Aluminum Foil Packaging Market was worth US$15.1 bn in 2016, and estimates it to exhibit a CAGR of 5.7% during the forecast period of 2017 to 2025 to reach a valuation of US$24.0 bn by 2025
Albany, NY -- (SBWIRE) -- 09/27/2017 -- Global Aluminum Foil Packaging Market: Snapshot
The demand in the global aluminum foil packaging market is anticipated to increment at a CAGR of 4.8% during the forecast period of 2017 to 2025. This prosperity of the market for aluminum foil packaging is a reflection of a number of factors, such as high preference for convenience packaging, growing demand for extended shelf-life of packaged food, popularity of ready-to-eat meals and processed food, and growing usage in pharmaceutical products and confectionaries. On the other hand, the lack of proper recycling processes in a number of countries and competition from alternatives are a few obstructions faced by the global aluminum foil packaging market. Nevertheless, growing emphasis on ecofriendly packaging and foray by the key companies in the emerging economies is expected to open new opportunities in the aluminum foil packaging market.
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Demand for 0.09 mm to 0.2 mm Thick Foils Augmenting
Based on thickness, the global aluminum foil packaging market has been segmented into 0.07 mm – 0.09 mm, 0.09 mm – 0.2 mm, and 0.2 mm – 0.4 mm. Globally, the 0.09 mm – 0.2 mm segment is estimated to dominate the market, accounting for more than 50% share of the market value in 2017, by thickness. The 0.2 mm – 0.4 mm segment is anticipated to witness a decline in market share, as any thickness above 0.2 mm is not accepted as foil, and is considered as 'sheet'. However, many companies do sell aluminum foil above a thickness of 0.2 mm. The majority of the contribution to growth of the 0.2 - 0.4 mm segment is from emerging economies. The Europe and North America regions are to witness negligible consumption of aluminum foil for packaging, above a thickness of 0.2 mm.
Printed and unprinted are two foil-type categories of the aluminum foil packaging market, with the latter accounting for more than two-third of the overall demand in 2017. Among foil packaging applications, the food segment is anticipated to dominate the market, over the forecast period. Aluminum foil packaging currently finds most applications in the ready-to-eat meals sub-segment. The global aluminum foil packaging market by end use, has been bifurcated into bags & pouches, wraps & rolls, blisters, lids, laminated tubes, and trays. Among these, wraps & rolls segment is anticipated to be the dominating segment, over the forecast period.
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Asia Pacific Most Lucrative Region, and will Remain So
Geographically, the global aluminum foil packaging market has been classified into North America, Asia Pacific, Europe, Latin America, and The Middle East and Africa. In 2017, Asia Pacific accounted for 32.7% of the global demand, and is projected for a CAGR of 5.5% during the forecast period – the most promising growth rate too among all the regions. This significant rise is attributed to increase in spending on healthcare, personal care, and rising consumption of packaged ready-to-eat food, owing to changing lifestyle. China, India, Japan, Australia, and New Zealand are identified as most profitable country-wide markets in the APAC region, wherein some vendors also produce aluminum foil of thickness above 0.2 mm. The market share of Europe region is expected to decrease over the years and is anticipated to reach 22.2% of the global aluminum foil packaging market in 2025, from 24.8% in 2016.
The global aluminum foil packaging market is fragmented in nature, with China Hongqiao Group Limited holding the pole position. Some of the other prominent players of this market are: Hindalco Indistries Ltd, United Company RUSAL Plc., Amcor Limited, Eurofoil, Pactic LLC, Hulamin Ltd, Alcoa Corporation, Novelis Inc., Ess Dee Aluminium Ltd, Penny Plate, LLC, Wyda Packaging (Pty) Ltd., Alufoil Products Pvt. Ltd, and Nicholl Food Packaging.