Global Aluminum Foil Market Insights Forecasts to 2032
- The Global Aluminum Foil Market Size was valued at USD 23.4 Billion in 2022.
- The Market Size is Growing at a CAGR of 6.1% from 2022 to 2032
- The Worldwide Aluminum Foil Market is expected to reach USD 42.3 Billion by 2032
- Europe is expected to grow the fastest during the forecast period
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The Global Aluminum Foil Market Size is expected to reach USD 42.3 Billion by 2032, at a CAGR of 6.1% during the forecast period 2022 to 2032.
Aluminum foil is a thin film made of an aluminum alloy with aluminum content. Usually, the thickness of the foil is between 6 µm to 0.2 mm. The foil is formed to hundreds of specifications for applications such as thermal insulation, fin stock, capacitors, and packaging products. Aluminum foil's popularity stems from several factors, including its easy availability of raw materials, long durability, and non-toxic nature. Furthermore, aluminum foil is resistant to chemical attack and offers excellent electrical and magnetic shielding. Aluminum foil is made from aluminum obtained through the Bayer refining process, which is melted and then rolled into thin foil films. This foil is used in conjunction with other materials in many applications. With an increased emphasis on keeping products safe, particularly food products, the demand for packaging products has increased significantly in recent years. The introduction of flexible packaging products made of aluminum foil is expected to increase demand for aluminum foil during the forecast period, providing a strong push to the market.
Global Aluminum Foil Market Report Coverage
|Market Size in 2022:||USD 23.4 Billion|
|Forecast Period 2022-2032 CAGR:||6.1%|
|2032 Value Projection:||USD 42.3 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||210|
|Tables, Charts & Figures:||110|
|Segments covered:||By Product, By Application, By End-Use and By Region|
|Companies Covered:||ACM Carcano, Amcor, Assan Aluminyum, Ess Dee Aluminium, Eurofoil, Hindalco Industries Limited, Huawei Aluminium, Laminazione Sottile, Shanghai Metal Corporation, UACJ Foil Corporation, Xiamen Xiashun Aluminium Foil Co., Ltd, Zhejiang Junma Aluminum Industry and Other Key Vendors.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenges, Future, Growth, & Analysis|
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Given that the product is widely used for the packaging of a variety of products, including food, beverages, cosmetics, and pharmaceuticals, market growth is expected to be aided by the expansion of the global packaging sector. In comparison to other materials, aluminum foils are light, easily recyclable, and flexible. It is also non-toxic and hygienic, which aids in preserving the aroma of foods. Aluminum packaging shields packaged food from oils and gases, as well as light, water, ultraviolet radiation, vapor, microorganisms, and oxygen. The effective and secured storage of food and beverages in aluminum packaging reduces the need for cooling and makes them spoil slowed down. Because aluminum foils are lighter than other materials, they require less energy during transportation. Aluminum foils are readily available and less expensive than other materials such as plastic, making them an excellent choice for food packaging. Thus, the demand for aluminum foils is increasing in the food and beverage industry.
Aluminum foil production and disposal can have serious environmental consequences, including increased energy consumption, greenhouse gas emissions, and waste generation. The availability of alternative packaging materials, such as plastic and paper, that are less expensive than aluminum, is expected to stymie market growth during the forecast period.
By Product Insights
The wrapper foil segment is expected to hold the largest share of the global Aluminum Foil Market during the forecast period.
Based on the product, the global aluminum foil market is classified into wrapper foils, container foils, and others. Among these, the wrapper foil segment is expected to hold the largest share of the aluminum foil market during the forecast period. Aluminum foils have grown in popularity in the packaging industry due to their lightweight, superior barrier properties, low cost, and ease of use. This has increased their demand in restaurants, private residences, supermarkets, and food delivery services. Food and beverage companies around the world have announced plans to expand in order to meet the rising demand for packaged foods. Nestle USA, for example, announced a USD 100 million expansion plan for its frozen food facility in South Carolina, US, in June 2021. During the forecast period, such investments are expected to drive packaging consumption and, as a result, market growth.
By Application Insights
The food segment is witnessing significant CAGR growth over the forecast period.
Based on applications, the global aluminum foil market is segmented into food, beverages, pharmaceutical, personal care & cosmetics. Among these, the food segment is witnessing significant CAGR growth over the forecast period. Aluminum foil is important in the food industry because it provides important benefits such as extending shelf life, ensuring food safety, and preserving product quality. Its use in the food industry is gradually increasing due to its low cost, adaptability to different shapes and sizes, and lightweight nature. As a result, aluminum foil packaging, in particular, has become extremely convenient for consumers due to its ease of transportability and compatibility with on-the-go lifestyles.
By End-Use Insights
The packaging segment is witnessing significant CAGR growth over the forecast period.
Based on end-use, the global aluminum foil market is segmented into packaging, industrial and others. Among these, the packaging segment is witnessing significant CAGR growth over the forecast period. Food and beverage, tobacco, pharmaceuticals, and other industries are subdivided into this segment. The food and beverage sub-segment accounted for the highest revenue share of packaging end-use in 2022. Demand for packaged food has been increasing as a result of global urbanization, and this trend is expected to continue during the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. The market in Asia Pacific is expanding due to a growing middle-class population and expanding consumer markets for end-use applications such as food, beverage, and pharmaceuticals. Because of high manufacturing investments and a large consumer base in these countries, India and China are likely to emerge as key markets for the product. Furthermore, emerging economies such as India and China are expected to see significant demand for aluminum foil due to the growing food and beverage, packaging, and pharmaceutical and healthcare industries. Also, owing to rapid economic growth and supportive government initiatives toward sustainable packaging solutions, the market size of aluminum foil is expected to grow in the coming years.
The European aluminum foil market accounts for a sizable market share. The government's efforts to promote food exports, as well as its decarbonization goals, have been significant drivers of the foils market. The elimination of steel and aluminum trade tariffs by the United States government in October 2021 is expected to have a significant positive impact on aluminum foil exports over the forecast period. Furthermore, the German aluminum foil market had the highest market share, while the United Kingdom aluminum foil market was the fastest growing in the European region.
List of Key Market Players
- ACM Carcano
- Assan Aluminyum
- Ess Dee Aluminium
- Hindalco Industries Limited
- Huawei Aluminium
- Laminazione Sottile
- Shanghai Metal Corporation
- UACJ Foil Corporation
- Xiamen Xiashun Aluminium Foil Co., Ltd
- Zhejiang Junma Aluminum Industry
Key Market Developments
- In August 2022, Amcor acquired a flexible packaging plant in the Czech Republic. The strategic location of the site immediately increases Amcor's ability to meet demand and customer growth across its flexible packaging products (laminates, pouches, bags) for the European food packaging network.
- In July 2022, Novelis, a provider of sustainable aluminum solutions, announced the expansion of its everyone portfolio to the cosmetic packaging market. Cosmetics are certified to contain 100% recycled aluminum and provide packaging customers in the beauty, skincare, and wellness space with an infinitely recyclable solution when compared to plastic alternatives.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global aluminum foil market based on the below-mentioned segments:
Aluminum Foil Market, Product Analysis
- Wrapper Foils
- Container Foils
Aluminum Foil Market, Application Analysis
- Personal Care & Cosmetics
Aluminum Foil Market, End-Use Analysis
Aluminum Foil Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
Frequently Asked Questions (FAQ)
1.What is the CAGR of the aluminum foil market over the forecast period?The aluminum foil market is projected to expand at a CAGR of 6.1% during the forecast period.
2.What is the projected market size & growth rate of the aluminum foil market?The aluminum foil market was valued at USD 23.4 Billion in 2022 and is projected to reach USD 42.3 Billion by 2032, growing at a CAGR of 6.1% from 2022 to 2032.
3.Which region is expected to hold the highest share in the aluminum foil market?The Asia Pacific region is expected to hold the highest share in the aluminum foil market.
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