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Metal Cans Barrels Drums And Pails Market Report
Metal Cans, Barrels, Drums and Pails Market Trends, Dynamics & Market Insights
Metal Cans, Barrels, Drums and Pails Market, By Product (Metal Cans (Aluminum Cans, Steel Cans), Metal Barrels, Metal Drums, and Pails), By Application (Food and Beverages, Chemicals, Others), and Region - COVID-19 Impact Analysis and Forecast to 2026. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global metal cans, barrels, drums, and pails market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The Metal Cans, Barrels, Drums, and Pails Market is estimated to grow from USD 69.5 billion in 2020 to USD 85.2 billion by 2026 at a healthy CAGR of 3.5% during the forecast period.
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Metal cans, barrels, drums, and pails are containers that are used for the distribution or storage of goods, which are primarily made of thin metal. Many cans require opening by cutting the ‘end’ open, whereas others have removable covers. Cans can hold diverse contents such as food items or beverages or chemicals.
Key players operating in the metal cans, barrels, drums, and pails market are-
Increasing demand for storage of food items and beverages to improve the shelf life and to ease the packaging and shipping is a key factor augmenting the demand for metal cans and barrels. Moreover, these metal cans can easily be transported without any spillage or leakage, thus resulting in less loss of food items. In addition, storage of various chemicals in the chemical industry to prevent contact with oxygen or to prevent spillage or corrosion further augments the market growth during the review period.
Based on application, the metal cans, barrels, drums, and pails market is classified into food and beverages, chemicals, others. The chemicals segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to the increasing production of liquid chemicals which requires efficient storage and transportation to avoid spillage. Also, metal barrels and drums offer high strength, protection, zero contact with the outside environment, which further bolsters the segment growth.
By region, the Asia Pacific market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to strong growth, increasing population, and rising urbanization, which has spawned a rise in the demand for tinned and canned food items and canned beverages. Also, the presence of strong chemical industries in China, India, and Japan, further proliferates the regional market growth.
The COVID-19 outbreak has moderately affected the metal cans, barrels, drums, and pails industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. The pandemic resulted in a rise in the sales of metal cans, barrels, drums, and pails due to an increase in the tinned and canned food items and beverages amid the pandemic. However, the chemical industry witnessed a brunt of the pandemic with limited operations, which affected the product demand in this sector.
Here is the list of the group of customers that the metal cans, barrels, drums and pails market hopes to have the greatest opportunity to convert-
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The metal cans, barrels, drums and pails market size is expected to reach USD 85.2 billion in the foreseeable future.
ArcelorMittal (Luxembourg), Ardagh Group (Ireland), Ball Corporation (US), BWAY Corporation, Can-Pack S. A. (Poland), CCL Industries (Canada), Cleveland Steel Container Corporation, CPMC Holdings (China), Crown Holdings (US), and Daiwa Can Company (Japan) are among the key players in the metal cans, barrels, drums and pails market.
The chemicals segment is expected to register a healthy CAGR in the metal cans, barrels, drums and pails market in the coming years.
The metal cans, barrels, drums and pails market is expected to witness an impressive growth of 3.5% CAGR in the coming years.
Asia-pacific is expected to grow at a substantial CAGR in the metal cans, barrels, drums and pails market during the forecast period.
Metal cans, barrels, drums and pails vendors; Metal cans, barrels, drums and pails retailers; Food & beverage companies; Chemical companies are the target audience in the metal cans, barrels, drums and pails market.
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