Sustainability, Decoration Boost Metal Packaging Outlook
Five technology innovations and trends are creating new value in metal packaging. According to the Smithers Pira report, The Future of Metal Packaging and Coatings to 2023, the global metal packaging and coatings market is valued at almost $105.5 billion in 2018. Total value is expected to increase at 1.6 percent annually to 2023, pushing the value to $114.4 billion.
Much of the high number can be attributed to beverage cans that continue to dominate the market, holding a share of almost 45 percent. Although global demand for beverage cans has been affected by falling sales of many forms of carbonated drinks, it has also benefited from the surging popularity of energy drinks and craft beer. Future growth in demand is likely to come from other sectors of the beverages industry, such as packaged water, wine and ready-to-drink tea and coffee drinks.