LONDON--(BUSINESS WIRE)--The global aluminum foil market size is expected to grow by 1517.09 thousand tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Plastic products are largely preferred in the packaging industry, especially in the flexible packaging segment. However, the enormous use of plastic is creating a severe environmental impact. The waste generated from plastic has been increasing over the years due to the excessive use of plastic packaging and materials, such as polyethylene, polyvinyl chloride, polystyrene, polyethylene terephthalate, biaxially-oriented polyethylene terephthalate, and biaxially-oriented polypropylene across various end-user industries. Thus, there is a growing environmental concern among various international regulatory bodies and government agencies across the world. Aluminum foil is one of the key substitute products to plastic packaging in the food and beverage, cosmetics, and consumer goods industries. Thus, the increasing environmental degradation concerns due 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 2020-2024.
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 less energy as compared to the manufacture of primary aluminum. Recycling 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.
“Factors such as the increasing adoption of sustainable packaging and the rising popularity of lightweight packaging will have a significant impact on the growth of the aluminum foil market value 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 application (food and beverage packaging, consumer packaging, pharmaceutical packaging, and others) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the aluminum foil market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to 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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