April 20, 2023 05:08 ET | Source: Market.Us Market.Us
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New York, April 20, 2023 (GLOBE NEWSWIRE) -- The global aluminum foil market size was valued to be worth USD 26.3 billion in 2022. From 2023 to 2032, it is estimated to reach USD 42.3 billion by 2032 growing at a CAGR of 5.0 %.
Aluminum foil is a thin, flexible sheet of aluminum metal that is commonly used in food packaging, cooking, and various other applications. Aluminum foil has several properties that make it popular for use in food packaging and cooking. It acts as an ideal barrier against sunlight, moisture, and air which helps to preserve the freshness of food.
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Factors affecting the growth of the aluminum foil market
There are several factors that can affect the growth of the aluminum foil market. Some of these factors include:
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The market growth is attributed to increasing demand for the packaging of pharmaceutical products. High-quality medicines require advanced and safe packaging that protects the drug from oxygen, moisture, and environmental influences. Aluminum foil is ideal packaging material in the pharmaceutical industry as it is a good barrier to light, oxygen, and other external conditions. Aluminum foil has inherent barrier properties, excluding microorganisms, gases, moisture, and other external factors. Thus aluminum foil is the primary material in the packaging of the pharmaceutical industry. In addition, these foils are used in the packaging of cardiac devices, diagnostic devices, medical devices, and catheters & tubing.
The aluminum foil market was dominated by Asia Pacific, which acquired the most significant revenue share of 53% in 2022. The region's growth is propelled by increasing demand for aluminum foil in the food & beverage industries. China is the largest consumer of aluminum foils due to the high demand in food industries. Increasing consumer trends towards packaging foods and rising disposable income drive the need for packaged and ready meals, so the demand for aluminum foils is increasing in food industries. North America is expected to grow at the fastest CAGR during the forecast period due to increasing consumer awareness regarding safe and fresh foods consumption.
Amcor Plc. is the leading key player in the global aluminum foil market. The company offers various aluminum foils used in various applications such as packaging, insulation, and industrial uses. Major key players in the aluminum foil market are focusing on business strategies such as acquisition, merging, collaboration, and competitive pricing to obtain a competitive edge. In addition, several key players are expanding their business in foreign countries to expand their product portfolio. The major key players in the aluminum foil market include ACM Carcano, Amcor Plc, Assan Aluminyum, Ess Dee Aluminium, Eurofoil, Hindalco Industries Limited, and Henan Huawei Aluminium Co. Ltd.
Recent Development of the Aluminum Foil Market
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The aluminum foils are lightweight compared to other packaging materials, reducing the required energy during transportation. Aluminum foils are easily available and more cost-effective than other packaging materials, such as plastic, so aluminum foils are a good choice for food packaging. Packaging is an essential part of the food supply chain in this era because the demand for fresh and safe food is increasing due to consumer health awareness. The aluminum foils are light, easily recyclable, and flexible compared to other packaging materials. Also, it is non-toxic and hygienic, which helps keep the aroma of foods as it is. Aluminum packaging protects packaged food from oils & gases, light, water, ultraviolet radiation, vapor, microorganisms, and oxygen. Thus increasing use in food & beverage industries drives the market growth.
The production and disposal of aluminum foil can have significant environmental impacts, such as energy use, greenhouse gas emission, and waste generation. The availability of alternative packaging materials, such as plastic and paper which is cheaper than aluminum, is expected to hamper the market growth in the forecast period.
Consumers are more conscious of the environment, so the demand for sustainable packaging solutions is increasing. Apart from this, aluminum is fully recyclable and can be reused many times. Therefore, manufacturers in the aluminum foil market are developing new packaging solutions using aluminum foil that are eco-friendly. Aluminum foil is used in a variety of industrial applications, such as insulations, laminates, and electrical conductivity. Aluminum foils are used in lithium-ion batteries for electrolytic capacitors. The increasing demand for electric vehicles (EVs) is driving the need for batteries which is expected to drive market growth in the forecast period.
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Report Segmentation of the Aluminum Foil Market
Based on product type, the wrapping foils segment was dominant in the market, with the largest market revenue share in 2022. The wrapper aluminum foil is used in household applications for food storage, covering baking surfaces, and wrapping foods to prevent them from external moisture. The demand for wrapping aluminum foil is increasing in household applications due to increasing health awareness among consumers. In addition, the wrapping aluminum foils are 100% recyclable and degradable; thus, the demand for wrapping aluminum foils is increasing in the healthcare, food, and electronics industries for the packaging of products.
Based on the end-user industry, the food & beverage segment was dominant, with the largest market revenue share in 2022. Aluminum packaging in food products acts as a good barrier to sunlight, moisture, oxygen, microorganisms, and other environmental factors. Aluminum packaging helps retain food products' original odor and flavor for a long time. These foils are lightweight, easily available, and cost-effective, reducing packaging costs. Therefore, the demand from the food & beverage industries is increasing.
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50 Kg Jute Bag Making Machine Aluminium Foil Packaging valued at USD 33,590 Million in 2021. It is estimated to grow at a CAGR of 4.7% between 2022 and 2032.