The global metal can market is expanding at a steady pace owing to the increasing demand for plastic alternatives for packaging, according to a study from Future Market Insights (FMI). The firm found that the metal cans market reached $52.37 billion in 2020 and is anticipated to surpass a valuation of $62.82 billion by 2031. The market is projected to grow at a CAGR of 3.5% during the forecast period 2021 to 2031.

The study finds that aluminum cans are dominating the material segment because they emit 95% less greenhouse gas and utilizes 95% less energy compared to other alternatives. As per a study by Packaging Machinery Manufacturers Institute (PMMI), over 6,000 microbreweries have started using aluminum cans in the U.S. This increasing shift toward the usage of aluminum cans is expected to bolster the growth of the market.