5.10.4Segment

Glass & Metal Packaging

Manufacturers of glass bottles, aluminum cans, metal tins, and metal closures for food and beverage packaging.

4
Verticals

Overview

Glass & Metal Packaging covers glass containers and metal cans and containers for beverages, food, and consumer products. At ~$33B it is a consolidated, capital-intensive segment dominated by container majors (Ball, Crown Holdings, Ardagh, O-I Glass, Silgan), with aluminum beverage cans the standout growth story.

Demand is being reshaped by sustainability — aluminum cans (infinitely recyclable) are winning share from plastic in beverages, while glass holds premium and beverage niches. The ~8% growth reflects the can-versus-plastic shift and pricing. It is consolidated, capital-intensive, and benefiting from the recyclability-driven substitution toward metal.

Market snapshot

Market size
~$33B
Growth
~8.0%CAGR (2017–22, nominal)
Companies
~530
FragmentationConsolidated

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 327213 (glass containers) + 332431/332439 (metal cans & containers); these container codes are tracked here rather than under Industrial Manufacturing to avoid double-counting.

Business model & economics

Revenue model
Glass and metal container manufacturing at scale
Recurring revenue
High — recurring beverage/food container demand
EBITDA margin
Scale- and capital-intensity-driven
Capex intensity
High
  • Dominated by Ball, Crown, Ardagh, O-I, Silgan.
  • Aluminum cans winning share on recyclability.
  • Capital-intensive; sustainability-driven substitution.

M&A deal context

Moderate deal activity

Who’s acquiring

Container majorsBeverage-can capacity investorsPE-backed platforms

What’s driving deals

  • Aluminum-can demand and capacity expansion.
  • Recyclability-driven substitution from plastic.
  • Consolidation and capital investment.

Verticals in this segment

  • 5.10.4.1Aluminum Can Manufacturing

    Manufacturers of two-piece aluminum beverage and food cans.

  • 5.10.4.2Glass Bottle & Container Manufacturing

    Glass container manufacturers producing bottles and jars.

  • 5.10.4.3Metal Can & Tin Manufacturing

    Manufacturers of steel food cans, aerosol cans, and specialty tins.

  • 5.10.4.4Metal Closures & Caps

    Manufacturers of metal bottle caps, lids, and closures.

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