LONDON--(BUSINESS WIRE)--The aluminum foil market is expected to grow by 1,674.27 thousand tonnes during 2019-2023, according to the latest market research report by Technavio. Request latest free sample report of 2020-2024
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 are expected to encourage the growth of the global aluminum foil market during the forecast period.
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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 research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.
Aluminum Foil Market: Growing Consumption of Secondary Aluminum
Scrap aluminum is increasingly being used across the globe in a bid to reduce 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.
“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.
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Aluminum Foil Market: Segmentation Analysis
This market research report segments the aluminum foil market by product (food and beverage packaging, consumer packaging, pharmaceutical packaging, and others) and geographic landscape (APAC, Europe, MEA, North America, and South America).
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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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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