The global aluminum foil market is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled global aluminum foil market 2019-2023. (Graphic: Business Wire)
Plastic products are largely preferred in the packaging industry, especially in the flexible packaging segment. However, the enormous use of plastic packaging products is harming the environment. Hence, several governments are seen taking initiatives and instituting regulations to curb plastic waste. Aluminum foil is one of the key substitutes to plastic packaging in the food and beverage, and cosmetics and consumer industries. Increasing environmental and degradation concerns related to plastic is thus expected to encourage the growth of the global aluminum foil market during the forecast period.
As per Technavio, the growing consumption of secondary aluminum will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global aluminum foil market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Aluminum Foil Market: Growing Consumption of Secondary Aluminum
Globally scrap aluminum is increasingly being used to reduce the manufacturing costs and the carbon footprint of the aluminum industry. Recycling aluminum is an environment-friendly process, and it requires very less energy as compared to manufacturing primary aluminum. The recycling of aluminum scrap improves the industry's economic viability and minimizes the environmental impact by reducing the need to extract bauxite for aluminum production. This significantly reduces C02 emissions, minimizes energy and water consumption, and lowers air pollution. Therefore, secondary aluminum has become the preferred raw material for aluminum foil producers.
“Apart from the growing consumption of secondary aluminum, the increasing adoption of sustainable packaging and the rising popularity of lightweight packaging are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Aluminum Foil Market: Segmentation Analysis
This market research report segments the global aluminum foil market by application (food and beverage packaging, consumer packaging, pharmaceutical packaging, and others) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the rising adoption of aluminum foil in the region.
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Five Forces Analysis
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