Selbyville, Delaware, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Aluminum Foil Packaging Market is estimated to be worth more than USD 36.5 billion by the end of 2032, according to the latest report by Global Market Insights Inc.
The surging environmental concerns along with changing consumer preferences leading to the significant shift toward eco-friendly alternatives will drive the market growth. Given its rising popularity as a sustainable material considering its 100% recyclability, aluminum is largely preferred due to its ability to be reused an infinite number of times without losing aesthetic, tactile, and functional properties. Furthermore, numerous businesses are adopting aluminum to limit the carbon footprint and energy consumption, further fostering the market outlook.
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Aluminum foil packaging market from the foil containers segment is anticipated to witness high demand from 2023 to 2032. The exceptional thermal conductivity and moisture resistance characteristics of foil containers ensures the preservation of food quality and freshness, whilst meeting the stringent food safety standards. Additionally, the continuous innovations in container designs and sizes along with the rising emphasis on sustainable packaging solutions across the pharmaceutical and cosmetics sector are likely to enhance the segment growth. For instance, in May 2023, Lumson introduced its new environmentally friendly aluminium airless packaging TAL manufactured from post-consumer recycled aluminum.
The pharmaceutical end-use segment held considerable revenue share of the aluminum foil packaging market in 2022 and will witness significant expansion through 2032. Aluminum foil is widely preferred due to its exceptional barrier properties and tamper-evident features for catering to the rising demand for secure and reliable packaging for drugs and medical devices. Additionally, aluminum foil packaging helps to extend the shelf life of medications and protect them from external contaminants for maintaining efficacy, further contributing to the market development.
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Asia Pacific aluminum foil packaging market accounted for sizable revenue share in 2022 and is anticipated to record robust growth from 2023-2032. The expanding food and beverage sector in the region is amplifying the demand for reliable and versatile packaging solutions. Moreover, the rapidly evolving consumer preferences and the rising trend of on-the-go consumption will fuel the adoption of aluminum foil packaging solutions. For instance, in August 2023, Australian packaging company Orora Beverage launched a new aluminum can production line worth A$110 million at its Dandenong facility in the country’s southeast Victoria to expand its beverage can manufacturing capacity.
Some major companies operating in the aluminum foil packaging market are Novelis Inc., Reynolds Consumer Products Inc., Tetra Pak International S.A., Ball Corporation, Hulamin Ltd., Alcoa Corporation, Eurofoil, and Aleris Corporation, among others. In response to rising consumer demand for environmentally friendly packaging, these industry players are investing in the development of simple and lightweight aluminum packaging solutions. Citing an instance, in September 2023, Ball Corporation, developed a revolutionary printing technique, Eyeris® to cater to the growing demand for aluminum cans and impact extruded bottles.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
