The new report by Expert Market Research titled, ‘Global Aluminum Foil Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global aluminum foil market, assessing the market based on its segments like applications, end-use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 4.3%
The expanding commercial sector and the broad applications of aluminium in packaging are driving the aluminium industry. The ability of the foil to resist moisture, oxygen, light, and microorganisms are leading to its increasing utilisation in the pharmaceutical industry. The growing demand for ready-to-eat food products owing to the vast working-class segment is also playing a critical role in the growth of the aluminium foil industry as aluminium foils are increasingly used in packing food due to their non-toxicity.
The use of aluminium foil as a sealing material in lithium-ion batteries is further invigorating the market growth due to the increased demand for lithium ions. Moreover, the use of aluminium over plastic due to safety concerns and superior quality is resulting in the incremental development of the industry.
Industry Definition and Major Segments
Aluminium foil, also informally called the tin foil, is aluminium prepared in thin sheets with a thickness of less than 0.2mm. It is infinitely recyclable. The foil is malleable and can be wrapped around any object. It is widely used for packaging and in the industrial sector.
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The aluminium foil industry, by application, is divided into• Wrapper Foils
- Container Foils
- Foil Lids
- Blister Packs
- Collapsible Tubes
Based on end-use, the market is classified into:
- Food and Beverage
The regional markets for aluminium foil include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The government regulations towards food safety are helping the aluminium foil industry thrive as aluminium stores the aroma, increases the shelf life of food products, and preserves food quality. The government initiatives towards environmental conservation are also leading to the growth of the industry. This is because aluminium has numerous benefits over plastic, such as it is recyclable, limits climate change due to fewer emissions of harmful gases, and spares space in landfills.
Moreover, the investments made by companies in aluminium foil product is also contributing to the steady growth of the market. For instance: JW Aluminium, an aluminium flat products manager, invested USD 32.8 million to enhance equipment of aluminium foil production such as annealing equipment and existing rolling mills. These developments are likely to drive the market in the forecast period.
Key Market Players
The major players in the market are Hindalco Industries Ltd, Amcor plcA, Henan Huawei Aluminium Co, Ltd., Eurofoil, and Zhejiang Junma Aluminium Industry Co. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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