Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to BPA Free Cans
BPA free cans are replacing the BPA (bisphenol-A) in the lining of the cans that harms the food quality. BPA may cause several health related diseases such as cancer owing to its lead content which is extremely harmful to health. The lead of the lining gets mixed with the food and its consumption give rise to several adverse health effects.
The BPA free cans stores food and beverages and does not impart any harmful chemical substance which can affect the health. The rise in awareness regarding health care and food safety has led to eradicate the BPA from the food cans. The BPA free cans are used by pharmaceutical, food and beverage, homecare and personal care industries.
Market Size and Forecast
BPA free cans market is anticipated to record a CAGR of 4.2% over the forecast period .The global BPA free cans market is observing robust growth on account of high awareness for health and food safety, thereby driving the demand of BPA free cans. The BPA free cans are segmented by material type into plastic, aluminum and steel .Steel is expected to lead the BPA free cans market owing to high durability and better food safety followed by plastic on the account of its easy availability. Among the end user industry segments, food and beverage is anticipated to observe highest growth in the BPA free cans market.CLICK TO DOWNLOAD FREE SAMPLE
As per IMF data, the global food and beverage prices have dropped during the period of 2013-16, from 175 in 2013 with gradual decrease to 170 in 2014 and then a sudden drop to 143 in 2015 and slightly rose to 146 in 2016. This drop in price for food and beverage has increased its consumption.
This leads to high usage of BPA free cans and in turn is expected to increase the market growth of the BPA free cans market during the forecast period.
Growth Drivers
Rising Health Awareness
Increasing food safety and health awareness has led to the requirement for the BPA free cans for storage of food and beverages. Additionally, the flourishing food and beverage sector is increasing the demand for BPA free cans owing to rising need for storage and selling various food items.
Lead Banned Products
Lead is one of the toxic metal and thus, government has also taken actions for banning lead in any product. The lead contact with food is carcinogenic and may cause severe health damages to the consumers. The high amount of lead in food and other FMCG products may cause severe health disorders. This drives the market growth for lead free products and also promotes the usage of BPA free cans.
Restraints
Industrial Preferences
BPA is the major ingredient used in industrial chemical. BPA prevents corrosion and thus considered to be the easy chemical to manufacture cans. Thus, the preference of several industries for BPA is expected to hamper the growth of BPA free cans market in the coming future.
Market Segmentation
Our-in depth analysis of the global BPA free cans market includes the following segments:
By Material Type
By End User Industries
By Region
On the basis of regional analysis, global BPA free cans market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to dominate the BPA free cans market during the forecast period .BPA free cans are preferred highly in North America owing to high sensitivity towards health and food safety. Asia-Pacific is contributing towards high growth of the BPA free cans market during the forecast period. This is attributed to the high demand for BPA free food and beverage cans Additionally, Middle East and Africa is also expected to observe substantial growth during the forecast period.
Global BPA free cans market is further classified on the basis of region as follows:
Key Players
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