Metal Packaging Market To Be Valued At $135bn By 2020
The global market for metal packaging is is set to be valued at $135.69 billion by 2020, according to a new study by Research & Markets.
The study, 'Metal Packaging Market by Type, Raw Material, & by Application - Trends and Forecast to 2020', found that the Asia-Pacific region is set to see the most growth, with a CAGR of 4.4% between 2015 and 2020.
The food segment is set to see a CAGR of 4.0% between now and 2020.
According to an accompanying release issued by Research & Markets, 'With increasing urbanized population, increasing consumption pattern of canned food, developing economics, increase in the usage of recycled material in the manufacturing process, and significantly increased demand for packaged food are the main aspects which would drive this market.
'Increasing urbanization, demand of packaged food and aerosol products, consumption of canned food, and recycling rate are propelling the growth of this market.'
It added that competition from paper and plastic packaging 'poses a challenge to the metal packaging market.'
The biggest players in the metal packaging market include Alcoa Incorporated (U.S.), Amcor Limited (Australia), Ardagh Group (Europe), Ball Corporation (U.S.), CPMC (China), Crown Holdings (Europe), Greif Incorporated (U.S.), Silgan Holdings (Connecticut, U.S.), Rexam Plc (U.K.), and Ton Yi Industrial (China).
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones