Global Aluminum Foil Market 2019-2023
Global Aluminum Foil Market: About this market
Aluminum foil is widely used for packaging food and beverages, consumer goods, and personal care products. It is also used for pharmaceutical packaging. Technavio’s aluminum foil market analysis considers sales to food and beverage packaging, consumer packaging, pharmaceutical packaging, and other segments. Our analysis also considers the sales of aluminum foil in APAC, Europe, MEA, North America, and South America. In 2018, the food and beverage packaging segment held the highest market share, which is expected to remain prevalent over the forecast period. Factors such as the material’s ability to increase the shelf-life of food and beverages, its resistance to high temperature, and the growing food and beverages industry will significantly help the market segment in maintaining its leading position. Also, our global aluminum foil report has observed market growth factors such as the increase in global consumption of processed and packaged food products, growth in pharmaceutical and medical devices industry, and rising concerns regarding the use of plastic packaging products. However, fluctuations in aluminum prices, easy availability of substitutes, and the presence of stringent regulations may hamper the growth of the aluminum foil industry over the forecast period.
Global Aluminum Foil Market: Overview
Rising concerns regarding the use of plastic packaging products
Industries such as food and beverages, pharmaceuticals, packaging, and e-commerce extensively use plastic primarily for packaging. However, packaging solutions are mostly one-time use products and end up in landfills, which has been significantly contributing to environmental pollution. As a result, governments and industries are taking measures to use alternative packaging solutions such as aluminum foil. Therefore, the vendors of the market have been recording increased sales, which will lead to the expansion of the aluminum foil market at a CAGR of almost 6% during the forecast period.
Growing consumption of secondary aluminum
The aluminum industry itself is focusing on reducing its carbon footprint by recycling aluminum scrap to produce secondary aluminum. It is not only an environmentally friendly process but also requires less energy and incurs reduced manufacturing cost. Moreover, the rising demand for sustainable products from industries is increasing sales of secondary aluminum that is significantly used to make packaging solutions. Therefore, this trend will have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global aluminum foil market during the forecast period 2019-2023, click here.
With the presence of several major players, the global aluminum foil market is moderately fragmented. Technavio’s robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of several leading aluminum foil manufacturers, which include Constellium SE, Hindalco Industries Ltd., Norsk Hydro ASA, Reynolds Group Holdings Ltd., and United Company Rusal Plc.
Also, the aluminum foil market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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