Soft drinks & juices

Undisputed leader in PET preform injection-molding systems and the world’s largest preform mold maker.

Makes Coke concentrate at a few select plants worldwide and sells to independent bottlers; the concentrate is the captive moat product.

World's largest flat-rolled aluminum company and dominant global can sheet supplier; wholly owned subsidiary of Hindalco Industries (Aditya Birla Group, India). FY2025 total shipments: 3,757 kilotonnes; beverage packaging ~60% of output (~2,250 kt) — a record high. Revenue ~$17.1B. World's largest aluminum recycler (>70 billion cans/year). Acquired Aleris Corporation in April 2020 for $2.8B (required divestitures: Lewisport KY and Duffel Belgium per DOJ/EC). Building a $5B greenfield integrated plant at Bay Minette, Alabama (600,000 MT/year, commissioning H2 2026) — the first fully integrated US aluminum plant in nearly 40 years. JV partner in Alunorf (Neuss, Germany) — the world's largest aluminum casting and rolling plant.

German maker of PET blow-molding and bottle-filling lines (with Sidel and KHS).

Global maker of plastic beverage caps and closures, including tethered-cap designs.

Major Chinese citric-acid producer (Shandong fermentation cluster).

Global PET preform/bottle converter and blow-molder.

NYSE-listed European/North American flat-rolled aluminum company (€10B+ revenue). FY2024: 1.4 million MT total shipments; Packaging & Automotive Rolled Products (P&ARP) segment = 1,027k MT; packaging rolled products (can sheet, closure stock, foil stock) = ~746k MT. Muscle Shoals, Alabama is the US can industry's most complete single facility — the only US plant producing body stock, coated end stock, and tab stock at scale, with the widest strip mill in the US (>1 billion lbs/year). DOD invested $23M via Defense Production Act Title III in Muscle Shoals casting capacity. Also produces aerospace/defense plate at Ravenswood, WV (Airbus, Boeing, NASA).

Formed when Hydro ASA sold its aluminum rolling division; 11 sites across Germany and Norway; ~1 million tonnes/year of rolled aluminum products. Grevenbroich is Europe's largest aluminum refining plant and produces foil as thin as 6 µm for food, pharmaceutical, and HVAC applications. Holmestrand (Norway) specializes in specialty food packaging foil. Key upstream substrate supplier to European butter wrap converters.

Chinese citric-acid maker (Anqiu, Shandong); >300,000 t/yr capacity.

Spun off from Alcoa in 2016; major North American flat-rolled aluminum producer. Re-entered the beverage can sheet market on November 5, 2020 when its non-compete agreement with Alcoa expired — immediately signing $1.5B+ in new can sheet contracts for delivery 2022-2024. Key plants: Davenport Works (world's widest rolling mill at 220 inches; the only source of single-piece aluminum-lithium wing skins for large commercial aircraft), Alcoa TN (primary can sheet re-entry site), Lancaster PA. $175M casthouse expansion at Davenport underway. Arconic's 3-year absence from can sheet (2016-2020) contributed structurally to the 2020-2021 can shortage.

Japan's largest aluminum rolling company (TSE-listed). Structured supply network: Japanese plants serve domestic market; Tri-Arrows Aluminum (US JV with Norsk Hydro/Speira) at ~450,000 MT/year serves North America; UACJ Thailand at ~320,000 MT/year serves Southeast Asia. Can stock is a core product alongside automotive sheet. Operates JV rolling mills on three continents.

South Africa's only primary aluminum rolling company (JSE-listed); installed capacity ~250,000 MT/year, actual ~200,000 MT/year with ~60% exported. Supplies can body stock, end stock, and tab stock for South Africa's aluminum can market (country switched from steel to aluminum cans) and exports globally to North America, South America, Europe, Middle East, and Asia. Provides an alternative source to the major global rolling companies for mid-tier can makers seeking non-Novelis supply.

World's largest industrial gas company; provides gas odorant distribution and blending services globally including ethyl mercaptan. Air Liquide distributes and markets mercaptan gas odorants to LPG and natural gas utilities. Also a leading producer of industrial gases (oxygen, nitrogen, hydrogen, noble gases) for healthcare, industry, and energy. Air Liquide is listed among the top ethyl mercaptan market participants; primarily as a specialty gas blender/distributor rather than a primary mercaptan chemical producer.

American industrial gas and hydrogen infrastructure company (NYSE: APD, HQ Allentown PA; ~$12B revenue); world's 3rd-largest industrial gas company and the leading investor in large-scale green hydrogen projects globally. Air Products produces industrial gases (oxygen, nitrogen, hydrogen, helium) globally and is the operator of several major helium liquefaction plants (including facilities in Wyoming and internationally). Air Products' NEOM clean hydrogen project in Saudi Arabia (joint venture with ACWA Power and NEOM company) — the world's largest planned green hydrogen production facility — will produce green hydrogen (from solar/wind electrolysis) exported as ammonia and ultimately reconverted to hydrogen in global markets. Air Products is the one major industrial gas company most committed to the 'hydrogen economy' vision — its CEO Seifi Ghasemi has publicly stated that Air Products would transform from an industrial gas company into a clean hydrogen infrastructure company. The same company that provides helium to hospital MRI machines is simultaneously building the largest green hydrogen plant on Earth in the Saudi desert.

Melbourne, Australia-based global flexible and rigid packaging company (NYSE: AMCR). On April 30, 2025, Amcor completed its all-stock acquisition of Berry Global Group for $8.4 billion — creating the world's largest flexible packaging company with ~$23 billion in anticipated annual revenue, 400+ facilities globally, and ~70,000 employees in ~140 countries. Amcor had previously acquired Bemis Company (2019, $6.8B). The combined Amcor+Berry entity holds dominant positions in frozen food LLDPE/LDPE packaging film for IQF vegetables, frozen meat, frozen seafood, and convenience foods. Berry had been a major US blown film producer with multiple facilities. Global flexibles represent ~60% of combined Amcor+Berry's business. Brands include Cryovac (via Sealed Air — separate company), Bemis, and many unbranded OEM films.

Global leader in dispensing systems — pumps, sprayers, airless and aerosol valves — for beauty, personal care and pharma. >15% of the cosmetic packaging market; dominant in the functional dispenser.

Archer-Daniels-Midland Company (Chicago IL; NYSE: ADM; ~$85B revenue FY2023; founded 1902) is the world's largest agricultural commodity processor and a major corn merchandiser supplying livestock feed. ADM's AG Services and Oilseeds segment operates 270+ facilities including corn origination elevators throughout Iowa, Illinois, Indiana, Nebraska, and Minnesota. ADM's Animal Nutrition segment produces lysine, threonine, and other amino acid feed additives used in swine feed premixes globally. ADM's corn wet milling operations (Decatur IL flagship plant; Cedar Rapids IA) produce corn starch, corn syrup, corn oil, ethanol, and DDGS (distillers dried grains with solubles) — DDGS is sold as a protein-energy supplement in swine diets at inclusion rates of 10-20%. ADM is simultaneously the largest US corn merchandiser, a producer of DDGS feed ingredients, and a supplier of amino acid additives that enable lower-protein corn-soy diets in hog production. ADM faced a significant accounting investigation in 2023-2024: the company disclosed that its Nutrition segment had misreported results; CEO Juan Luciano resigned in January 2024 amid DOJ/SEC inquiry, creating management uncertainty during a period of corn market volatility.