Market Incumbents must work on enhancing the sustainability aspect of their business by improving the product recyclability through regional cooperation in the tinplate packaging market.
ROCKVILLE, MD / ACCESSWIRE / April 20, 2020 / Global tinplate packaging market is poised for steady growth at approximately 4.2% CAGR over the forecast period (2019-2029). Companies continue to rely on polyester or acrylic materials as ideal substitutes of BPA (Bisphenol A). Major players are increasingly offering BPA free products which are spurring the growth of tinplate packaging market. However, sales are likely to fall in the current financial year in view of disrupted global supply chain caused by COVID-19 pandemic.
“Bisphenol-S (BPS) continues to be experimented by major manufacturers as an alternative for BPA. Such changes, research and development have impelled the demand for tinplate packaging. On that premise, the global tinplate packaging market is projected to expand 1.7X through the course of forecast period,” projects Fact.MR.
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Tinplate Packaging Market – Key Findings
- Cans segment will register noteworthy CAGR over the course of forecast period.
- Food and beverages industry accounts for 80% demand in tinplate packaging market.
- Europe tinplate packaging market constitutes 1/3rd of the global revenue share.
- Demand for tinplate packaging will soar in South Asia during the projection period.
Tinplate Packaging Market – Key Driving Factors
- Soaring demand for cans in food and beverages is driving the growth of tinplate packaging market.
- Proliferation of regional players is bolstering the market growth in Europe.
- Sustainable practices adopted by market leaders continue to inflate the sales of tinplate packaging.
- Decreasing raw material cost is supporting the growth of tinplate packaging market.
- Greater emphasis on Foreign Direct Investments (FDIs) will complement the growth of tinplate packaging in South Asia.
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Tinplate Packaging Market – Key Restraints
- Tinplate is relatively heavy packaging material which is restraining overall market growth.
- The opaque nature of tinplate packaging is a factor limiting market growth.
- Temporary slowdown in countries such as Italy and Spain in the wake of COVID-19 outbreak will hamper market growth in the first half of 2020.
Some of the key stakeholders featured in this Fact.MR report include, but are not limited to Ball Corporation, Ardagh Group, and JSW Steel. These top players occupy the majority share in the global tinplate packaging market. Niche players are working on enhancing the recyclability and efficiency of their product. For this purpose, regional cooperation has been deemed crucial for market leaders. Top players are leveraging the declining cost of raw materials to maintain their hegemony in the global tinplate packaging market. Capacity expansion is another key strategy followed by industry leaders. For instance, JSW Steel expanded its production capacity in Tarapur (2019) to 250,000 tonnes per annum. Further, market players are trying to adjust to new economic reality imposed by COVID-19 by revamping their policies and resources.
About the Report
This 170-page study offers in-depth commentary on the tinplate packaging market. The study provides compelling insights on the tinplate packaging market on the basis of product type (cans, containers, lids), application (food packaging, beverages packaging, aerosol products packaging), thickness (0.13 to 0.20 mm, 0.20 to 0.40 mm, more than 0.40 mm) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East & Africa).
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