Market Insights
According to the analysts, the Aluminum Cans Market is likely to witness a steady CAGR of 3.5% during the forecast period. Expanding canned food preference and increment in extra cash of the customers are the prime factors contributing to the demand for aluminum cans. Rising number of health-conscious consumers and increasing preference of aluminum cans from various industries owing to its distinct features, such as lightweight, being stackable, strong, resistance to transportation, hermetically sealed cover, irregular handling, and easy recyclability are also the major factors driving the market growth.
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Aluminum Cans Market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyses the market in the most detailed manner in order to provide a panoramic view of the market. The vital data provided in the report can play a vital role in assisting market participants and investors in identifying low-hanging fruits available in the market as well as developing growth strategies to accelerate their growth process.
Segments Analysis
Based on the capacity type, the market is segmented as less than 200ml, 201-450ml, 451-700ml, 701-1000ml, and more than 1000ml. The 201-450ml segment held the largest share of the market in 2019. The dominance of the segment is mainly because of the beverage industry behemoths such as Coca-Cola and PepsiCo, preparing to roll out water packaged in aluminum. The 201-450 ml aluminum cans continue to witness high demand owing to their advantages such as lightweight, easy to transport and store. The rise of ‘on-the-go’ culture and growing popularity of ready-to-drink (RTD) beverages is also is contributing a healthy growth for the segment.
Based on the end-use industry type, the aluminum cans market is segmented as beverage, food, chemical, pharmaceutical, paints lubricants, and others. The beverage segment held the largest share of the market in 2019. The dominance of the segment is mainly due to the rise in consumption of processed beverages and increasing shelf life of products. Aluminum cans are popular in the beverage industry as they are capable of preserving the quality and flavor of the contents.
In terms of regions, North America is estimated to be the largest market during the forecast period, with the USA, Canada, and Mexico being the major countries with lucrative growth opportunities. The growth of the region’s market is mainly driven by the growing concerns regarding the use and consumption of sustainable packaging materials. High consumption of processed and ready-to-eat (RTE) food products in the region is a key growth factor for the region’s market.
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