Newark, June 14, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the tinplate packaging market will grow from USD 145.09 billion in 2022 to USD 219.13 billion by 2032. The ongoing innovations and technological advancements related to tinplate packaging are related to the material and processes. Still, the manufacturers are also developing and creating new ways of handling and distributing packaged goods and products. In the present scenario, consumer needs and preferences are changing drastically. Owing to this factor, the packaging designs are also changing. The companies are exploring various new ideas and implementing those in changing the appearance, colour, shape, and size of packaged goods to satisfy customers. To do so, the companies adopt unique ways to achieve the desired effect or outcome. One such method is digital printing. Digital printing is considered the most prominent printing technology in the packaging industry. It is because digital printing is easier to print unique and complex designs on the packages. Digital printing also allows customizing designs and creating logos with precise colours and dimensions quickly and easily. Overall digital printing has numerous advantages and benefits in comparison to traditional printing. Companies adopt these technologies to stand out, thereby having a competitive edge in the long run.
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Key Insight of the Tinplate Packaging Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period in the global tinplate packaging market. The Asia-Pacific region would significantly expand. Government programmes encouraging urbanization and population growth are attributed to the region's growth since they raise consumer disposable and per-capita income. Furthermore, governments in the region are pushing the use of eco-friendly and sustainable packaging solutions to maintain the Earth's ecological balance. Moreover, emerging economies such as India, China, Japan and Southeast countries are providing lucrative growth opportunities for the food & beverage, healthcare and other industries to grow and flourish in the upcoming years.
The caps & closures segment is expected to grow at the highest CAGR during the forecast period.
The product type segment is divided into caps & closures, cans, drums and others. The caps & closure segment is expected to grow at the highest CAGR during the forecast period. Caps & closures are utilized for packaging goods and products in healthcare, food & beverage and other industry verticals. The caps & closures preserve the container's contents, providing a secure seal. They are generally used for individual portion packaging in cans, bottles, and jar packs in the food and beverage industries. The demand for the caps and closures is expected to stay robust during the forecast period.
The healthcare segment is expected to grow at the highest CAGR during the forecast period.
The application segment is divided into food & beverages, electrical & electronics, healthcare and others. The healthcare segment is expected to augment the market during the forecast period. Another significant end-user of tinplate packaging is the healthcare industry. The demand for tinplate packaging in the healthcare industry is driven primarily by the rising demand for hygienic packaging solutions for medications and medicines. Tinplate packaging improves anti-tampering characteristics and protects the packaged medical goods and products. Owing to these attributes, the growth of tinplate packaging is expected to gain traction in the upcoming years. Additionally, the growing healthcare infrastructure in developing countries such as India, Japan, South Korea and others is anticipated to drive industry growth in the forecast years.
Advancement in Market
In June 2021: CANPACK S.A., a member of the CANPACK Group and a world leader in sustainable packaging, declared that it would expand the manufacturing capacity of its aluminium can with a new production facility in Poços de Caldas, Minas Gerais, Brazil. CAN PACK officials, state and local officials, and economic development leaders were jointly informed about the new facility, with state and local governments providing economic development incentives.
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Market Dynamics
Driver: Increasing adoption of can packaging
Can packaging is widely employed in the food and beverage industries because it is more effective than other packaging alternatives at preserving nutritional food content and ensuring a longer shelf life. Furthermore, the superior preservative characteristics and structural integrity of various metal product types have widely used can packaging, which provides a longer shelf life. Can packaging be used in various industries including healthcare, personal care, chemical, and other industries. The packaging industry's overall growth has been fuelled by increased demand from the food and beverage markets. Consumption of canned food and beverages is driven by a lack of time and relatively small family sizes. Advances in packaging technology have also contributed to producing cans with improved functional and storage features, resulting in a boost to market growth and development.
Restraint: Volatility in raw material prices
The main issue in the market for tinplate packaging is the volatility associated with the raw material prices. The cost of raw materials required in the production of tinplate packaging has the potential to limit the industry's expansion. Many of these raw materials are imported, increasing production costs. Furthermore, due to the fast growth in the cost of steel, tinplate packaging manufacturers have had to change their costs to remain competitive. Although the demand for tinplate packaging is rising, there is still a lack of understanding about its advantages in underdeveloped countries. As a result, many buyers are unwilling to buy tinplate packaging goods. Because of this, the customers cannot understand the value of carrying tinplate packaging goods. This factor can restrain the expansion of the global tinplate packaging market's growth and development.
Opportunity: Advantages associated with the tinplate packaging
Tinplate packaging companies can explore broadening their target market to attract additional consumers from various industries. As tinplate packaging becomes more prevalent in more industries, firms can capitalize on this trend by targeting new and untapped markets. Aerosol cans are a crucial driver for the tinplate packaging industry since various industries include food & beverage, personal care and other industries. Furthermore, new packaging methods for aerosol cans are continually changing market dynamics for tinplate packaging. Tinplate packaging has penetrated the beverage industry more than the food segment because it increases the shelf life for an extended period. Beverage variations such as soft drinks, fruit juices, alcoholic beverages, and other ready-to-drink beverages provide a suitable market for tinplate packaging cans. Tinplated packing cans are in high demand because of their nitrogen-infused application, which maintains the consistency and quality of the product.
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Some of the major players operating in the tinplate packaging market are:
• Silgan Holdings
• Ball Corporation
• Shetron Group
• Amcor Limited
• Rexam Plc
• CPMC, Manaksia Group
• Crown Holdings
• Emballator Metal Group
• Grief Incorporated
• Alcoa Incorporated
• Ardagh Group
Key Segments Cover in the Market:
By Product Type:
• Caps & Closures
• Cans
• Drums
• Others
By Application:
• Food & Beverages
• Electrical & Electronics
• Healthcare
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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