Tin box Market – Revenue Generation, Market Shares & Latest Development
In today’s world, packaging has emerged as a necessity. Due to the modern- day lifestyle and today’s fast-paced life, so customers have inclined towards convenience has increased. Hence there is a steep increase in the demand for effective packaging solutions. The inherent quality of tin makes it a brilliant packaging solution, and is used in household, industrial and promotional packaging of products.
Tin boxes have also evolved as packaging option in storage, protection and transportation of various types of goods. Earlier glass bottles and containers were used as a medium of packaging but due to its transparent and easily breakable nature, it was then replaced with metal such as tin for packaging. Tin is corrosion resistant in nature and thus any food and beverage can be safely stored in tin boxes.
Global Tin box Market: Drivers and Restrains
Tin boxes offer a convenient and protective packaging for the storage of food. Furthermore, as the world population is growing and there is a rise in GDP along with improved standard of living, and as there is growth in demand for packaged food, so the need of tin boxes is expected to grow. This all act as driving forces towards the growth of tin box market all over the world.
On the other hand, Due to reduced production of exhausting mine, there is a sharp increase in prices of tin is expected to hamper the growth of tin box market. Also, the inclination of the customers as well as manufacturers towards plastic boxes and pouch packaging has increased as they are more cost effective and has thus hampered the growth of tin box market. This has acted as some of the restraining factors for tin box market.
Geographically, the global tin box market is segmented into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). Asia Pacific is the largest consumer of tin in 2014 in terms of volume. There is a steep rise in the manufacturing sector in developing economies such as China and India as a result of growth in urbanization.
Thus Asia-Pacific is expected to show a higher growth in production of tin box market. North America and Europe are also expected to show a moderate growth rate in the tin boxes market as a result of maturity in disposal income. It is expected that Middle-East and Africa (MEA) shall witness an above average growth in tin box market due to increase in growing retail network in this region. Overall, It is expected to have a steady CAGR for the forecast period of 2017-2027 leading to the growth in global tin box market.