New York, United States, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The Aluminum Foil Market Size is to Grow from USD 23.4 Billion in 2022 to USD 42.3 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.1% during the projected period. Aluminum foil shields against moisture, light, oxygen, and bacteria, all of which are critical requirements for industries such as food and beverage and pharmaceuticals. The food and beverage industries use a lot of aluminum foil.
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Aluminum foil is a thin sheet formed of an aluminum alloy containing aluminum. The thickness of the foil is typically between 6 m and 0.2 mm. For applications such as thermal insulation, fin stock, capacitors, and packaging products, the foil is manufactured to hundreds of requirements. The popularity of aluminum foil originates from several aspects, including its easy availability of raw materials, long durability, and non-toxic nature. Furthermore, aluminum foil is chemically resistant and provides good electrical and magnetic shielding. Aluminum foil is created by melting aluminum produced through the Bayer refining process and then rolling it into thin foil films. In various applications, this foil is utilized in conjunction with other materials. Given that the product is widely utilized for the packaging of a wide range of products, including food, drinks, cosmetics, and medicines, market growth is projected to be assisted by the global packaging sector's expansion. Aluminum foils are lightweight, easily recyclable, and flexible when compared to other materials. It is also non-toxic and hygienic, which contributes to the preservation of food aroma. Light, water, ultraviolet radiation, mist, bacteria, and oxygen are all protected by aluminum packing.
COVID-19 Impact
During the COVID-19 crisis, the aluminum foil market saw significant growth opportunities due to increased demand for pharmaceutical products and ready-to-eat food. The global growth of the aluminum foil market has been fueled by the use of e-commerce platforms and online food delivery applications. The supply chain of the aluminum foil market was still disrupted as a result of the nationwide lockdowns imposed due to the outbreak of COVID-19. As a result, revenue collection decreased.
Browse key industry insights spread across 210 pages with 110 market data tables and figures & charts from the report on the "Global Aluminum Foil Market Size, Share, and COVID-19 Impact Analysis, By Product (Wrapper Foils, Container Foils, Others), By Application (Food, Beverages, Pharmaceutical, Personal Care & Cosmetics), By End-Use (Packaging, Industrial, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The wrapper foil segment is expected to hold the largest share of the global aluminum foil market during the forecast period.
Based on the product, the global aluminum foil market is classified into wrapper foils, container foils, and others. Among these, the wrapper foil segment is expected to hold the largest share of the aluminum foil market during the forecast period. Because of their lightweight, outstanding barrier qualities, low cost, and convenience of use, aluminum foils have increased in favor of the packaging sector. This has resulted in growing demand for them in restaurants, private households, supermarkets, and meal delivery services. Global food and beverage corporations have announced ambitions to grow to fulfil the rising demand for packaged meals.
The food segment is witnessing significant CAGR growth over the forecast period.
Based on applications, the global aluminum foil market is segmented into food, beverages, pharmaceutical, personal care & cosmetics. Among these, the food segment is witnessing significant CAGR growth over the forecast period. Aluminum foil is useful in the food sector because it extends shelf life, ensures food safety, and preserves product quality. Because of its low cost, versatility in diverse forms and sizes, and lightweight nature, its application in the food business is gradually rising. As a result of its ease of transportability and compliance with on-the-go lives, aluminum foil packaging, in particular, has become incredibly useful for consumers.
The packaging segment is witnessing significant CAGR growth over the forecast period.
Based on end-use, the global aluminum foil market is segmented into packaging, industrial, and others. Among these, the packaging segment is witnessing significant CAGR growth over the forecast period. This section includes the food and beverage, tobacco, pharmaceutical, and other businesses. In 2022, the food and beverage sub-segment had the biggest revenue share of packaging end-use. As a result of global urbanization, demand for packaged food has been increasing, and this trend is likely to continue during the projection period.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Over the forecast period, Asia Pacific will hold more than 38.7% of the market. The Asia Pacific market is rising as a result of a growing middle-class population and expanding consumer markets for end-use applications such as food, beverage, and pharmaceuticals. India and China are projected to emerge as significant markets for the product due to substantial production investments and a huge consumer base in these nations. Furthermore, due to the rising food and beverage, packaging, pharmaceutical, and healthcare industries, emerging nations such as India and China are projected to witness significant demand for aluminum foil.
The European aluminum foil market has a significant market share. The government's attempts to encourage food exports, as well as its ambitions for decarbonization, have been major drivers of the foils industry. The United States government's abolition of steel and aluminum trade tariffs in October 2021 is predicted to have a major beneficial influence on aluminum foil exports over the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global aluminum foil market include ACM Carcano, Amcor, Assan Aluminyum, Ess Dee Aluminium, Eurofoil, Hindalco Industries Limited, Huawei Aluminium, Laminazione Sottile, Shanghai Metal Corporation, UACJ Foil Corporation, Xiamen Xiashun Aluminium Foil Co., Ltd, Zhejiang Junma Aluminum Industry and among others.
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Recent Developments
- In July 2022, Novelis, a provider of sustainable aluminum solutions, announced the expansion of its everyone portfolio to the cosmetic packaging market. Cosmetics are certified to contain 100% recycled aluminum and provide packaging customers in the beauty, skincare, and wellness space with an infinitely recyclable solution when compared to plastic alternatives.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global aluminum foil market based on the below-mentioned segments:
Aluminum Foil Market, Product Analysis
- Wrapper Foils
- Container Foils
- Others
Aluminum Foil Market, Application Analysis
- Food
- Beverages
- Pharmaceutical
- Personal Care & Cosmetics
- Others
Aluminum Foil Market, End-Use Analysis
- Packaging
- Industrial
- Others
Aluminum Foil Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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