North America to Dominate the Metal Packaging Market
North America dominated the metal packaging market in 2019 and is projected to continue the same during the forecast period. The region has the presence of well-established end-use industries such as food & beverage and healthcare. Aluminum is widely used for the manufacturing of beverage containers across the region for its recyclable properties. In 2018, the U.S. aluminum industry recycled about 56.2 billion cans at a recycling rate of 63.6%. Shifting customer preference towards sustainability and rising demand for across food & beverages drive the regional metal packaging market.
Asia-Pacific to be the Fastest-Growing Metal Packaging Market
Asia-pacific is expected to be the fastest-growing region during the forecast period. China is at the forefront of the regional market. The country is witnessing a rise in the consumption of soft drinks and alcohol, further surging the demand for metal packaging. Asia-Pacific is the largest producer of metal ores. Thus, maintaining an adequate supply and demand for raw materials for metal packaging. The production cost of metal packaging is low, which further increases the profit margin and sales in the regional and international markets.
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Impact of COVID-19 on the Global Trade
The COVID-19 pandemic has tailed off the world economy. The outbreak has created a health crisis and disturbed the global supply chain across the globe, including metal packaging. Steel and aluminum are primary metals used for the manufacturing of metal packages. Asia-Pacific contributes about 60% of the global steel and aluminum production. China, India, and Japan are majorly hit by the pandemic. The pandemic has created supply disruptions across Europe and North America. As per the U.S. Department of Commerce, China steel export rose by 65.1% from 40.5 million metric tons in 2010 to 66.9 million metric tons in 2018.
Metal Packaging Market Segmentation
By Material Type
By Product Type
Central and South America and the Caribbean
The Middle East
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now