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Tinplate Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2032

The global tinplate market size was valued at USD 30.07 billion in 2023. The market is expected to grow from USD 31.0 billion in 2024 to USD 40.25 billion by 2032 at a CAGR of 3.3% during the forecast period.

Tinplate is a low-carbon, lightweight, and cold-rolled steel sheet or plate that is coated with commercially available pure tin. This sheet has the formability and strength of steel and the solderability, corrosion resistance, and luster of tin. The growing use of this material in a variety of industries, such as automotive, metal packaging, and construction is anticipated to bolster market growth.

The COVID-19 pandemic had an adverse effect on the market’s progress as import-export activities came to a complete halt and governments across the world had imposed nationwide lockdowns. This scenario created severe supply chain disruptions in many industries, which hindered the demand for this material and ultimately impeded the market’s development.

Fortune Business Insights™ displays this information in a report titled, “Tinplate Market, 2024-2032”.

Segmentation:

Lucrative Properties Offered by Prime Grade Boosted Its Adoption

Based on type, the market is segmented into prime grade and secondary grade. The prime grade segment accounted for the largest tinplate market share in 2023 as this material is used in several industries due to its attractive properties, such as smooth surface and low-to-no surface imperfections.

Material Widely Used in Food & Beverage Cans Due to Increasing Need for Maintaining Food Quality

Based on application, the market is classified into food & beverage cans, other cans, automotive, construction, and others. The food & beverage cans segment held a major market in 2023 due to its wide utilization in the food & beverage industry to maintain the quality of packaged foods.

Single Reduced Type Gained Major Traction Due to Its Attractive Qualities

Based on thickness, the market is classified into single reduced and double reduced. The single reduced segment captured the biggest market share in 2023 as this type of tinplate has several attractive qualities, such as beautiful metallic luster and high formability.

With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Source- https://www.fortunebusinessinsights.com/tinplate-market-109202 

Report Coverage:

The report has studied the market in depth and highlighted a wide range of crucial aspects, such as leading product types, popular types of thickness, and top market players. It also provides valuable insights into the latest market trends and sheds light on key industry developments. Apart from the factors mentioned above, the report covers many other factors that have helped the market grow.

Drivers and Restraints:

Rising Product Demand from Food & Beverage Sector to Boost Market Growth

The demand for packaged foods is increasing at a robust pace across the world due to the hectic lifestyle of customers. This factor has boosted the demand for safe and high-quality packaging containers to keep the food safe from contamination and maintain its quality. Here is where tinplate-based containers play a key role as they offer several properties, such as high corrosion resistance, great durability, and excellent protection. These properties make this material ideal for packing foods and beverages.

However, growing availability of cost-effective and alternative packaging materials can impede the adoption of this material, stifling the tinplate market growth.

Regional Insights:

Asia Pacific Dominated Market Due to Presence of Vast Food & Beverage Industry

Asia Pacific accounted for the largest global market share in 2023 as the region has one of the biggest food & beverage industries. The region is also considered a global hub for automotive manufacturing, which will further enhance the use of this material in the future.

Europe is also holding a major share of the global market as the demand for this material is high in industries, such as health & beauty and food & beverage.

Competitive Landscape:

Leading Market Players to Focus On Capacity Expansion and Acquisitions to Maintain Dominance

Some of the leading market players, such as Baosteel Co., Ltd., ArcelorMittal, Tata Tinplate, and NipponSteel are increasing their focus on acquiring smaller companies or other market players to expand their market presence. They are also using various strategies to expand their production capacity and cater to the ever-growing demand for products.

Notable Industry Development:

September 2022: Thyssenkrupp Rasselstein commissioned its new tinplate coating line 13 after an investment of EUR 120 million (USD 120 million) and three years of construction. The production process now makes use of chromium (III) instead of the chromium (VI), which was previously used to comply with the EU REACH regulations.

LIST OF KEY COMPANIES PROFILED IN THE REPORT

  • Altos Hornos de Mexico, S.A.B. de C.V. (AHMSA) (Mexico)
  • ArcelorMittal S.A. (Luxembourg)
  • Baosteel Co., Ltd. (China)
  • JFE Steel Corporation (Japan)
  • JSW Steel Limited (India)
  • Nippon Steel Corporation (Japan)
  • Ohio Coatings Company (U.S.)
  • Posco Group Inc. (China)
  • Tata Tinplate (India)
  • TCC Steel (South Korea)
  • Thyssenkrupp AG (Germany)
  • Ton Yi Industrial Corporation (Taiwan)
  • Toyo Kohan Co., Ltd. (Japan)
  • United States Steel Corporation (U.S.)