Composite Cans Market to Expand at 4.9% CAGR during Forecast Period - TMR Study

WILMINGTON, DE / ACCESSWIRE / October 12, 2022 / Transparency Market Research Inc. - In 2021, the value of the global composite cans market stood at US$ 4.4 Bn. The composite cans market sales analysis predicts the market to rise at 4.9% CAGR during the forecast period, from 2022 to 2026. By 2026, the global composite cans market is expected to touch value of US$ 5.6 Bn. The global composite cans market is expected to observe growth due to rising use of environmentally friendly and cost-effective packaging solutions. Corrosion and moisture resistance are key features of composite cans. In addition, they can withstand both chemicals and oxygen. The flavor and aroma of food products can be preserved for a longer time due to these features, which is likely to present growth opportunities for the composite can manufacturers. As opposed to plastic cans, composite cans preserve the freshness of food products, thereby extending the storage life of food products.

One of the major reasons anticipated to propel the global composite cans market during the projected period is expansion in the food and beverage industry. Market expansion is being fueled by the food and beverage industry's growing demand for safe packaging goods. There are many different shapes and sizes of composite cans present in the market. As a result, their demand is rising in industries including personal care, agriculture, cosmetics, and food and beverage, as well as industrial and other consumer products.

North America is anticipated to emerge as a leading region of the global market during the forecast timeframe and acquire considerable composite cans market share. Asia Pacific market is anticipated to experience rapid growth due to affordable labor, easy access to raw materials, and adoption of latest manufacturing technology by the leading regional firms.

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Key Findings of Market Report

• In the food & beverage business, composite cans are being utilised more and more as they are environmentally friendly, lightweight, and cost-efficient packaging options. These cans offer excellent sealing ability, thereby lowering the possibility of dry grain spilling. As such, they are also simpler to transport and are expected to drive future growth of global composite cans market. Due to the growing acceptance of simple-to-open and resealable composite cans, a can opener is no longer necessary. Composite cans can be used to hold both cold and hot beverages, which is projected to boost the global market.
• Strict environmental rules have been imposed by governments in a number of nations. It is anticipated that the market for composite cans will soon be driven by the substitution of plastic cans with recyclable composite cans.
• Dry food products including dry herbs, flakes, dry fruits, chips, coffee/tea, spices, and other granular items are typically packaged in composite cans. These cans guard against food being crushed, and the resealable lids prolong the freshness of the contents. In order to maintain the quality and freshness, composite cans are vacuum-sealed to prevent moisture and oxygen. The ability of these cans to preserve food for up to 18 months or more is anticipated to support market expansion.

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Global Composite Cans Market: Key Players

Some of the key market players are

• Irwin Packaging Pty Limited
• Hangzhou Qunle Packaging Co., Ltd
• Sonoco Products Company
• Heartland Products Group, LLC
• Halaspack Packaging Bt.
• Smurfit Kappa Group plc

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Global Composite Cans Market: Segmentation

Can Diameter

• Less than 50 mm
• 50 mm-100 mm
• Above 100 mm

Closure Type

• Caps
• Lids

Production Type

• Spiral Winding
• Convolute Winding
• Linear Draw

End Use

• Food & Beverage
• Agriculture
• Textiles & Apparels
• Personal Care & Cosmetics
• Consumer Goods
• Industrial Goods

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