Tin foil is a versatile material, which is used in various packaging applications such as wrappers, household foil, pouches, blister packs, and lids. It is recyclable and therefore represents a beneficial opportunity for manufacturers as increasing recovery & collection rates for product mean less production cost along with improved profitability. It possess significant characteristics including better thermal & electrical conductivity, non-absorptive to grease, water, light, and oil, superior formability, and fine adhesive ability to the mixture of composite & confrontation to chemical or oxidation attacks. It acts as resistor to gases, bacteria, odor, moisture, and molds. Tin foil offers safety adjacent to the heat. Opacity is a prominent feature that helps in deterrence to corrosion of huge range of drink & food products which are affected by the light. As it possesses various properties, it is the most favored packaging material. It is used in varied end-use industries such as food, cosmetics, insulation, pharmaceuticals, electronics, automotive components, geochemical sampling and others. The major channel of distribution for packaging & industrial tin foil is direct distribution channel. Tin foil is sold directly to end users, who further process the foil to manufacture products for instance pie pans, containers, heat exchanger fins, household foils, and thermal insulation wraps.
As per study, “Global Tin Foil Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” key companies operating in the global tin foil market include Loften North America, 3M, Coppice Alupack, Handi Foil, All Foils, Inc., UACJ Foil, ADVANTA. Leading vendors are deploying a variety of organic & inorganic growth tactics to stay ahead in the competition. By type, tin foil market is segmented as 0.1~0.2 mm, 0.01~0.1 and 0.005~0.009 mm. In addition, based on application, market is segmented as baking, barbecue, packaging and others. Packaging segment is expected to exhibit substantial growth rate because of its ability to protect various items packaged inside against bacteria, oxygen, light, and moisture. It is mainly used in pharmaceutical, tobacco, food & beverage, and cosmetics packaging applications.
The tin foil market is driven by rapid growth of pharmaceutical packaging industry, followed by increase in middle class with growing disposable income, strong economic growth, rise in demand for packaged food and increase in preference for flexible packaging over rigid packaging. However, volatility of raw material prices is a major hindering factor for market. Moreover, increase in health awareness among consumers and rise in concerns regarding the use of plastic packaging products are key opportunities for market.
Based on geography, the North-American region holds major share in global tin foil market owing to rise in demand for heat exchangers and refrigeration appliances in the region. The European and Asian-pacific regions are anticipated to witness higher CAGR due to rise in demand for processed or packaged food & beverage and rapidly growth in consumer goods sectors over the forecast period. It is estimated that global tin foil market will be reached at rapid pace because of steady rise in the manufacturing sector during the forecast period.
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Related Report:-
Global Tin Foil Market Status and Future Forecast 2015-2025
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