Increasing use of cans for packaging in food & beverage industry is enabling tinplate packaging sales
NEW YORK, NY / ACCESSWIRE / April 16, 2021 / Award winning market research company Fact.MR's report on global tinplate packaging market presents a moderate growth outlook through 2021 and beyond. Replacing conventional packaging with sustainable solutions will fuel demand for tinplate packaging during the forecast period, evaluates Fact.MR.
According to the study, the market is projected to grow at 4.2% in 2021. Tinplate packaging manufacturers are diverting their focus from usage of Bisphenol A (BPA) and has increased the usage of recyclable products. Increasing focus on offering greater sustainability within diverse sectors such as food, beverage and alcoholic/non-alcoholic drinks packaging will drive sales.
Additionally, demand for recyclable cans is considerably increasing in food and beverage industry due to the increasing demand for ready-to-eat food products among consumers. Increasing concerns pertaining to environmental safety and stringent regulations implemented by government regarding the usage of hazardous materials have been encouraging tinplate packaging uptake among manufacturers.
"Increase in demand for sustainable products from food & beverage industry and decreasing price of raw materials are expected to enable growth in tinplate packaging market," says a Fact.MR analyst.
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Key Takeaways
- By product, Cans to hold 1/3rd market share of tinplate packaging
- Food & beverage industry collectively account for 80% demand of tinplate cans
- UK to lead the European tinplate packaging market through 2021 and beyond
- United States to hold over 50% of the market share during the forecast period
- Application in food packaging to dominate the market through 2029
- By thickness, 0.20mmm to 0.40mm tinplate packaging to grow by 1.7x through 2029
Prominent Drivers
- Rising demand for packaged food and aerosol products are major drivers for tinplate packaging market
- Rising consumption of canned food and recyclability of Tin is accelerating the demand
- Evolving food and beverages market is indirectly catering the demand of tinplate packaging market
Key Restraints
- Increasing preference of PET bottles is likely to hinder the growth of tinplate packaging market
- High demand of plastic packaging is giving a tough competition to tinplate packaging market, challenging the growth
Discover more about the tinplate packaging market with 105 figures and 128 data tables
https://www.factmr.com/report/4615/tinplate-packaging-market
Competitive Landscape
AJ Packaging Limited, Tinplate Company, Zenith Tins, HUBER Packaging Group GmbH, Golden Grain Group Ltd., Ball Corporation, CPMC, Crown Holdings, Greif Incorporated, and Thyssenkrupp among others are some of the prominent manufacturers profiled by Fact.MR. Leading players are inclined towards using key strategies such as collaborations and product innovation to maintain the competitive edge in the industry.
For instance, on 8th April 2021, Crown Holdings Inc. announced that it has entered into a definitive agreement to sell its European Tinplate business to KPS Capital Partners, LP. Crown will receive pre-tax proceeds of approximately €1.9 billion from the transaction and will retain a 20% ownership stake in the business.
More Valuable Insights on Tinplate packaging Market
In its latest report, Fact.MR provides a detailed segmentation on the global tinplate packaging market for the period 2019-2029. The study divulges essential insights on the tinplate packaging market trends, growth and opportunities. To gain a better perspective, the market is segmented on the basis of thickness (0.13-0.20 mm, 0.20-0.40 mm, and more than 0.40mm), product type (cans, containers, lids, and others), application (food packaging, beverages packaging, alcoholic drinks, non-alcoholic drinks, aerosol products packaging, cosmetics, healthcare, automotive, and others), and key regions (North America, Europe, East Asia, South Asia & Oceania, and rest of the world).
Key Questions Covered in the Report
- Which region will account for the largest market share?
- Which segment holds the major market share for tinplate packaging market?
- What are the key drivers and restraints for the tinplate packaging market?
- Why is demand for tinplate packaging in packaging industry accelerating?
- Which are the prominent players operating in the tinplate packaging market?
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SOURCE: Fact.MR