“Asia and Europe Electrolytic Tinplate Market: Products, Applications, Growth Rates and Shares, and Forecast: 2020-2029” is a recently produced reports by research team at Market.US. The Asia Electrolytic Tinplate Market is projected to reach a value of US$ 2.9 Billion in 2029. The Asia market is projected to register a steady growth rate of 4.9%.
Tinplate offers better environmental performance as compared to other materials used for the same purposes. It holds a unique position as a sustainable packaging material due to its recyclable nature. Recycling helps to reduce carbon emissions, save energy and raw materials, and waste generated from raw materials extraction. Because of its recyclable properties, it is considered as the most environment-friendly packaging medium.
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Growing food and beverage services industry across the globe, owing to changing demographics, increasing disposable incomes, rapid urbanization, and others are major factors driving growth of the target market. Also, its corrosion-resistance nature and an attractive visual appearance, are the key advantages offered by tinplate as well as a high degree of reusability, are some factors expected to drive growth of the target market over the forecast period. According to Oxford Economics 2017, expenditure on “eating out” is expected to rise globally and is led by the Asia Pacific, where average spend is expected to increase by 7.5% per year. Markets in the Middle East & Africa region are forecast to see average annual growth of 7.3%, followed by the Americas with 5.5% and Europe with 4.9%.
Acceptability of eco-friendly products for packaging and electronic parts are increasing, owing to various benefits offered such as recyclability and non-toxic nature. This factor is, in turn, supporting the growth of the global electrolytic tinplate market. Eco-friendly products help to reduce carbon footprint, pollution, and contamination of natural resources such as air, water, and soil. Eco-friendly products are better for the environment as they are made of recycled waste material, which reduces the consumption of resources. Additionally, increasing government support in emerging countries such as China and India in order to promote the use of recycled products is another factor expected to drive growth of the target market over the forecast period.
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Environment-related issues regarding steel production and increased material cost are some factors expected to hamper the global market to a certain extent. For instance, Steel production has several impacts on the environment, including air emissions (CO, SOx, NOx, PM2), hazardous wastes and solid wastes, and wastewater contaminants. The major environmental impacts from integrated steel mills are from coking and iron-making. Moreover, availability of alternatives or substitutes raw materials such as plastic and paper, coupled with a relatively high cost of electrolytic tinplate are expected to hinder the electrolytic tinplate market growth during the forecast period.
The manufacturing process of electrolytic tinplate utilizes a lot of resources, and the process is lengthy as well as complex. Optimization of manufacturing processes and technical advancements in manufacturing equipment are major factor expected to create lucrative growth opportunities for manufacturers in the target market. In addition, the use of biodegradable raw material sources can create lucrative growth opportunities for manufacturers in the target market. With the abundance extend of steel materials, and tin free steel, which enhance the development of technology of packaging industrialization.
Asia and Europe electrolytic tinplate market are segmented on the basis of product type, application, and region. Among the product type segments, the prime grade electrolytic tinplate segment holds a major share in the market while and is also expected to grow at a high CAGR during the forecast period. Based on application segment, the packaging segment accounts for highest revenue share in the target market in the near future. Asia-Pacific electrolytic tinplate market accounts for significant market share in terms of revenue. In addition, electrolytic tinplate market in the Asia Pacific is projected to register fastest growth rate in the next coming years, owing to increasing disposable income and acceptability of eco-friendly products in various countries such as India, China, Japan, South Korea, and others.
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