Laminated Food and Beverage Steel Market Size, Share, Growth, and Industry Analysis, By Type (Fusion Method Laminated Steel and Bonding Agent Laminated Steel), By Application (Food Can and Beverage Can), Regional Insights, and Forecast To 2031

Updated On: 20 November 2023

Laminated Food And Beverage Steel Market Report Overview

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The global laminated food and beverage steel market size was USD 1147.2 million in 2022 and is expected to touch USD 1458 million by 2031, at a CAGR of 2.7% during the forecast period.

Laminated steel is a composite material that sticks plastic films to cold-rolled steel sheets and is a steel deep-processing product. Laminated steel does not include harmful substances, and the subsequent production process is environmentally friendly. Additionally, the production cost of laminated food and beverage steel is lower than the tinplate costs, thus saving the resources and revenues of manufacturers. Several enterprises will profit considerably from manufacturing and marketing laminated food & beverage steel.

Laminated steel is bonded with several layers of material, usually plastic or another metal, and is used in wide-ranging applications such as construction materials, automotive parts, and sporting goods. The material is in high demand as it is solid and durable, making it ideal for high-stress applications. The market is divided into two segments, i.e., type and application. The application segment consists of food and beverage cans, whereas the type segment consists of the fusion method and bonding agent laminated steels.

"COVID-19 Impact: Closure of Industrial and Manufacturing Activities Restrained Growth"

The market need for laminated food and beverage steel is expected to increase during the forecast period. The global COVID-19 pandemic was unprecedented & staggering, with laminated food and beverage steels experiencing lower-than-anticipated demand across regions compared to pre-pandemic times. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels after two years.

The worldwide closure of industrial and manufacturing activities restrained the market growth and share of the laminated food and beverage steel industry, leading to losses for investors and manufacturers. The rising inflation, decreased disposable income, supply chain disruptions, closure, and ban of industrial activities during the pandemic were the significant factors restraining the industry's market growth. However, the market will witness a spur in demand post the pandemic.

LATEST TRENDS

"Demand for Laminated Steel in Developing Countries to Propel Growth"

The rising demand for laminated food and beverage steel in developing regions such as the Asia Pacific will lead to the industrial growth of the product. The growing innovations and need for laminated steel in the construction, automotive, chemical, and food industries will drive the product's market share, leading to profits and revenues for the global players and investors. Additionally, the awareness about the benefits of laminated steel amongst consumers will lead to market demand and growth.

Laminated Food And Beverage Steel Market Segmentation

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• By Type

The market is categorized based on types into fusion method laminated steel and bonding agent laminated steel.

• By Application

The market is subcategorized based on other applications in food and beverage cans.

DRIVING FACTORS

"Wide-Ranging Applications to Lead Market Growth and Demand"

Food and beverage is the largest application segment of laminated steel due to the increasing utilization of food containers and plates manufactured using the fusion method lamination process. The growing demand from various end-user industries, such as consumer goods and electrical appliances, will drive the laminated food and beverage steel market growth. Other application segments include the automotive and packaging sectors. The demand for the product will increase owing to features such as lightness and durability, which make it suitable for use in building & construction applications.

"Energy Conservation Projects to Drive Market Share and Demand"

The rising importance of energy conservation and stringent government regulations for vehicle weight will likely propel laminated steel industry growth during the forecast period. The applications of laminated steel in the chemical industry are rising due to features such as resistance to corrosion and the ability to withstand high temperatures. Thus, laminated steel is used in several applications, such as the chemical industry, storage tanks, reactors, and piping, increasing the product's market growth.

RESTRAINING FACTORS

"High Installation and Operational Costs to Hamper Market Growth"

The high installation and operational costs of laminated steel will significantly impede the market's growth and share as tensions in the European region increase. The resulting inflation and reduced disposable consumer income in developed regions will significantly affect manufacturers' sales and revenues as leading industrial players shut down manufacturing facilities in the European area. Thus, the profits of investors and stakeholders will be impacted significantly during the forecast period.

Laminated Food And Beverage Steel Market Regional Insights

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"Asia Pacific to Lead Market Share with Growing Industrial Presence"

The Asia Pacific region will lead the laminated food and beverage steel market share owing to the growing presence of significant, leading industrial players. The innovations, mergers, collaborations, partnerships, and launches by worldwide players will augment the market share and growth of the industry, leading to an increased market share and profits for investors and stakeholders. As the pandemic reduces and industrial activities resume, the market will see a growing industrial trajectory for laminated steel during the forecast period.

KEY INDUSTRIAL PLAYERS

"Growing Industrial Activities in Developing Countries to Drive Demand"

The report has analyzed various global market players in the industry, and the information has been published after analysis of trends, key technological developments, and innovations. The report also includes research on companies, technical outcomes, and emerging industries' impact and risks. After a comprehensive analysis, the study considers all the points, thus generating future possibilities for the laminated food and beverage steel enterprise. Therefore, the factors specified in the report are subject to change as the market dynamics fluctuate. The Asia Pacific region will lead the industrial and supply chain production owing to innovations and product launches.

List of Market Players Profiled

• Toyo Kohan (Japan)
• NSSMC (Japan)
• Tata steel (India)
• JFE (Japan)
• TCC Steel (South Korea)
• ThyssenKrupp Steel. (India)
• ORG (Switzerland)

INDUSTRY DEVELOPMENT

"September 2022: "Japan's JFE Steel has decided to launch a joint venture in India with JSW Steel to produce electrical steel sheets for power plant transformers. Japan's second-biggest steelmaker, under JFE Holdings, aims to tap market growth in the Indian markets by offering advanced steel products to boost power generation efficiency, thereby leading to profits and revenues for manufacturers, stakeholders and investors worldwide.

REPORT COVERAGE 

The report has examined elements that will affect the demand & supply and estimate forces for the forecast period. After thoroughly evaluating the industrial factors, the report provides an extensive, comprehensive SWOT analysis and estimates all the factors mentioned, taken into consideration after thorough research. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the laminated food and beverage steel industry. The report has listed the worldwide leading manufacturers and the regions that will experience growth during the period.