COVID-19 Impact and Recovery Analysis- Global Aluminum Foil Market 2020-2024 | Rising Concerns Regarding the Use of Plastic Packaging Products to Boost Market Growth | Technavio

Technavio has announced its latest market research report titled Global Aluminum Foil Market 2020-2024 (Graphic: Business Wire)

LONDON--()--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.

Request challenges and opportunities influenced by COVID-19 pandemic @Request a free sample report

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.

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR43835

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.

Register for a free trial today and gain instant access to 17,000+ market research reports

Technavio's SUBSCRIPTION platform

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.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report

Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Release Summary

The Global Aluminum Foil Market will grow by 1517.09 th tons during 2020-2024

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/