Aluminum Foil Containers Market Challenges, Growth Drivers and Business Opportunities
Aluminum foil packaging provides a barrier to oxygen, light, and moisture and used extensively in pharmaceutical and food packaging sectors. It is corrosion-resistant and non-toxic in nature and hygienic. The global aluminum foil containers market report by Market Research Future (MRFR) provides an investigative examination of the types of foil packaging and its scope for the period of 2017 to 2023. The COVID-19 outbreak and its impact on packaging and food consumption have been written in high detail.
Market Scope
The global aluminum foil packaging market is expected to grow at 4.5% CAGR during the forecast period. The growth in cosmetics and pharmaceutical industries is likely to impact the market demand significantly. Cosmetic based oils which contain chemical compounds and vitamins require aluminum packaging for protecting it against contamination and light. The establishment of packaging centers near production units for lowering costs can bode well for the market and lead to a flurry of investments.
The changing lifestyle of consumers and rise in spending power can fuel the marketing growth till 2023. Change in customer expectations, shift in power, and technological breakthroughs in production can influence the market greatly.
Segmentation
By packaging type, it is divided into rigid and flexible.
On the basis of application, the pharmaceutical segment is expected to witness huge growth in the future due to growing concerns for safety and hygiene and fear of damage to medicines from exposure to moisture and oxidation effects. In the pharmaceutical market, aluminum foils are used as blister packaging. Manufacturers in the pharmaceutical packaging industry use special lamination of low-density polypropylene (LDPE) 150 series on aluminum foils. This serves as a barrier to moisture, vapor, and gas.
On the other hand, cosmetics are also expected to contribute significantly during the forecast period. Aluminum foil provides protection to the products, internally, and enhances the appearance of the packaging. Cosmetic content applications include vitamins, herbal and chemical compounds, and special oils.
By end user, it is segmented into laminated tubes, wraps & rolls, bags & pouches, trays, and blisters.
Regional Analysis
Based on regions, global aluminum foil packaging manufacturers market has been segmented into four major regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC is expected to be the fastest growing market for aluminum foil packaging during the forecast period. Rising per capita income coupled with increase in purchasing power of the consumers are key factors behind the growth of the market in this region. Developing economies such as India, China, and Indonesia have changed their buying patterns by purchasing more packaged foods. The rising processed foods and online shopping sectors enables global players to introduce new products, expand to new regions, and develop new technologies. It is highly lucrative due to its inclination towards improvement in quality of food and other consumables in developing nations.
North America is also another major market for aluminum foil packaging. It is expected to contribute significantly during the forecast period as the U.S. is home to major aluminum foil packaging manufacturers. Improvements in product quality and multiple uses in end-use sectors are likely to drive regional market demand till 2023.
Competitive Outlook
China Hongqiao Group Limited, Ess Dee Aluminium Ltd, Wyda Packaging (Pty) LTD, Penny Plate, LLC, Alufoil Products Pvt. Ltd., United Company RUSAL Plc., Novelis Inc., Nicholl Food Packaging, Alcoa Corporation, and Amcor Ltd. are key players of the global aluminum foil packaging market.
Recently, Nestle and Amcor have collaborated for launching an aluminum based retort pouch which can reduce carbon emissions and be recycled at home. The pouch can be used for packing consumables for pets and be a viable alternative to metal.
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