub Co., Ltd.
- Poonsub
Can Co., Ltd.
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