New York, June 24, 2021 (GLOBE NEWSWIRE) -- Aluminum Foil Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Aluminum Foil Packaging Market Research Report, By Packaging Type, By Application By End-User and by Region - Forecast till 2027” The global Market is projected to reach USD 47.4 billion by 2027 from an estimated USD 28.4 billion in 2020, at a CAGR of 4.5 % from 2021 to 2027.
The global aluminum foil packaging market size is expected to expand at a CAGR of 4.5% over the forecast period. Concerns over safety of products are likely to drive its demand among customers. Adoption of aluminum packaging by food & beverage and pharmaceutical manufacturers for marketing their products and investments in innovative solutions can drive the market growth. Protection of cosmetic goods from sunlight, dust, and other environmental elements can bode well for the market. Disposable income levels and change in lifestyles can shape the strategies of market players.
Packaging manufacturers are relocating their facilities close to manufacturers to lower their logistics costs and increase bottomline margins. Changing lifestyles of customers and demand for fresh foods in urban areas can drive the market demand. Food delivery platforms and ready-to-eat food manufacturers are procuring aluminum foil in large volumes to sustain their customer base. Aesthetic appeal of packaging is likely to play a huge role in the coming years.
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List of Prominent players of the global aluminum foil packaging market profiled are:
United Company RUSAL Plc.
Penny Plate LLC
China Hongqiao Group Limited
Alufoil Products Pvt. Ltd.
Ess Dee Aluminium Ltd
Nsicholl Food Packaging
Wyda Packaging (Pty) LTD
The COVID-19 outbreak did temporarily affect the production schedule of foil manufacturers. With worldwide shutdown of plants in a bid to contain the virus, the market had suffered a setback. But the plants were being repurposed in producing protective gear for frontline healthcare workers. After the relaxation of rules, the aluminum foil packaging market is expected to experience a reversal of fortunes due to low traffic at restaurants and hotels and the use of aluminum foils by food aggregation platforms.
Browse In-depth Market Research Report (111 pages) on Aluminum Foil Packaging
The recyclable nature of aluminum has led to its preference over plastic for packaging purposes. Its low carbon footprint and ability to act as a barrier against air, light, liquid, and microorganisms can bode well for the market. Manufacturers have expanded its use by lacquering it in jars and bottles to prevent their products from corrosion. Aluminum eco-packaging can be customized as per the shape of the container. It can retain the properties of foods and isolate the product from environmental factors. For instance, Montebello Packaging has various clients that are making the shift to aluminum from metal and plastic to reduce their environmental impact. The changing attitudes of customers with respect to their packaging as well as advantages of being multi-functional and sustainable can shape the market’s approaches. Successful products contain foil packaging to appear glamorous and enticing to prospective customers.
By packaging type, the flexible segment can display a strong growth rate during the forecast period. This is attributed to its applications in sectors of electronics, engineering goods, defense, food, and pharmaceuticals. On the other hand, the rigid type enjoys a significant market share owing to the use of aluminum foil in cans, containers, and corrugated walls.
By application, the pharmaceutical industry is set to register a huge demand for the aluminum foil packaging market owing to concerns for safety of medicines. Aluminum can act as a barrier to moisture and oxidation and prevent medicines from damage. Use of low-density polypropylene (LDPE) on aluminum foils are being used to prevent damage to products. On the other hand, cosmetics can exhibit a strong growth rate during the forecast period owing to use of pouches, caps, blisters, and others to protect skin care products. Aluminum foil packaging can be used in attracting customers and also protects the product from contamination.
By end-user, wraps & rolls can command a huge market share owing to their flexible and lightweight nature. Wraps can protect food from sunlight and keep it warm. Its use by food delivery platforms and restaurants for providing warm food to customers can drive the segment growth. On the other hand, blisters are likely to carve a significant market share owing to the pharmaceutical industry for packaging of capsules and tablets. High prevalence of chronic diseases and sedentary lifestyles can drive the demand in the segment.
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Asia-Pacific is deemed to dominate the aluminum foil packaging market owing to increased purchasing power of customers and procurement of products. But high costs of aluminum can restrict the market growth in the coming years. China and India are prime markets for investments owing to a large urban crowd and a huge industry for food delivery platforms. Increased spending on pharmaceuticals can also influence regional market demand.
North America is expected to take the second position owing to the maturity of the market and investments in eco-friendly solutions by foil packaging manufacturers. The versatile nature of aluminum as well as fast-paced lifestyles of urban customers can drive the demand in the region. On the other hand, Europe is set to be lucrative for the aluminum foil packaging market owing to their adherence to regional quality and safety standards.
Huhtamaki has acquired FIOMO a.s., a manufacturer of flexible packaging foils and labels in the Czech Republic, to increase its footprint in Europe.
Contamination-resistant Products to Drive Global Aluminum Foil Packaging Market Growth
The global aluminum foil packaging market is set to experience a peak in demand owing to humongous demand from food & beverage, cosmetics, and pharmaceutical sectors. Eco-friendly benefits of aluminum and preference of sustainable packaging solutions can drive the market growth.
Segmentation of Market covered in the research:
Information By Packaging Type (Rigid and Flexible), By Application ( (Food & Beverages, , Pharmaceuticals, , Cosmetics, and Others) By End-User (Bags & Pouches, Wraps & Rolls, Blisters, Laminated Tubes, and Trays) and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
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