The global aluminum foil packaging market is expected to rise to a massive US$ 40 Bn valuation between 2020 and 2030. As per the Fact.MR study, strong demand for aluminum materials in pharmaceutical and food packaging applications during the coronavirus pandemic is having a positive influence on the global aluminum foil packaging market. Water resistance and low costs characteristics will aid market growth for the foreseeable future.
“Strict government regulations on food quality and safety standards is increasing the use of aluminum packaging solutions to prevent food contamination. Sturdy physical characteristics and superior resistance to moisture, dust, and chemicals will support growth of the aluminum foil packaging market for the foreseeable future,” says the FACT.MR report.
Aluminum Foil Packaging Market- Key Takeaways
- Food & beverage, and pharmaceutical sectors are the primary user of aluminum foil packaging, owing to use in multiple formats including blister, container, wraps, and pouches.
- Standard quality aluminum foil is highly sought after owing to applications in both commercial and household settings.
- Asia Pacific is a major market for aluminum foil packaging owing rising investments in pharma, cosmetics, and food packaging sectors.
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Aluminum Foil Packaging Market- Driving Factors
- Infinite recyclability of aluminum foil is a major factor driving the adoption of the material for packaging applications.
- Abundant availability of raw materials at low costs bolsters production and adoption rates.
- Strong growth of online food delivery and pharmaceutical industries are primary sources of demand.
Aluminum Foil Packaging Market- Major Restraints
- High competition from other packaging materials such as paper, plastic, and glass is holding back market growth.
- Environmental concerns about the effects of mining aluminum is a challenge for market players.
COVID-19 Impact on Aluminum Foil Packaging Market
The coronavirus pandemic has had a positive impact on the aluminum foil packaging market. Extensive use in the pharmaceutical sector applications is a key growth factor during the crisis period. In addition, the growth of the online food delivery business during this period is also supporting the adoption the use of aluminum foil for food packaging applications. With uncertainty over the duration and spread of the virus, the growth of the market is likely to continue in the near future.
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Aluminum foil packaging market players are pushing to for product improvements and development of adequate recycling infrastructure, in addition to mergers and acquisitions. For example, Concierge Technologies Inc. has announced its acquisition of Printstock Products Ltd. Pactiv LLC, i2R, Aleris Corp., Revere Packaging LLC, Hulamin Ltd., Reynolds Food Packaging LLC, and Handi-Foil Corp. are some of the top aluminum foil packaging manufacturers in the global market.
About the Report
This study offers readers a comprehensive market forecast of the aluminum foil packaging market. Global, regional and country-level analysis of the top industry trends impacting the aluminum foil packaging market is covered in this FACT.MR study. The report offers insights on the aluminum foil packaging market on the basis of purity level (low purity, standard aluminum, and high purity aluminum), product type (foil wraps, pouches, blisters, containers, and others) and end user industry (food & beverage, tobacco, pharmaceuticals, cosmetics, and others), across six regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, and MEA).