Global Aluminum Foil Market

Aluminum Foil Market Size, Share, Growth Analysis, By Product(Wrapper Foils, Containers Foils, Foil Lids, Pouches), By End-use(Packaging and Industrial), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15I2007 | Region: Global | Published Date: March, 2024
Pages: 184 | Tables: 64 | Figures: 75

Aluminum Foil Market Insights

Aluminum Foil Market size was valued at USD 27.21 Billion in 2023 and is poised to grow from USD 31.02 Billion in 2024 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.

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Aluminum Foil Market size was valued at USD 27.21 Billion in 2023 and is poised to grow from USD 31.02 Billion in 2024 to USD 41.76 Billion by 2031, at a CAGR of 5.5% during the forecast period (2024-2031). 

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. 'Amcor Limited', 'Hindalco Industries Ltd.', 'Reynolds Consumer Products LLC', 'Novelis Inc.', 'Hulamin Ltd.', 'Ess Dee Aluminium Ltd.', 'Alcoa Corporation', '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 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 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.

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.

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Global Aluminum Foil Market

Report ID: SQMIG15I2007

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