As per a research report by Transparency Market Research (TMR), the global aluminum foil packaging market is expected to register growth at a CAGR of 5% during the forecast period from 2020 to 2025.
Due to rise in understanding among consumers on environmental concerns pertaining to materials utilized for the packaging of products, people are inclining toward the use of environment-friendly products. Moreover, government bodies of many nations globally are focusing on the development of regulations that encourage consumers to use eco-friendly products. Hence, varied companies associated with different end-use industries are increasing focus on the use of packaging solutions as per the current market demands. This factor is encouraging players in the global aluminum foil packaging market to increase R&D activities in order to develop eco-friendly products, notes TMR study.
Companies operating in the global aluminum foil packaging market are increasing different strategies such as mergers, acquisitions, and collaborations in order to expand their presence in newer regions. These moves are estimated to help in the market growth in the forecast period.
Aluminum Foil Packaging Market: Key Findings
- Companies operating in the food packaging industry are demanding aluminum foils, owing to the ability of this product to provide protection to food items from different exterior factors, including bacteria, moisture, and oxygen. Hence, the expansion of the food packaging industry is prognosticated to boost the sales growth in the global aluminum foil packaging market in the forecast period.
- With rise in trends in the packaging industry, several packaging service providers across the globe are increasing the use of cost-efficient, lightweight, easy-to-use aluminum foil for products from different end-use industries such as pharmaceutical, construction, and food & beverages. This factor is anticipated to play a key role in the growth of the global aluminum foil packaging market.
Aluminum Foil Packaging Market: Growth Boosters
- Rise in demand for eco-friendly aluminum foil from the packaging industry is creating substantial sales prospects in the market
- Expansion of the food & beverages industry is prognosticated to help in generating revenue-generation opportunities in the aluminum foil packaging market
- Moreover, surge in demand for cosmetics and personal care products is creating prominent demand avenues in the market for aluminum foil packaging
Aluminum Foil Packaging Market: Regional Analysis
- The global aluminum foil packaging market in Asia Pacific is projected to gain exceptional business prospects during the forecast period, owing to many factors such as rise in product demand from the pharmaceutical and food & beverages industries. Moreover, surge in demand for online food services is generating sizable sales opportunities in the Asia Pacific aluminum foil packaging market.
- The market for aluminum foil packaging is estimated to observe ample growth prospects in Europe and North America, owing to increase in demand for packed food products in these regions. Food manufacturers in these regions are increasing the use of superior quality high barrier packaging solutions. Moreover, the market in these regions is estimated to expand due to surge in demand for processed food and ready-to-eat meals
Aluminum Foil Packaging Market: Key Players
Some of the key players profiled in the report are:
- United Company RUSAL Plc
- China Hongqiao Group Limited
- Hulamin Ltd
- Amcor PlcHindalco Industries Ltd.
- Alcoa Corporation
- Novelis Inc.
- Penny Plate, LLC
- Pactic LLC
- Ess Dee Aluminium Ltd.
- Wyda Packaging (Pty) Ltd.
- Alufoil Products Pvt. Ltd.
- Nicholl Food Packaging
Aluminum Foil Packaging Market Segmentation
- 0.007 mm – 0.09 mm
- 0.09 mm – 0.2 mm
- 0.2 mm – 0.4 mm
- Bakery & Confectionary
- Personal Care & Cosmetics
- Bags & Pouches
- Wraps & Rolls
- Laminated Tubes
- North America
- Latin America
- Asia Pacific (APAC)
- Middle East & Africa
Read more of the latest industry developments in our new edition: January/February 2022 Single Issue form – International Bakery (in-bakery.com)