Composite paper cans are emerging as a preferred packaging solution as industries and consumers alike exhibit demand for sustainable alternatives to plastic. In contrast to the 2.4% CAGR observed from 2016 to 2022, the global market for composite paper cans is anticipated to grow at a CAGR of 4.8% from 2023 to 2033.
Paper-fiber body with one or both ends made of metal or paper make up composite paper cans. To reduce leakage, plastic or aluminium foil liners are inserted inside the cans. As a result, the beverage industry is where these containers are most frequently used.
Key players are being encouraged to increase their manufacturing capacity by the rising demand for composite paper cans that are environmentally friendly. As takeaway and on-the-go food items become more and more popular, there will be a greater need for packaging options with longer shelf lives and more usability. According to FMI, more than half of the composite paper cans sold over the projection period will be used for food and beverage packaging.
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In recent years, the growing concerns over environmental damage have pushed consumers and marketers towards green products and services. Increasing focus on reusable or recyclable products will pave the way for the growth of the market in the near future.
Key Takeaways from Composite Paper Cans Market Study
- Cap closures account for over 61% value share in the global market owing to easy handling and lower risk of wastage.
- Spiral winding production is gaining traction as it offers high tensile strength in composite paper cans. This segment is estimated to hold 49.9% of the market by the end of 2031.
- China will emerge as a leading market registering a CAGR of 8.8% during 2021 -2031. The demand for composite paper cans will rise due to higher sales of take-away food and beverages.
- The U.S. accounts for over 63% of North America, due to the presence of key players and rising acceptance of new, lightweight, and cost-effective liquid packaging solutions.
- Expansion of the food sector will support growth in Germany, which is expected to account for nearly 15% of sales recorded in Europe by 2031.
“Companies operating in the market are focusing on offering sustainable solutions. Some of them are experimenting with technologies to offer greater usability of composite paper cans,” says a FMI analyst.
Composite Paper Cans Emerge as Sustainable Alternative to Plastic Cans
There are several reasons as to why composite paper cans are far better as opposed to ordinary cans. These are durability, eco-friendly nature, and low cost. Also, composite materials have the highest strength to weight ratio.
Composite paper cans resist damage from harsh weather and chemicals, which is driving their application in the food, chemicals, cosmetics, and personal care industries.
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Considering the challenging conditions of the COVID-19 pandemic, the returns from composite paper cans has declined substantially across the globe. Therefore, the Y-o-Y growth rate in the year 2020 dropped by nearly 1.6% as compared to 2019.
A moderate slump in the food & beverage and retail segments has been observed, owing to difficulties in maintaining supply chains. The demand for composite paper cans is expected to recover strongly owing to growth in sustainability and as consumers adapt to hygiene practices.
Who is Winning?
The tier 3 players in the market hold 70-80% of the global composite paper cans market. Expansion of production capacities and investments into product development are key strategies holding the attention of manufacturers.
Smurfit Kappa Group plc, Amcor plc, Mondi Group plc, Sonoco products company, Ace paper tube, Irwin packaging, PTS manufacturing, Canfab packaging and among others are the prominent players in the global composite paper cans market.
Key Benefits
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Composite Paper Cans market analysis from 2022 to 2032 to identify the prevailing Composite Paper Cans market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Composite Paper Cans market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market. - Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Composite Paper Cans market trends, key players, market segments, application areas, and market growth strategies.
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