Future Market Insights (FMI) in its latest research study estimated the demand for aluminum cans is expected to increase at 4.5% CAGR, surpassing US$ 112.3 Bn through 2031. Growing demand for beverage packaging is propelling the growth in the market.
Increased demand for smaller pack sizes coupled with a preference for convenient packaging will boost the market. Furthermore, rising use of flavored alcoholic beverages, wine, soft drinks, and energy drinks is predicted to improve aluminium can sales.
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Consequently, growing consumption of beverages among millennials across the globe will also aid the growth in the market. Furthermore, brand-owners are treating aluminium cans as a promotional tool, which is expected to create growth opportunities for the market players.
Key players are also focusing on improving the shapes and sizes to woo the end-users. Unique shapes, finishes, and features will also improve the shelf visibility of these cans. Hence, adoption of aluminium cans to achieve product differentiation, and eye-catchy prints will result in increased sales.
Manufacturers are focusing on product offerings and developing self-chilling and self-heating cans in metal can packaging innovations, which in turn is expected to boost the demand for aluminium cans over the forecast period.
Key Takeaways
- By product type, the 2-piece aluminium cans segment is anticipated to remain the leading segment, accounting for 52% of the market share in 2021.
- Based on capacity, more than 1000ml segment is projected to register a CAGR of 4.9% during the forecast period.
- In terms of end-use, the beverage industry is projected to remain primary end user in aluminium cans market, holding around 79% of the market share in 2021.
- South Asia and East Asia, cumulatively, will account for nearly 40% of the global aluminium cans market in 2021.
- Europe and North America, collectively, are projected to hold approximately 48% of the market share in 2021.
“Aluminium cans manufacturers are likely to collaborate with leading food and beverage companies to develop and innovate convenience technology for aluminium cans in order to maximize profits. Key players are also focusing on innovation in coating materials, patterns, and unique shapes to meet the requirement for product distinctiveness, which is in turn creating remunerative opportunities for the growth of the market” says an FMI analyst.
Use of Aluminium Cans to Enhance Point-of-sale Appeal and Product Differentiation
Aluminium is a lustrous metal, which widens its applications for point-of-sale packaging solutions. Its unique physical attributes are enhancing the aesthetics of the packaging, and plays a key role in product differentiation.
Furthermore, shaped aluminium cans with distinct prints & decorations are used to increase shelf visibility of products. Increased shelf visibility are aiding the sales of end users, as most beverage purchase decisions are made on the spot.
Hence, premium brands are adopting aluminium cans with distinctive shapes and eye catchy graphics which can grab consumers’ attention to boost their sales. These factors are also anticipated to fuel demand for aluminium cans for packaging of deodorants, perfumes and other personal care products.
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Aluminium Cans Market Landscape
Crown Holdings Inc., Ball Corporation, Ardagh Group S.A., are the top players operating in the target market. Furthermore, Silgan Containers LLC, Toyo Seikan Co., Ltd., Nampak Ltd., CCL Industries Inc., CPMC Holdings Inc. Kian Joo Can Factory Berhad, CAN-PACK S.A. are also noticeable players in the market. The Tier 1 players in the market hold 25-30% in the global market for aluminium cans.