Heightening Popularity of Home Delivery Services & Pre-Packaged Food with the Re-Emergence of Lockdowns to Contain COVID-19 Assures Promising Growth for the Stainless Steel Foil Market, Valuation Estimated to Cross US$ 11 Bn by 2030, Opines TMR
- The escalating demand for corrosion-free metal packaging applications will serve as a prominent growth factor for the stainless steel foil market during the forecast period of 2020-2030
- The global market for stainless steel foil is extrapolated to witness a CAGR of 6 percent across the assessment period of 2020-2030
ALBANY, N.Y., May 13, 2021 /PRNewswire/ -- The properties of stainless steel foil make them one of the preferred materials in a wide number of industries and sectors. Brilliant conductivity and lightweight are some of the major properties that help in boosting the growth prospects of the stainless steel foil market.
Furthermore, the cost-effective factor also plays a crucial role in the growth of the stainless steel foil market. The need for excellent packaging solutions in varied end-uses for preventing damage and decay of the products and materials will serve as a significant growth aspect for the stainless steel foil market.
Stainless steel foils, also known as inox steel, are alloys comprising 1.2 percent of carbon and 10.5 percent chromium content in terms of mass. These foils are generally made of stainless steel grades 316 and 304.
The experts at Transparency Market Research (TMR) have predicted the global stainless steel foil market to record a healthy CAGR of 6 percent across the forecast period of 2020-2030. The global stainless steel foil market is prognosticated to surpass a valuation of US$ 11 bn by 2030, the end year of the forecast period.
Better strength to weight ratio, oxidation-resistance at high temperatures, and other benefits make stainless steel foils a favorite among a massive number of end-users such as electronics, chemical, aerospace, construction, pharmaceutical, food, industrial, defense, and others. All these factors invite extensive growth prospects for the stainless steel foil market.
Key Findings of the Report
Rising Disposable Income and Hectic Work Schedules will Assure Good Growth Opportunities for the Stainless Steel Foil Market
The rising disposable income of individuals around the globe has led to rapid urbanization. This factor boosts the construction activities around the particular region. As stainless steel foils are needed in the construction sector, the stainless steel foil market observes a rise in the growth rate.
Hectic work schedules and busy office routines have increased the demand for pre-packaged food on a large scale. Pre-packaged foods use stainless steel foils and hence, this factor will propel the growth of the stainless steel foil market.
Flexibility and Durability of Stainless Steel Foil to Generate Profitable Growth Opportunities
The flexibility and durability offered by stainless steel foil gel well with many end-users and their related applications. The material in stainless steel foil is robust and the foil can be pressed, perforated, or trimmed in any desired way. All these aspects bring vital growth opportunities for the stainless steel foil market.
Although the strict lockdown enforced by many countries on the back of the rising COVID-19 transmission levels at the start of 2020 had a negative impact on the growth of the stainless steel foil market, the post-lockdown period assures promising growth.
The sales of passenger vehicles have seen an increase in the post-lockdown period. The preference for private transport instead of opting for public transport is a prominent reason for the increase. As stainless steel foils are widely used in the automotive sector, the market will observe a positive growth trend.
The use of stainless steel foils may observe a rise due to an increase in home delivery services as many countries have still not permitted the opening of restaurants and cafes. The growing use of stainless steel foils for delivering meals to COVID-19 patients in home isolation will serve as a vital growth accelerator.
The COVID-19 caseload across densely populated countries like India is increasing at a rapid rate due to the emergence of the second wave of COVID-19. Hence, the use of stainless steel foils has increased phenomenally across countries having a high COVID-19 patient caseload.
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