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The aluminum foil market size is estimated to grow at a CAGR of 5.95% between 2023 and 2028. The market size is forecast to increase by USD 9.32 billion. The accelerated growth of the market is due to various factors, including an increase in global consumption of processed and packaged food products, growth in the pharmaceutical and medical devices industry, and rising concerns regarding the use of plastic packaging products.
The report offers extensive research analysis on the aluminum foil market with a categorization based on Product, including wrapper foils, container foils, blister packs, pouches, and others. It further segments the market by Application, encompassing food and beverage packaging, consumer packaging, pharmaceutical packaging, and others. Additionally, the report provides Geographical segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
An increase in global consumption of processed and packaged food products is notably driving the market growth. Changes in consumer behavior and the growth of the processed and packaged food industry are some of the key driving factors for the aluminum foil market. Fast foods and convenience foods have a special requirement for lightweight packaging. The increasing demand for fast food and convenience food products will exert a positive influence on the food packaging market. The wrapping and packaging of a food and beverage product play an important role in its demand and lifecycle. Processed foods require easy and functional packaging material, which ensures product safety and is convenient to carry.
However, economic development and urbanization have also resulted in significant changes in the lifestyle and food habits of individuals. A hectic lifestyle and busy schedules are some of the factors that are increasing the demand for convenience and functional food products. This is expected to drive the demand for packaged food products, which, in turn, will drive the growth of the aluminum foil market during the forecast period.
Growing consumption of secondary aluminum is an emerging trend shaping the market growth. Globally, scraped aluminum is increasingly used to reduce the manufacturing cost and carbon footprint of the aluminum industry. Aluminum is known for its high recyclability. Secondary aluminum is produced from recycled aluminum obtained from end-of-life aluminum products. Recycling aluminum is an environmentally friendly process, and it requires much less energy when compared to primary aluminum. The recycling of aluminum scrap improves the aluminium industry economic viability and minimizes the environmental impact by reducing the need to extract bauxite for aluminum production. This significantly reduces CO2 emissions, minimizes energy and water consumption, and lowers air pollution.
Moreover, due to an increase in electricity and energy costs, manufacturers started using secondary aluminum as the major raw material to decrease their overall cost of production. Concerns regarding global warming are also driving the use of secondary aluminum to produce aluminum foil products. Such factors will have a positive impact on the growth of the aluminum foil market during the forecast period.
Fluctuations in aluminum prices are a significant challenge hindering market growth. Aluminum is the basic raw material used in manufacturing aluminum foil. Hence, the price of aluminum is one of the most important factors in determining the end-product price. Thus, the fluctuation in aluminum prices is one of the major challenges faced by the vendors operating in the aluminum foil market. The widening demand and supply gap in the last few years has led to a considerable increase in the price of aluminum. The demand for aluminum mainly depends on the economic scenario and GDP growth rate of a country or region. The weak economic performance of a country or a region directly influences the consumption and production pattern of aluminum.
In addition, the profitability of aluminum foil companies depends on the ability to transmit the fluctuations in the prices of aluminum to customers. Therefore, fluctuations in the prices of aluminum will also squeeze the profit margins of aluminum foil manufacturers, posing a challenge to their growth, which can hamper the growth of the aluminum foil market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Aluminum Foil Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alcoa Corp. - The company offers aluminum foil through its subsidiary Reynolds Consumer Products such as Standard Foil, Foil Sheets, Grill Bags, Grill Foil, and Heavy Duty Foil.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The wrapper foils segment is estimated to witness significant growth during the forecast period. Wrapper foils represent a significant product segment within the aluminum foil market. These foils are specifically designed for packaging applications, providing an effective and versatile solution for various industries such as food and beverage. Wrapper foils offer excellent barrier properties, protecting products from moisture, light, and contaminants.
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The wrapper foils segment was the largest and was valued at USD 6.47 billion in 2018. The growth of the online food delivery market is also driving the growth of the wrapper foils product segment. Online food delivery services are becoming increasingly popular, and they require food to be packaged in lightweight and durable materials such as wrapper foils. Rising disposable incomes are also driving the growth of the wrapper foils product segment. As people have more money to spend, they are more likely to purchase packaged food and other products that are wrapped in wrapper foils. Therefore, the diverse packaging needs of end-user industries such as food and beverages, the demand for extended shelf life, and the ongoing trends toward flexible and sustainable packaging solutions fuel the wrapper foil product segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 66% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Key developing countries in APAC, such as China, India, Japan, Indonesia, Australia, Thailand, South Korea, and Singapore, are witnessing the rising adoption of aluminum foil due to the growth in household disposable income, which is driving the demand for processed and packaged food and beverage and inducing a trend toward the replacement of traditional packaging formats. Rapid urbanization in India and China has led to an increase in the working population, leading to modernized food consumption patterns.
In addition, increased income levels and rising preference for Western foods have a significant influence on processed food, creating growth opportunities for the food service industry in APAC. The demand for processed and packaged food is growing significantly in the region, which will positively impact the growth of the aluminum foil market in the region during the forecast period.
The aluminum foil market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Aluminum Foil Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.95% |
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Market Growth 2024-2028 |
USD 9.32 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.03 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 66% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alcoa Corp., All Foils Inc., Alufoil Products Pvt. Ltd., Amcor Plc, ARD Finance S.A., Assan Aluminyum Sanayi ve Ticaret A.S., Carcano Antonio Spa, China Hongqiao Group Ltd., Constellium SE, Eurofoil, Granges AB, Henan Huawei Aluminum Co. Ltd., Hindalco Industries Ltd., Merck KGaA, Montana Tech Components AG, Norsk Hydro ASA, Oceanic Foil Pack, Thermo Fisher Scientific Inc., UACJ Corp., and United Company RUSAL |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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