Global Metal Cans & PET Bottles Market Seen Soaring 5% Growth to Reach USD 100 Billion by 2030, Projects Univdatos Market Insights
- Vikas Kumar
- November 24, 2023
- CHEMICAL, NEWS
- Metal Cans & PET Bottles Market Analysis, Metal Cans & PET Bottles Market Forecast, Metal Cans & PET Bottles Market Growth, Metal Cans & PET Bottles Market Outlook, Metal Cans & PET Bottles Market Share, Metal Cans & PET Bottles Market Size, Metal Cans & PET Bottles Market Trends
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According to a new report by Univdatos Market Insights, Global Metal Cans & PET Bottles Market, is expected to reach USD 100 Billion in 2030 by growing at a CAGR of 5%. Metal Cans & PET Bottles are increasingly being recognized as a crucial part of sustainable business practices worldwide. The business world is realizing the importance of sustainability and is increasingly integrating it into its business strategies. Germany leads the market as it has one of the highest recycling rates in the world, with 71%.
Access sample report (including graphs, charts, and figures): https://univdatos.com/get-a-free-sample-form-php/?product_id=46597
The report suggests that the rising profitability of the production of metal cans & PET bottles due to a surge in recycling is one of the major factors driving the global metal cans & PET bottles market during the forthcoming years. The global economy is headed towards becoming a low-carbon economy. Recycling of metal or polymer packaging is being perceived as a vital pillar of a transition towards a sustainable world. The demand for packaging such as aluminum and steel are growing in response to the rise in demand for food and beverage and other industrial products. According to the latest reports by European producers of steel for packaging (APEAL), almost 85.5% of the steel was recycled in 2020 and is anticipated to rise further in the future. Manufacturers have started to adopt recycling as a measure to save the cost of their production because by reusing metals such as aluminum and steel, a significant share of production and energy costs is being saved since new products are being formulated using recyclable waste material. This has also ramped up production leading to a shrinking of the gap between demand and supply which has benefited the manufacturers of metal packaging.
Fig1: Recycling Rates of Main Packaging Materials in Europe, 2020
Apart from this, the rise in demand for convenient packaging among consumers, fostering awareness and appeal through marketing by manufacturers, and amongst others in metal cans & PET bottles, also positively impacts the market’s growth. A wide range of product launches have adopted strategic alliances in this area, thus suggesting huge potential in this area. Some of the recent product launches are:
- In June 2021, Volnaa launched mineral water in Aluminum cans, that are environmental-friendly canned Himalayan water.
- In March 2021, Toyochem launched a new BPA-NI internal coating for metal cans based on acrylic emulsion and polyester resins.
Food & Beverage Sector Gaining Maximum Traction in Market
Globally, the food industry is growing very rapidly, and China contributes to a major share of agricultural production.As a rapidly developing country with a large population, China has significant food needs that must be met in a sustainable way. Moreover, in recent years, there has been a growing focus on sustainability in the food & beverage industry.
- In June 2023, ALPLA, Coca-Cola launched 100% recycled PET bottles for packaged water.
- In July 2023, PepsiCo, in partnership with Srichakra Polyplast with bottling partner Varun Beverages, introduced 100% recycled plastic bottles in India in its carbonated beverage category.
- In October 2021, Synlait introduced its own-brand recyclable stainless steel Swappa Bottle as its first consumer foods product.
Click here to view the Report Description & TOC https://univdatos.com/report/metal-cans-pet-bottles-market/
Conclusion
The Metal Cans & PET Bottles market has grown rapidly over the past few years. The market has been driven by increasing awareness of sustainability issues among businesses, investors, and regulators and the growing recognition of the link between sustainability and financial performance. The Global Metal Cans & PET Bottles market is highly fragmented, with many small and medium-sized players competing for business. Several top-notch companies in the market include CPMC Holdings Limited; Toyo Seikan Group Holdings, Ltd.; Can-One Berhad; CANPACK; and others. The major focus areas for Metal Cans & PET Bottles firms include e-commerce sales, sustainability, recyclable products, and rising interest in functional and healthy beverages. The demand for sustainability reporting and disclosure services is also increasing as more companies are adopting environmental reporting frameworks and guidelines. Overall, the Global Metal Cans & PET Bottles market is expected to continue to grow in the coming years, driven by the increasing focus on sustainability by businesses, investors, and regulators.
