Aluminum Foil Market Size Worth $44.7 Billion by 2032 | CAGR: 5.6%: AMR
The global aluminum foil market is driven by a wide range of applications of aluminum foil in pharmaceutical industry mainly in the packaging of medical devices and medicines and a surge in demand for recyclable products.
Wilmington, Delaware, Oct. 30, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Aluminum Foil Market by Product Type (Foil Wrappers, Pouches, Blister Packs, and Others), By Application (Packaging and Industrial), By End-Use Industry (Pharmaceuticals, Food & Beverages, Consumer Goods, and Others), By Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032.” As per the report, the global aluminum foil industry is anticipated to garner $44.7 billion by the year 2032, having experienced a revenue of $26.3 billion in 2022, with a notable CAGR of 5.6% throughout the forecast timeframe of 2023 to 2032.
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Drivers, restraints, and opportunities:
The global aluminum foil market is driven by a wide range of applications of aluminum foil in pharmaceutical industry mainly in the packaging of medical devices and medicines and a surge in demand for recyclable products. Moreover, the lack of awareness of proper recycling procedures for aluminum foil products hampers the market growth to some extent. Nevertheless, a surge in usage of sustainable construction resources will offer remunerative growth opportunities for the market in the forthcoming years.
Report Coverage and Details
|Market Size in 2022||$26.3 Billion|
|Market Size in 2032||$44.7 Billion|
|No. of Pages in Report||250|
|Segments Covered||Product Type, Application, End-use Industry, and Region|
|Drivers||A rise in the demand for recyclable products|
|The wide range of applications of aluminum foil|
|Opportunities||Increase in use of sustainable construction resources|
|Restraints||Lack of awareness of proper recycling processes of aluminum foil products|
The food and beverages segment to rule the roost
On the basis of end-use industry, the pharmaceuticals segment is expected to witness a fastest growth with 6.1% CAGR from 2023 to 2032. However, the food and beverages segment garnered the highest share of more than two-fifths of the global market for aluminum foil in 2022 and is anticipated to retain its dominance from 2023 to 2032. The growth is attributed to the growing consumption of packaged food and beverages across the globe. This increased reliance on packaged food and beverages is due to a rising demand for convenience foods, busy schedules, urbanization, and changing lifestyles.
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The packaging segment to grab the lion’s share by 2032
In terms of application, the packaging segment held the highest share of more than three-fifths of the global aluminum foil revenue in 2022 and is projected to maintain its dominant status from 2023 to 2032. Aluminum foil’s malleability allows it to be effortlessly shaped into various dimensions and configurations, making it suitable for a diverse spectrum of packaging designs. Its applications encompass the wrapping of individual items, the fabrication of trays and containers, and the crafting of pouches or sachets, among various other packaging options. This adaptability is a key factor fueling the increased demand for aluminum foil in the packaging industry. The industrial segment, on the other hand, would display the highest growth with 5.7% CAGR throughout the forecast timeframe.
The foil wrappers segment held the major share in 2022
In the product type category, the blister packs segment is anticipated to cite a notable CAGR of 6.0% from 2023 to 2032. The foil wrappers segment, on the other hand, held the highest market share of more than one-third of the global market for aluminum foil in 2022 and is estimated to retain its dominance during the forecast period. The expansion of the foil wrappers market can be credited to various factors. Firstly, the global growth of the food and beverage industry, a major consumer of foil wrappers, has been a significant driver. The increased demand for packaging solutions that are both convenient and hygienic has played a pivotal role in driving the requirement for foil wrappers.
Asia-Pacific to retain its dominance by 2032
On the basis of regional study, the APAC region contributed for the highest market share of more than three-fifths of the global aluminum foil market in 2022 and is anticipated to rule the roost from 2023 to 2032. Also, the same segment would cite the fastest growth with 5.9% CAGR throughout the forecast timeframe. This region has a huge and rapidly increasing population, along with rising disposable income. This results in a robust demand for packaged food and beverages which propels the demand of aluminum foil for packaging purposes.
Top market players profiled in the report:
- Assan Aluminum Industry and Trade Inc
- lskb aluminium foils
- Henan Huawei Aluminium Co., Ltd
- Reynolds Consumer Products
- Hindalco Industries Ltd.
- TOYO ALUMINIUM K.K.
- UACJ Corporation
- Amcor plc
The report offers an in-depth analysis of the major participants in the global aluminum foil market. These companies have implemented a range of strategies, including the introduction of new products, collaborative efforts, expansion initiatives, joint ventures, agreements, and more, in order to expand their market presence and uphold significant market shares across various regions. The report is instrumental in spotlighting the business performance, operational segments, product portfolios, and strategic moves of these market players to illustrate the competitive landscape.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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