The global aluminum market size for the packaging industry is expected to grow by 1748.06 thousand tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request a free sample report
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Technavio has announced its latest market research report titled Global Aluminum Market for Packaging Industry 2020-2024 (Graphic: Business Wire)
The growing need for sustainable packaging is expected to drive the growth of the market. Aluminum is one of the most robust recycling materials compared with other packaging materials. It is 100% recyclable and can be recycled many times within a short time, without any loss in the quality. Also, aluminum cans are lightweight, unbreakable, and provide superior product protection. Aluminum cans can be easily separated from substrates in a waste stream. Aluminum can be separated by using eddy current technology. Hence, it is easy for vendors to separate these metals from waste and reuse them for packaging.
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As per Technavio, the increasing urbanization and awareness about the ill-effects of plastic packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Aluminum Market For Packaging Industry: Increasing Urbanization and Awareness about the Effects of Plastic Packaging
Countries such as China, India, and Brazil are some of the fast-growing economies that are driving urbanization globally. The increasing disposable income and busy lifestyle of the people in these emerging economies are driving the demand for packaged food products. This can be attributed to the rise in the living standards and income level, along with the convenience offered by packaged food products. This has led to an increase in the usage of metal packaging, thus supporting the growth of the global aluminum market for packaging industry during the forecast period.
"Factors such as the increasing demand for aluminum container for liquid products, and the growth in the demand for packaging for drugs will have a significant impact on the growth of the aluminum market for packaging industry during the forecast period," says a senior analyst at Technavio.
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Aluminum Market For Packaging Industry: Segmentation Analysis
This market research report segments the aluminum market for packaging industry by type (foils, sheets, and others) application (consumer packaging and pharmaceutical packaging), and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the aluminum market for packaging industry in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growing demand for flexible packaging, and the increasing demand for dairy and cosmetics products, especially in China and India.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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