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High demand for the aluminum foils that can be recycled at a higher and effective rate than plastic and leave minimal waste.
NEW YORK CITY, NEW YORK, USA, September 22, 2022 /EINPresswire.com / -- Market Summary
The global Aluminum Foil Market is projected to grow at a CAGR of 5.9% from USD 25.61 billion in 2019 to USD 40.82 billion in 2027. The industry is expected to be driven by an increased incidence in demand for pharmaceutical and food & beverage packaging. Characteristics such as electrical conductivity and enhanced thermal, superior formability, non-absorbent to grease, water, light, and oil, and excellent adhesive strength to confront material complexity and chemical and oxidation attacks make it an essential part of many end-use applications.
With globalization, the rise in disposable income and demand for immediately processed confectionery and medicinal products is the main factor driving the development of the aluminum foil industry. Another aspect that plays a vital role in the growth of aluminum foil is the government legislation to preserve quality standards and the importance of hygienic food protection for an efficient packaging solution that avoids contamination of foods.
Plastic waste has become the chief environmental issue with the widespread processing and use of plastics. Most of the booming industries like food and beverages, pharmaceuticals, packaging, and e-commerce are major end-users of plastic packaging solutions, which ended up collecting in landfills. The growing understanding of plastic pollution and its adverse environmental consequences has prompted many governments to take measures such as plastic recycling and introduce legislation to curb the generation of plastic wastes. Since plastic recycling is not entirely successful, industries are opting for alternative packaging solutions such as aluminum foil.
Asia-Pacific dominates the aluminum foil market, owing to the high aluminum production in China. The top customer base and the skyrocketing food industry in the Asia Pacific region anticipates to experience considerable growth over the forecast period. The swift increase in food delivery services and industrialization has further driven business growth.
Players adopting strategies such as better growth plans, successful partnerships, product launches, joint ventures, different branding, investments, mergers & acquisitions, and R&D will drive the global aluminum foil market.
The coronavirus outbreak has created a major fright and concern pertaining to the contagious diseases. As a preventive preparation, more and more common individuals and commercial sectors are incorporating technologies that can potentially mitigate the spread of the virus outbreak or execute entirely. Many corporations are heavily investing in their R&D and looking into ways to find products that can prevent the harmful bacteria and viruses to affect the food & beverage in residential and commercial sectors. Many companies have already come up with product line-ups that are claimed to prevent the COVID-19.
However, due to the lockdown situation, the manufacturing industries are being drastically affected, which is expected to meet its peak during the Q3 of this fiscal year upon resuming the production facility and distribution chains.
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Further key findings from the report suggest
•Supportive government initiatives to promote manufacturing sector in the country are expected to augment the demand for aluminum foil in packaging and industrial applications, thereby creating growth opportunities for market players.
•On account of the COVID-19 pandemic, aluminum foils used for pharmaceutical packaging expected to meet a substantial demand from the consumers, many more pharmaceutical companies would start investing in the R&D to invent newer technological breakthroughs.
•The industry expects to be driven by an increasing awareness of plastic contamination and its harmful environmental consequences from plastic wastes. Increased disposable income and increased knowledge of health are also some of the listed factors which are expected to drive market growth. The rising need for recycling of aluminum waste taking fewer energy and improving the industrial economic viability anticipates pressing demand for aluminum foils, especially in developing regions. The ever-growing concern for health expects to make a significant contribution to the growth of this market.
•The proliferation and expanded presence of online grocery aggregators through e-commerce would raise the market for aluminum foil packaging goods
•In recent years, all of the major market players have invested heavily in R&D initiatives, leading to the invention of several innovative products. Major players aim to enhance their product portfolio by strategic mergers and acquisitions of small and medium-scale companies. In the coming years, therefore, an intense rivalry among players is expected.
•In May 2020, An American start-up firm is setting up aluminum billets in the Midwest Industrial Park, named Element 13 LLC. After being operational, the company will be able to melt scrap to make billets, and essentially aluminium logs of various sizes.
•Key participants include Amcor plc, Zhejiang Junma Aluminum Industry Co., Ltd., Novelis Inc., Aluflexpack, Danpak International B.V., Carcano, Comital SpA, Bachmann Aluminium GmbH, PT Aluprima Pacific Industries (ALUPAC), Alufoil Products Pvt. Ltd., Eurofoil, among others.
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Reports and Data segmented the global aluminum foil industry report based on application, thickness, end-users, and by region for this study:
Application Outlook (Revenue, USD Billion; 2017-2027)
Thickness Outlook (Revenue, USD Billion; 2017-2027)
End-Users Outlook (Revenue, USD Billion; 2017-2027)
•Food and Beverages
Regional Outlook (Revenue, USD Billion; 2017-2027)
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