USD 25.79 Billion
Global Aluminum Foil Market Size, Share, Growth Analysis, By Product(Wrapper Foils, Containers Foils), By End-use(Packaging and Industrial) - Industry Forecast 2024-2031
Report ID:
SQMIG15I2007 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
64 |
Figures:
75
Global Aluminum Foil Market Insights
Global Aluminum Foil Market size was valued at USD 25.79 Billion in 2022 and is poised to grow from USD 27.21 Billion in 2023 to USD 41.76 Billion by 2031, at a CAGR of 5.5% during the forecast period (2024-2031).
The market growth of aluminum foils is expected to be fueled by the expansion of the global packaging industry, as aluminum foils are extensively used for packaging various products such as food, beverages, cosmetics, and pharmaceuticals. Additionally, the increasing demand for electric vehicles (EVs) and the growing requirement for air conditioning systems are projected to drive the market growth for aluminum foils. The pharmaceutical industry, in particular, is experiencing a surge in demand for aluminum foils, leading to increased manufacturing activities.
The utilization of aluminum foils is widespread in industries such as food and beverage, automotive, and fast-moving consumer goods (FMCG). The country is actively working on enhancing the manufacturing capabilities of these end-use industries, which is likely to drive the demand for aluminum foils during the projected period.
Batteries are a requirement for electric vehicles (EVs), and lithium-ion batteries contain electrolytic capacitors composed of aluminum foil. The rise of the EV market is predicted to increase product demand in the next few years. For instance, Toyota Motor revealed in October 2021 that they planned to develop a USD 1.3 billion battery plant for hybrid and electric cars in North Carolina, the US.
The building and construction industry has a significant demand for aluminum foils due to their favorable properties such as lightweight, corrosion resistance, and insulation capabilities. The country's use of aluminum foils is anticipated to rise as a result of growing investments in the building industry. For instance, construction expenditure in the United States increased by 8.2% to USD 1,589.0 billion in 2021 from USD 1,469.2 billion. This rise in construction spending indicates the growing construction activities, which in turn drives the demand for aluminum foils in the industry.
US Aluminum Foil Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Packaging
Fastest Growth
Packaging
Growth Rate
5.5% CAGR
Global Aluminum Foil Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Aluminum Foil Market By End User ($ Bn)
Global Aluminum Foil Market By End User (%)
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Global Aluminum Foil Market Segmental Analysis
The global aluminum foil market is segmented on the basis of product, end-use, and region. Based On Product the market is segmented into Wrapper Foils, Containers Foils, Foil Lids, Pouches, Blister Packs, and Others. Based on End-use the market is segmented into Packaging and Industrial. Based on region the global Aluminum Foil Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Aluminum Foil Market Analysis by product
Wrapper foils accounted for more than 20.0% of total sales in 2022, and this trend is expected to hold throughout the forecast period. Over the projection period, container foil is expected to increase at the fastest rate. In 2022, it represented a revenue share of almost 14.0%. Together, foil pouches and lids represented more than 15.0% of global sales in 2022.
Due to its lightweight, excellent barrier qualities, cost effectiveness, and ease of use, aluminum foils have become extremely popular in the packaging sector. This has increased demand for them in eateries, private residences, supermarkets, and food deliveries.
To address the increased demand for packaged meals, businesses that produce meals and drinks around the world have declared plans for expansion. For instance, Nestle USA announced in June 2021 that it would be investing $100 million in an expansion of its frozen food factory in South Carolina, United States. Such investments are expected to drive package consumption and ultimately boost market growth over the forecast period.
The pharmaceutical industry's investments during the forecast period are expected to cause blister packs to grow significantly. For instance, Glenmark Life Sciences in India announced in July 2021 that it would invest USD 78.3 million (INR 600 crores) to increase its capacity and serve markets like Saudi Arabia, South Korea, Taiwan, and Mexico.
Aluminum Foil Market Analysis by End User
Packaging accounted for over 65.0% of market revenue in 2022, and it is anticipated to steadily increase over the following years. This section is further divided into subsections for food and drink, tobacco products, prescription drugs, and others. In terms of packaging and end-use revenue in 2022, the food & drinks sub-segment dominated. Global urbanization is expanding, which has contributed to a growth in packaged food demand. This trend is anticipated to persist during the anticipated time period.
The industrial segment is predicted to increase at a CAGR of 4.7%, in terms of revenue during the forecast period. Additional divisions include HVAC, EV battery, and others. Systems for air conditioning and refrigeration frequently use finstock. The demand for carbon-emission-reduced energy-saving technology is anticipated to support the expansion of aluminum foils in this market. Leading air conditioner producers all over the world are expanding their production capabilities to meet rising demand.
Global Aluminum Foil Market By End Uiser , 2023 (%)
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Global Aluminum Foil Market Regional Insights
Asia Pacific accounted for more than 53.0% of global revenue in 2022. Over the forecast period, it is anticipated that rising packaging demand will fuel product demand. For instance, the board of SRF Ltd in India authorized INR 425 crore (roughly USD 5.60 billion) in January 2022 to build an aluminum foil production facility in Jaitapur, Indore. The plant will supply the food & beverage industries with packaging for both home and foreign markets.
Europe is expected to show substantial growth during the forecast period. The government's initiatives to promote food exports and its decarbonization objectives have been significant market drivers for foils. The removal of trade restrictions on steel and aluminum by the U.S. government in 2021 is expected to have a significant positive impact on the export of aluminum foil throughout the projected period.
Global Aluminum Foil Market By Geography, 2024-2031
- Largest
- Fastest
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Global Aluminum Foil Market Dynamics
Aluminum Foil Market Drivers
Increasing Demand in Packaging
- Aluminum foil is widely used in packaging applications due to its excellent barrier properties, resistance to moisture, light, and gasses. The growing demand for packaged food and beverages, pharmaceuticals, and personal care products is driving the demand for aluminum foil.
Growing Food and Beverage Industry
- The food and beverage industry are a significant consumer of aluminum foil. The rising population, changing consumer preferences, and increasing consumption of convenience foods are driving the demand for aluminum foil in food packaging applications.
Aluminum Foil Market Restraints
Volatile Raw Material Prices
- The price of aluminum, the primary raw material for aluminum foil production, is subject to market fluctuations. Variations in aluminum prices can impact the cost of producing aluminum foil and influence the profitability of manufacturers.
Recycling and Waste Management Challenges
- While aluminum foil is recyclable, its recovery and recycling rates vary across regions. Inadequate recycling infrastructure and consumer awareness about proper disposal and recycling of aluminum foil can limit the recycling potential and increase waste generation.
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Global Aluminum Foil Market Competitive Landscape
The industry is highly competitive & diversified in nature with the presence of multiple companies worldwide. Paper, glass, & plastic are just a few of the alternate packaging materials that businesses must contend with. To remain competitive in the market, they must therefore engage with customers constantly. Companies are investing in enlarging their manufacturing facilities in response to rising product demand.
Aluminum Foil Market Top Player’s Company Profiles
- Amcor Limited
- Novelis Inc.
- Hulamin Ltd.
- Ess Dee Aluminium Ltd.
- Eurofoil
- China Hongqiao Group Limited
- Gränges AB
- Norsk Hydro ASA
- Constellium SE
- Ball Corporation
- UACJ Corporation
- Lotte Aluminium Co., Ltd.
- Novelis (Aditya Birla Group)
- Fujian Longking Co., Ltd.
- Symetal S.A.
- JW Aluminum
- Handi-Foil Corporation
Aluminum Foil Market Recent Developments
- In March 2023 LSKB Aluminium Foils Pvt Ltd. launched India's 1st Golden Embossed HOMEFOIL at the 37th AAHAR - The International Food & Hospitality Fair.
- In November 2022 Fi-Foil Company, a portfolio company of Validor Capital, and a manufacturer of reflective insulation and radiant barriers, acquired Kennedy Insulation Group, to significantly expand its reflective insulation product line.
- In August 2022, Amcor announced the purchase of a flexible packaging facility in the Czech Republic, whose strategic location instantly improves Amcor's capacity to meet demand and client growth throughout its network of flexible packing (laminates, pouches, and bags) for food packaging in Europe.
- In July 2022, Novelis, a provider of environmentally friendly aluminum solutions, introduced that it is extending its evercycle portfolios to the cosmetic packaging market. Because cosmetics have been verified to contain 100% recycled aluminum, they provide packaging clients in the beauty, skincare, as well as wellness sectors with a solution that is infinitely more recyclable than alternatives made of plastic.
Global Aluminum Foil Key Market Trends
- Growing Demand in the Packaging Industry: Aluminum foil is extensively used in the packaging industry for various products such as food, beverages, cosmetics, and pharmaceuticals. The increasing demand for convenient and sustainable packaging solutions has propelled the growth of the aluminum foil market.
- Rise in Electric Vehicle (EV) Market: Aluminum foil plays a vital role in lithium-ion batteries used in electric vehicles. As the demand for EVs continues to surge, the aluminum foil market is expected to benefit from the growing need for battery production and energy storage solutions.
- Construction and Building Applications: The lightweight, corrosion-resistant, and insulating properties of aluminum foil make it suitable for construction applications. The construction industry's investments and infrastructure development projects contribute to the demand for aluminum foil in roofing, insulation, and HVAC systems.
- Emphasis on Sustainability and Recyclability: Aluminum foil is a highly recyclable material, aligning with the increasing focus on sustainable packaging solutions. The market trends reflect a shift towards eco-friendly packaging materials, boosting the demand for aluminum foil.
- Technological Advancements: The aluminum foil industry is witnessing technological advancements in terms of improved manufacturing processes, product innovations, and surface treatments. These advancements aim to enhance the performance and characteristics of aluminum foil, expanding its applications across various industries.
Global Aluminum Foil Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global aluminum foil Market analysis, the expansion of the global packaging industry, as aluminum foils are extensively used for packaging various products such as food, beverages, cosmetics, and pharmaceuticals are the key growth drivers. Additionally, the increasing demand for electric vehicles (EVs) and the growing requirement for air conditioning systems are projected to drive the market growth for aluminum foils. The pharmaceutical industry, in particular, is experiencing a surge in demand for aluminum foils, leading to increased manufacturing activities.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 25.79 Billion |
| Market size value in 2031 | USD 41.76 Billion |
| Growth Rate | 5.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Aluminum Foil Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Aluminum Foil Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Aluminum Foil Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aluminum Foil Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Aluminum Foil Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Aluminum Foil Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Aluminum Foil Market Report Snapshots
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