Metal Cans Market Hits USD 52.83 Billion By 2020: Grand View Research, Inc.
The global market for metal cans is expected to reach USD 52.83 billion by 2020, according to a new study by Grand View Research, Inc. Metal cans are steel or aluminium container mainly used for the storage of goods such as beverages, foods and chemicals. Increasing environmental benefits coupled with growing demand for beverages and canned foods are expected to drive metal cans demand over the next six years. In addition, fast recycle rate for metal cans in comparison to conventional materials such as glass and plastics is further expected to augment its market growth. Technological innovation and use of eco-friendly products are further expected to serve as key growth opportunity.
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Beverages were the largest product segment with consumption of 280,809.8 million cans in 2013, expected to reach 347,915.3 million cans in 2020, growing at a CAGR of 3.1% from 2014 to 2020. The demand for metal cans in beverages is expected to rise due to its benefits such as excellent protection from ultraviolet rays and extended coolness. Moreover, product differentiation and innovation in shape and size of metal cans is expected to boost their demand in beverages. Within beverages, alcoholic beverages dominated market with demand exceeding 127,300.0 million cans in 2013, and generated revenue of USD 16.12 billion in 2013.
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.
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