Major players in the tin packaging industry have focused on business expansion and product launch strategies to gain the maximum share in the market. This further results in consolidation of the tin packaging market.
WILMINGTON, Del., Aug. 22, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Tin Packaging Market by Product Type (Cans, Lids & Caps, Tins & Boxes and Tubes & Drums), End User Industry (Food & Beverage, Personal Care & Cosmetics, Pharmaceuticals, Chemicals & Industrial and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032”. According to the report, the tin packaging market was valued at $732.3 million in 2023, and is estimated to reach $956.1 million by 2032, growing at a CAGR of 2.9% from 2024 to 2032.
Prime determinants of growth
The growing trend towards preference for sustainable packaging is a major driver for the tin packaging market. Consumers are increasingly favoring sustainable packaging solutions with growing environmental awareness. Tin is highly recyclable, making it an attractive option for environment-conscious consumers. Tin packaging is often associated with high-quality and premium products, particularly in the food, beverage, and cosmetics sectors. This positioning boosts its demand among brands seeking to enhance their product appeal. Advances in tin can manufacturing, such as improved sealing technologies and lightweighting, contribute to cost efficiency and product quality, making tin packaging more competitive.
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Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2024–2032 |
|
Base Year |
2023 |
|
Market Size in 2023 |
$732.3 million |
|
Market Size in 2032 |
$956.1 million |
|
CAGR |
2.9 % |
|
No. of Pages in Report |
191 |
|
Segments covered |
Product Type, End User Industry, and Regions. |
|
Drivers |
Efficient Logistics and Distribution Growth in emerging economies Focus on reducing carbon footprints |
|
Opportunities |
Technological Advancements in manufacturing |
|
Restraints |
Volatile price of raw materials |
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the tin packaging market, owing to the temporary closure of manufacturing firms during the lockdown.
- Not only the production but also the sale of tin packaging was hampered due to the closure of manufacturing factories across the world, especially in the initial period of the pandemic.
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The cans segment dominated the market in 2023
Based on type, the market is divided into cans, lids and caps, tins and boxes, tubes and drums. In 2023, the cans segment emerged as the leading category within the tin packaging market. This segment’s prominence is primarily due to its widespread applications and several advantageous properties that make it the preferred choice across various sectors such as food and beverage industry.
The food and beverage segment dominated the market in 2023
Based on end user industry, the market is segregated into food and beverage, personal care and cosmetics, pharmaceuticals, chemicals and industrial, and others.
The food and beverage segment was the leading segment that dominated the global market share in 2023. The rise in consumer demand for ready-to-eat meals and convenience food, particularly among urban populations and busy lifestyles, has significantly boosted the demand for tin packaging. Tin packaging offers a convenient solution for packaging such products, making them easy to store and consume.
The Asia-Pacific dominated the market share in terms of revenue in 2023
The tin packaging market is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA. In 2023, Asia-Pacific accounted for largest market share, and it is expected to grow at a significant CAGR throughout the forecast period. China holds the maximum share in the tin packaging industry in the Asia-Pacific region.
The Asia-Pacific region is at the forefront of adopting new technologies in tin packaging manufacturing. Advances in tin can manufacturing, such as the development of lightweight yet strong tinplate, have reduced material usage and costs, making tin cans economically viable and environment-friendly. Such factors drive the market growth.
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Leading Market Players: –
- Crown Holdings, Inc.
- Ardagh Group
- Ball Corporation
- Nippon Steel Packaging
- Silgan Holdings Inc.
- Tata Tinplate
- Ton Yi Industrial Corp.
- ThyssenKrupp Rasselstein GmbH
- Can-Pack S.A.
- HUBER Packaging Group GmbH
The report provides a detailed analysis of these key players in the tin packaging market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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