Tinplate packaging to register CAGR of 4.2% from 2019-2029

The global tinplate packaging market is projected to experience a CAGR of approximately 4.2% from 2019 to 2029. This growth trajectory is driven by several factors, including the continued reliance of companies on polyester or acrylic materials as ideal substitutes for Bisphenol A (BPA). A Fact.MR report.

26 Mar 2024 | By Abhay Avadhani

Cans segment will noteworthy CAGR over the course of forecast period

Major players in the tinplate packaging market are offering BPA-free products in response to consumer demand for safer and more environmentally-friendly packaging options. This trend has contributed to the expansion of the tinplate packaging market as consumers prioritise products that are free from potentially harmful substances.

In recent years, the tinplate packaging industry has witnessed several micro trends, particularly in response to concerns regarding the use of Bisphenol A (BPA) due to its high toxicity in end-use industries.

As a result, tinplate packaging manufacturers are increasingly shifting away from the usage of BPA and exploring alternative options. One such alternative being experimented with is Bisphenol-S (BPS). Additionally, companies are turning towards acrylic or polyester materials as replacements for BPA, offering safer and more environmentally friendly packaging solutions.

To capitalise on this trend and address consumer preferences for safer products, many companies are now showcasing their tinplate packaging products as 'free from BPA'. This marketing strategy aims to increase demand by assuring consumers of the safety and quality of the packaging materials.

Against the backdrop of these shifts within the tinplate packaging market, the industry is expected to register a Compound Annual Growth Rate (CAGR) of 4.2% during the forecast period. These trends reflect a growing awareness and prioritisation of health and environmental concerns within the packaging industry, driving innovation and evolution in packaging materials and practices.

Cans segment will noteworthy CAGR over the course of forecast period. Food and beverages industry accounts for 80% demand in the 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.

Soaring demand for cans in food and beverages is driving the growth of the 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 the tinplate packaging market. Greater emphasis on Foreign Direct Investments (FDIs) will complement the growth of tinplate packaging in South Asia.

“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 the forecast period,” projects Fact.MR.

Some of the key stakeholders include Ball Corporation, Ardagh Group, and JSW Steel. These 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 2,50,000 tonnes per annum. Further, market players are trying to adjust to the new economic reality imposed by Covid-19 by revamping their policies and resources.

Latest Poll

The packaging industry is confused by recycling and sustainability rules in India. What is the biggest challenge?

Results

The packaging industry is confused by recycling and sustainability rules in India. What is the biggest challenge?

Shortcomings in EPR policy

 

21.05%

Inadequate infrastructure

 

10.53%

Shortage of recycling firms

 

21.05%

Lack of consumer awareness

 

47.37%

Total Votes : 19

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